Hamilton, Bermuda - March 21, 2003 - ACE Limited (NYSE:ACE) announced today that its 'A' plus financial strength and counterparty credit rating, as well as the ratings of its insurance subsidiaries, have been reaffirmed by Standard & Poor's (S&P).
S&P's affirmation follows a regular review begun last month by the rating agency. The agency has also lowered the senior debt and issuer credit ratings for ACE Limited to triple 'B' plus from single 'A' minus. The triple 'B' plus debt rating represents the traditional one-category gap from the single 'A' plus financial strength rating assigned to insurance companies by S&P.
The return to a standard gap between the financial strength and debt ratings was anticipated and ACE has accepted this as a result of the organization's growth in current market conditions.
ACE also concurs with S&P's assessment that capital adequacy concerns will be addressed with ACE's plan to raise $500 million perpetual preferred securities. The Company expects to go to market with this offering in the near future.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at:
www.acelimited.com.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:
Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company's forward-looking statements concerning financing plans and capital adequacy could be affected by actual market developments and economic and political conditions, as well as other factors identified in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.