Strong implicit support from ACE Group Good operating performance Strong, though slightly weakened, capitalization Conservative investment profile Relatively modest size, but niche insurance provider within Singapore's fragmented general insurance market The ratings on ACE Insurance Ltd. (Singapore) (ACE Singapore) reflect the strong implicit support from the company's parent, ACE Group (ACE Ltd.'s core operating companies are rated A+/Positive/--). The rating also reflects ACE Singapore's strong capitalization, good operating performance, and its conservative investment profile. However, tempering these strengths is ACE Singapore's moderate size in Singapore's fragmented nonlife insurance market, despite its good niche position. 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
