A.M. Best upgrades rating of ACE INA Insurance (Canada)

A.M. Best has upgraded the issuer credit rating (ICR) to “aa” from “aa-” and affirmed the financial strength rating (FSR) of A+ (Superior) of ACE INA Insurance (Canada). ACE INA Holdings Inc. and ACE Limited also received an upgraded ICR to “a” from “a-” an AM Best release says.”The upgrade of the ICR for ACE and its core operating property/casualty operations reflects their strong risk-adjusted capitalization, diversified global operation and consistently favourable record of generating strong earnings and cash flows,” the release adds. “Execution risk across the ACE enterprise remains a key rating consideration, in light of ACE’s underwriting risk appetite and global operating reach. Maintaining diligence with regard to pricing, risk selection and exposure levels to generate continued positive underwriting results is necessary for ACE, as it is for the rest of the industry.”