Press Release

JCR-VIS Reaffirms IFS Rating of ACE Insurance Limited
 

Karachi, June 29, 2010: 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 assigned rating is ‘Stable’.

Gross premium written in 2009 was unchanged from 2008; while in the on-going year growth has been witnessed in the same. There has been some decrease in profits in 2009. However, on account of adherence to rigorous underwriting guidelines, underwriting results are still strong with the same augmented by investment income. The company also provides reinsurance for risks located outside Pakistan; aggregate exposure of same is proposed to be maintained within prudent limits. The investment portfolio is maintained along prudent lines.

Rating derives strength from the association of ACE Pakistan with 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. ACE Pakistan is in the process of increasing its paid-up capital to Rs. 250m to meet the regulatory deadline for December 31, 2010 in a timely manner.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 35311861-70 (10 lines) or fax to 35311873.




Safdar Kazi
Director

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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 2010 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