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LONDON Rating agency A.M. Best Co. has upgraded the financial strength rating of Ace European Group Ltd, a subsidiary of Hamilton Bermuda-based Ace Ltd.
Best upgraded the rating of Ace European Group Ltd. from A to A+. Best said in a statement that it expects AEGL to maintain a strong standalone capitalization between 2006 and 2008.
The upgrade reflects the importance of AEGL to the ACE Group, the rating agency said, adding that it believes that financial support is likely to be available in the future from AEGL's ultimate parent, ACE Ltd.
The rating agency also affirmed the affirmed the financial ratings of A+ of Ace Group, which consists of Ace Bermuda Insurance Ltd., Ace Tempest Reinsurance Ltd. and Ace Westchester Specialty Group.