Strong implicit support from ACE Group Strong though slightly weakened capitalization Good operating performance Conservative investment profile Modest size but niche insurance provider within Singapore's fragmented general insurance market The rating on ACE Insurance Ltd. (Singapore) (ACE Singapore) reflect the strong implicit support from the company's parent, ACE Group (core operating companies rated A+/Positive/--). The rating also reflects ACE Singapore's strong capitalization, good operating performance, and its conservative investment profile. Moderating these strengths is the company's limited competitive advantage within Singapore's fragmented nonlife insurance market. ACE Singapore is strategically important to ACE Group's regional business strategy of developing its global presence. Together with sister companies in Asia-Pacific, the company reports to ACE Group's regional hub in Singapore. Through the regional
