The A.M. Best Company said last Wednesday the A- (Excellent) financial strength rating of Island Heritage Insurance Company Ltd. remained unchanged after the recent announcement that ACE Bermuda Insurance Ltd. had purchased a 10-per-cent stake of its shares.
Island Heritage’s rating outlook remains stable, Best also stated.
The ACE Group, a worldwide provider of insurance, reinsurance and financial services, is rated A+ (Superior) by A.M. Best.
The group wrote $11.5 billion in net written premiums for the year ended 31 December 2004.
A.M. Best believes ACE Bermuda’s investment will enhance Island Heritage’s market profile and credibility.
Island Heritage is expected to benefit from its new access to ACE Bermuda’s intellectual capacity and knowledge of insurance and reinsurance markets, Best said.
Island Heritage Marketing Manager Nigel Twohey said the company was very pleased with ACE investment.
‘As reflected in the Best’s statement, it adds even greater credibility to our shareholder base, with a solid international insurer joining our panel,’ he said.
Island Heritage’s rating was affirmed on 18 January following the announcement of a plan to raise $8 million from existing shareholders to offset catastrophe losses incurred as a result of Hurricane Ivan.
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