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 rating also reflects ACE Singapore's strong capitalization, good operating performance, and conservative investment profile. The company's moderate size, despite its good niche position, in Singapore's fragmented nonlife insurance market tempers the above strengths. 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. ACE Singapore receives technical support in actuarial, investment, risk management, and reinsurance from the parent group through the regional office. We attribute the company's favorable operating
