Press Release

JCR-VIS reaffirms the IFS rating of ACE Insurance Limited at A+

Karachi, July 2, 2009: JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength rating of ACE Insurance Limited, Pakistan (ACE-Pakistan) at ‘A+’ (Single A Plus). Outlook on the rating is ‘Stable’.

ACE-Pakistan is a wholly owned subsidiary of ACE INA International Holdings, Ltd. The company benefits from the franchise of the parent entity while also enjoying strong group support; in terms of underwriting & technological resources and reinsurance coverage. Overall underwriting performance has improved with the company continuing to adhere to strong underwriting standards. ACE-Pakistan has also remained insulated from developments in the capital markets in the outgoing year, due to its prudent investment policy.

For further information on this rating announcement, please contact Mr. Syed Ziauddin Ahmed (Ext: 508) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 (10 lines) or fax to 5311873.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2009 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited