Syndicate 2488 at Lloyd's has had its Aa3 Insurance Financial Strength Rating confirmed by Moody's Investors Services Ltd. The outlook for the rating is stable. The syndicate is the only syndicate at Lloyd's to be awarded the Aa3 rating.
Syndicate 2488 is managed by ACE Global Markets, the Lloyd's operation of ACE Limited (NYSE: ACE), with a capacity of £900 million for the 2002 year of account. The ACE Group provides 99.6% of the underwriting capital for the 2002 year of account with a view to 100% provision for 2003.
Gary Schmalzriedt, Chief Executive Officer of ACE Global Markets and ACE Europe commented "We are delighted that Moody's have reaffirmed our status as the only Aa3 rated syndicate in Lloyd's. At a time when quality of security is more important than ever, to stand in a category of your own is a distinct business advantage for us as well as reassurance for our clients."
ACE Global Markets comprises the Lloyd's operations of ACE Limited. The ACE Group of Companies provides insurance and reinsurance on a global basis for a diverse group of clients through operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.