Strong support from ACE Group Strong operating performance Conservative and liquid investment portfolio Strong capital adequacy Modest size The ratings on ACE Insurance Ltd. (Singapore) (ACE Singapore) reflect the strong implicit support the company receives from its parent, ACE Group (core operating companies are rated AA-/Stable/--). The ratings also reflect ACE Singapore's strong operating performance, conservative and liquid investment portfolio, and strong capitalization. While the company has good niche positions in its businesses, its moderate size tempers the above strengths. Under our group rating methodology, we consider ACE Singapore as strategically important to the ACE Group. Together with sister companies in Asia-Pacific, the company reports to ACE Group's regional hub in Singapore. Through this reporting hierarchy, ACE Singapore maintains high
