Press Release

JCR-VIS assigns IFS rating of A+ to ACE Insurance Limited

Karachi, July 2, 2007: JCR-VIS Credit Rating Company Limited has assigned an initial Insurer Financial Strength rating of ‘A+’ (Single A Plus) to ACE Insurance Limited (ACE).

ACE is a wholly-owned subsidiary of ACE INA International Holding Limited (USA). The company is part of the ACE European Group (AEG) which is a highly rated entity internationally, involved in both general and life insurance business. The company has access to the global experience of its parent, enabling it to share risk management systems and technological resources.

Reinsurance coverage has also been taken from a group concern. Business volumes have so far been limited, though growth has been witnessed in the last couple of years. Current treaty terms allow the company to take much larger exposures.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) 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 2007 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