Fitch Ratings said today it has assigned CJSC ACE Insurance Company (ACE Russia) a National IFS rating of AA plus with a stable outlook.
Responding to the announcement, Andrew Kendrick, chairman and chief executive officer, ACE European Group, said in a statement:
"ACE Russia commenced operations in April 2005 and is already making good progress in the Russian market, with principal focus being on technical lines, construction business and accident and health."
He continued that Russia represents "one of a number of exciting new opportunities for ACE in Europe as we continue our geographical expansion."
He said ACE's commitment to the Russian market was reinforced by the decision earlier in 2006 to acquire a 15 percent shareholding in the specialist reinsurer Russian Re.
"Today's announcement by Fitch is good news for both ACE Russia and its customers," he said.
Established in 2004, ACE Russia is a wholly owned subsidiary of ACE European Markets Insurance Ltd. The Russian company is based in Moscow and commenced operations in April 2005.
Principal business lines are property, casualty, marine/cargo, technical lines (contractors' and erection all risks and boiler and machinery risks), accident & health, financial lines and energy.
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