What’s New: In brief (October 16, 2006)

A.M. Best has also affirmed the financial strength ratings of A (Excellent) and the ICRs of “a” of Toronto-based ACE INA Insurance. In addition, the ACE Group’s financial strength ratings (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” have also been affirmed by A.M. Best Co. The ACE Group consists of ACE Bermuda Insurance Ltd., ACE Tempest Reinsurance Ltd., ACE Tempest Life Reinsurance Ltd., ACE Westchester Specialty Group and ACE American Pool. The affirmation of the ratings for ACE Group reflects an organization that is diversified by business segment and geographics, is well capitalized with a stable balance sheet, maintains a capacity to generate significant earnings and is operated by a credible and experienced management team, according to the ratings agency. “ACE Group’s financial flexibility is considerable and has been positively tested,” A.M. Best said in its release. “Earnings generating capability and stability are supported by an adequate core reserve position, robust cash flows, which cause an ever increasing investment base (and) a company-wide culture and commitment to underwriting profitability.” A.M. Best says a fair degree of variability in earnings is inherent in the ratings to reflect the very nature of the risks and characteristics of ACE. Negative rating factors include ACE’s higher than industry average ceded reinsurance recoverable leverage and continued exposure to natural and man-made catastrophes, the ratings agency says. The recoverable leverage is a result of several unique characteristics including ACE’s significant run-off book, agricultural and captive/cash flow programs and moderate retention ratios on specific business lines.

Rogers Insurance Ltd., a Calgary-based property and casualty insurance brokerage based in Calgary, has been named one of 2007’s Top 100 Employers in Canada, as selected by Toronto-based Mediacorp Canada Inc. This achievement is in addition to the “Top 20 Employer in Alberta Award” that Rogers Insurance received for 2006. “It is at the top of our business plan to create the best place to work in our industry, so we are certainly excited about winning this award,” president Lee Rogers says. “At the same time we are very aware that we need to live up to this standard every day in how we deal with our employee-partners.”