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S&P affirms rating of Mexican insurer ACE Seguros; outlook stable

S&P Global Ratings on Dec. 22 affirmed its financial strength national rating of ACE Seguros SA at mxAAA with a stable outlook.

The rating reflects S&P's view that the insurer is a strategically important subsidiary for its parent, Chubb Ltd., especially given the reinsurance coverage it receives from Chubb Tempest Reinsurance Ltd.

In terms of its own operations, the company has strong capital, liquidity and profitability with an intermediate risk position, the rating agency noted. In addition, the firm's business profile is supported by its adequate competitive position, which reflects the insurer's experience in niche markets and product segments, as well as its solid operating performance and diversification of products.

However, the challenges facing the company include its small size and limited business scope.

Going forward, S&P expects the company to maintain its capital position in line with its AAA rating once its merger with Chubb de Mexico Compania de Seguros SA de CV receives regulatory approval.

In January, ACE Ltd. completed its acquisition of Chubb Corp. and is adopting the Chubb name globally.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.