The rating on ACE Insurance Ltd. (Singapore) (ACE Singapore) reflects 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 office, ACE Singapore receives technical support in actuarial, investment, risk management, and reinsurance. We continue to view ACE Singapore's capitalization as strong even though the insurer's ratio of shareholders'
