ACE EUROPEAN GROUP LIMITED

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1 ACE EUROPEAN GROUP LIMITED London EC3A 3BP, United Kingdom A++ Operating Company Non-Life Ultimate Parent: Chubb Limited ACE EUROPEAN GROUP LIMITED 100 Leadenhall Street, London EC3A 3BP, England Web: Tel.: Fax: AMB#: AIIN#: AA Ultimate Parent#: BEST S CREDIT RATING Best s Financial Strength Rating: A++ Outlook: Stable Best s Financial Size Category: XIV RATING RATIONALE Rating Rationale: The ratings of ACE European Group Limited (AEGL) reflect the company s excellent stand-alone risk-adjusted capitalisation, consistently strong operating performance and excellent business profile. The ratings also reflect the implicit support provided to AEGL by its parent company, Chubb Limited (Chubb) (Zurich) [NYSE: CB], and AEGL s importance within the Chubb Group, which benefits from a diversified global operation and a consistently favourable record of generating strong earnings and cash flows. AEGL continues to be of strategic significance to its parent company as its main underwriting operation in the United Kingdom and Europe. In addition, the company receives significant reinsurance support from Chubb Group affiliates. In January 2016, the company s ultimate parent (previously named ACE Limited) completed its acquisition of The Chubb Corporation, whilst concurrently rebranding itself under the Chubb name. AEGL s excellent stand-alone risk-adjusted capitalisation reflects the company s strong operating performance in recent years and has been achieved in spite of dividend payments in prior years. Operating performance declined in 2015 but remained at a strong level, with a profit before tax and equalisation reserve movement of GBP 63.2 million (2014: GBP Printed August 9, Page 1 of 7

2 million). Net catastrophe losses were relatively light at GBP 4.4 million (2014: GBP 10.0 million), and the underwriting result was supported by a substantial prior year reserve release. With market conditions continuing to be generally difficult throughout 2015, AEGL reported a 5% reduction in its gross written premiums to GBP 2.2 billion from GBP 2.3 billion in Lower premium income from the retail and wholesale property and casualty and reinsurance portfolios, and from a scaling back of the less profitable areas of the accident and health business, was only partly offset by growth in specialty personal lines achieved through increased penetration in existing markets and expansion into new geographies. Assuming a normal level of catastrophes, AEGL is expected to achieve a similar technical result in 2016 to that reported in 2015, reflecting targeted business growth although market conditions continue to be challenging. AEGL has an excellent business profile in its core UK and continental European markets, as an underwriter of a well-diversified portfolio of property and casualty, accident and health, and specialty personal lines insurance. Negative rating action may arise from a prolonged decrease in risk-adjusted capitalisation. Negative rating action may arise from deterioration in the company s importance to Chubb Group or a withdrawal of support from the Chubb Group. FIVE YEAR RATING HISTORY Date Best s FSR Date Best s FSR 06/22/16 A++ 05/02/14 A++ 07/02/15 A++u 06/14/13 A+ 04/30/15 A++ 06/25/12 A+ BUSINESS PROFILE ACE European Group Limited (AEGL) has an excellent profile in the London, UK and continental European markets as a specialist underwriter of commercial property and casualty, accident and health, and specialty personal lines business. The company, together with Lloyd s Syndicate 2488, which is managed by ACE Underwriting Agencies Ltd and operates in conjunction with AEGL, continues to be strategically important to the ultimate parent company, Chubb Limited (Chubb) (formerly ACE Limited), as its main underwriting operation in these markets. AEGL s well-diversified portfolio is underwritten through four well established divisions. The Chubb Europe division underwrites property and casualty (P&C), accident and health (A&H) and specialty personal lines business. Chubb Global Markets (CGM) and Chubb Tempest Re International (CTRe) divisions write international specialty and global risks business. These lines of business are also written by CGM and CTRe through Syndicate The Combined Insurance business comprises A&H products written across a number of European countries. AEGL s business is geographically well-diversified, with continental Europe accounting for 55% of gross premiums written in 2015 and the United Kingdom 26%. These proportions are likely to be similar in 2016, as Chubb Europe further develops its profile across its markets. Remaining business, predominantly CGM and CTRe branded business, is well spread across North America, Asia Pacific, Africa, the Middle East and other territories. Chubb Europe maintains an excellent profile across a broad spread of commercial and specialty lines of business, which includes fire, casualty, marine, financial lines and technical lines business. Through an extensive branch network in the UK, Ireland and continental Europe, the division provides property and casualty insurance for a range of SME, corporate, multinational and large commercial clients, with P&C business comprising 52% of the AEGL portfolio. In addition, the division continues to maintain a strong position in its core markets as an underwriter of A&H and specialty personal lines business, which together accounted for 30% of AEGL s gross premiums written in 2015, with a similar proportion expected to be written in Rating conditions for both the commercial portfolio and A&H business were competitive in 2015 and remain so in 2016, although economic conditions have begun to improve. Overall Chubb Europe contributed 82% of AEGL s gross premiums written in AEGL underwrites a significant portfolio of specialty and global insurance and reinsurance business which includes A&H, aviation, energy, marine, political risks, financial lines and property business. These lines of business are underwritten by AEGL and Lloyd s Syndicate 2488 through the CGM and CTRe divisions using a single underwriting team and strategy. CGM focuses on international and specialty insurance, including US excess and surplus lines business. CTRe underwrites a broad range of treaty reinsurance. Business underwritten by CGM and CTRe accounted for 14% of AEGL s gross premiums written in The remaining 4% of AEGL s gross premiums written in 2015 was contributed by the European businesses of Combined Insurance. The business consists of personal accident and sickness insurance for individuals and groups and is written across a number of European countries. RISK MANAGEMENT Enterprise risk management (ERM) is embedded throughout AEGL and is overseen ultimately by Chubb s ERM board. The board of AEGL has delegated responsibility for the oversight and implementation of its risk management framework to a risk committee, which is chaired by a non-executive director of AEGL and on which other non-executive directors participate. AEGL has adopted Chubb group s Enterprise Risk Management Framework (RMF) and has tailored it to the company s specific needs. The framework was re-approved by the board in A Chief Risk Officer (CRO) was appointed in June The CRO attends meetings of the board and audit committees and is a member of the executive and risk committees, leading the risk management function and having responsibility for embedding it across the company. The risk management framework uses Solvency II and ORSA principles to assess risk and manage capital requirements, to ensure that the capital required is in place to support AEGL s business objectives and to meet the requirements of policyholders, regulators and rating agencies. With regard to Solvency II, AEGL currently utilises the standard formula for its calculation of required capital. AEGL was one of the first to apply for internal model approval in 2013, however as a result of the Chubb transaction, the company elected to delay the process. AEGL continues to help develop the Printed August 9, Page 2 of 7

3 Chubb Global Capital Model (GCM), embedding the necessary regulatory requirements to obtain internal model approval for AEGL under Solvency II. OPERATING PERFORMANCE Operating Results: AEGL has historically produced excellent operating profits, with stable investment results augmenting strong technical performance. Whilst the company continued to produce strong technical results in 2015, this was offset by large investment and foreign exchange losses, translating into a decline in profit after tax to GBP 63 million (before accounting for movement in equalisation reserve and exceptional expenses) compared to GBP 252 million in Underwriting Results: With market conditions continuing to be generally difficult throughout 2015, AEGL reported a 5.3% reduction in its gross written premiums to GBP 2,220 million in 2015 from GBP 2,323 million in Lower premium income from the P&C and A&H businesses was only partly offset by double digit growth in specialty personal lines business. CGM and CTRe division also saw high premium revenue reduction, driven by the company s focus on underwriting profitability over topline growth. Overall business retention was strong, however quality new business proved difficult to secure at adequate rates. AEGL scaled back the less profitable areas of the accident and health portfolio whilst specialty personal lines achieved steady growth through increased penetration in existing markets and expansion into new geographies. After a generally benign catastrophe experience, AEGL achieved an excellent technical result of GBP 88 million in 2015 (2014: GBP 52 million), before accounting for movement in the equalisation reserve. The increase in underwriting profits, in spite of declining premium revenue translated into an improvement in the combined ratio from 93.6% in 2014 to 90.4% in Net catastrophe losses were very light at GBP 4 million (2014: GBP 10 million) and the underwriting result was supported by a substantial prior year reserve release of GBP 91 million (2014: GBP 94 million). Prior year reserve releases emanated primarily from AEGL s third party liability and fire and other property damage lines of business. Assuming a normal level of catastrophes during 2016, AEGL is expected to achieve a similar technical result to that reported in 2015, reflecting targeted business growth although market conditions continue to be challenging. A.M. Best expects the combined ratio to remain below 95%. Investment Results: AEGL s 2015 investment portfolio remains broadly unchanged from the position at year-end 2014, split across bonds and other fixed interest securities (94%), cash and deposits (4%) and equities (2%). There is no exposure to peripheral European sovereign bonds. In 2015, AEGL suffered large unrealised losses of GBP 73 million (2014: gain of 69 million), stemming from volatility in the European fixed income markets during the year. The impact of large unrealised losses was somewhat softened by realised gains of GBP 7 million and stable investment income of GBP 72 million. As a result, the company s investment yield (including gains and losses) dropped to 0.2% in 2015 from 5.1% in BALANCE SHEET STRENGTH Capitalization: AEGL has maintained excellent risk-adjusted capitalisation in 2015, supported by robust retained earnings. The company continues to be of strategic importance to Chubb, which maintains superior risk-adjusted capitalisation. AEGL also benefits from significant reinsurance support from Chubb group affiliates. Shareholders funds have exceeded GBP 1 billion since the end of 2012, in spite of dividend payments. This level of shareholders funds is likely to be maintained throughout Loss Reserves: A prudent approach to reserving, with reserves held at a level above external actuary s best estimate, has enabled AEGL to report consistently favourable development of prior year reserves. The company made a net reserve release of GBP 91 million at year-end 2015 (2014: GBP 94 million). Reserves are reviewed regularly by AEGL and Chubb actuaries in addition to monitoring carried out by external auditors and consultants. Liquidity: AEGL maintains a good level of liquidity in its investment portfolio, which comprises fixed interest securities (94% of total investments at year-end 2015), cash and short-term deposits (4%) and equities (2%). Summarized Accounts as of December 31, 2015 Data reflected within all tables of this report has been compiled from the financial statements of this company (Source: Company Financial Statement). An independent audit of the company s affairs through December 31, 2015, was conducted by PricewaterhouseCoopers LLP. Printed August 9, Page 3 of 7

4 US $ per Local Currency Unit = 1 British Pound (GBP) STATEMENT OF INCOME GBP(000) USD(000) Net claims paid 571, ,804 Net increase/(decrease) in claims provision -59,322-87,950 Net claims incurred 512, ,854 Management expenses 254, ,175 Acquisition expenses 255, ,331 Net operating expenses 510, ,506 Total underwriting expenses 1,022,778 1,516,360 Balance on combined technical account 87, ,226 GBP(000) USD(000) Non-technical account: Net investment income 72, ,377 Realised capital gains/(losses) 6,680 9,904 Unrealised capital gains/(losses) -72, ,827 Exchange gains/(losses) -30,509-45,232 Technical account: Direct premiums 1,791,411 2,655,928 Reinsurance premiums assumed 409, ,495 Other income/(expense) Gross premiums written 2,200,489 3,262,423 Profit/(loss) before tax 63,166 93,649 Reinsurance ceded 1,047,747 1,553,379 Taxation 24,133 35,779 Net premiums written 1,152,742 1,709,044 Increase/(decrease) in gross unearned premiums 36,721 54,442 Profit/(loss) after tax 39,033 57,870 Reinsurers share unearned premiums -5,406-8,015 Increase/(decrease) in the equalisation provision 6,260 9,281 Net premiums earned 1,110,615 1,646,587 Exceptional income/(expense) 44,019 65,262 Total underwriting income 1,110,615 1,646,587 Retained profit/(loss) for the financial year 76, ,851 Retained profit/(loss) brought forward 431, ,852 Net claims paid 571, ,804 Net increase/(decrease) in claims provision -59,322-87,950 Retained profit/(loss) carried forward 508, ,703 Net claims incurred 512, ,854 MOVEMENT IN CAPITAL & SURPLUS Management expenses 254, ,175 Acquisition expenses 255, ,331 GBP(000) USD(000) Net operating expenses 510, ,506 Capital & surplus brought forward 1,001,971 1,485,512 Total underwriting expenses 1,022,778 1,516,360 Balance on technical account 87, ,226 Currency exchange gains 42,411 62,878 Profit or loss for the year 32,773 48,589 Combined technical account: Other changes 1,608 2,384 Direct premiums 1,791,411 2,655,928 Reinsurance premiums assumed 409, ,495 Total change in capital & surplus 76, ,851 Gross premiums written 2,200,489 3,262,423 Reinsurance ceded 1,047,747 1,553,379 Capital & surplus carried forward 1,078,763 1,599,363 Net premiums written 1,152,742 1,709,044 Increase/(decrease) in gross unearned premiums 36,721 54,442 Increase/(decrease) in reinsurers share unearned premiums -5,406-8,015 Net premiums earned 1,110,615 1,646,587 Total revenue 1,110,615 1,646,587 Printed August 9, Page 4 of 7

5 ASSETS GBP(000) % of total USD(000) Cash & deposits with credit institutions 109, ,532 Bonds & other fixed interest securities 2,551, ,783,555 Shares & other variable interest instruments 33, ,560 Liquid assets 2,695, ,995,647 Unquoted investments 17, ,220 Real estate Other investments 1, ,828 Total investments 2,714, ,024,176 Reins. sh. of tech. reserves - unearned premiums 344, ,889 Reinsurers share of technical reserves - claims 2,104, ,120,136 Total reinsurers share of technical reserves 2,449, ,631,025 Insurance/reinsurance debtors 657, ,223 Inter-company debtors 94, ,148 Other debtors 9, ,179 Total debtors 761, ,128,550 Fixed assets 3, ,580 Prepayments & accrued income 162, ,621 Total assets 6,091, ,030,952 LIABILITIES GBP(000) % of total USD(000) Capital 544, ,628 Paid-up capital 544, ,628 Non-distributable reserves 25, ,033 Claims equalisation reserve 105, ,823 Retained earnings 508, ,703 Capital & surplus 1,183, ,755,186 Gross provision for unearned premiums 801, ,188,841 Gross provision for outstanding claims 3,656, ,421,411 Total gross technical reserves 4,458, ,610,252 Short term borrowings 74, ,453 External borrowings 74, ,453 Deposits received from reinsurers 6, ,285 Insurance/reinsurance creditors 202, ,889 Other creditors 64, ,094 Total creditors 267, ,983 Accruals & deferred income 61, ,745 Other liabilities 10, ,913 Segregated funds 29, ,134 Total liabilities & surplus 6,091, ,030,952 ANALYSIS OF GROSS PREMIUMS WRITTEN GBP GBP GBP GBP GBP (000) (000) (000) (000) (000) Accident & health 422, , , , ,177 Fire 669, , , , ,570 Liability 458, , , , ,670 Marine, aviation & trans 95,589 97, , ,389 97,949 Other classes 146, , , , ,535 Reinsurance 409, , , , ,850 Total non-life 2,200,489 2,322,743 2,391,046 2,244,049 2,178,751 REINSURANCE AEGL continues to benefit from significant group reinsurance support in Reinsurance protection is purchased for each individual product line and shared Chubb group programmes cover catastrophe-exposed business. The majority of reinsurance recoverables (around 75% at year-end 2015) continue to be accounted for by a major affiliate which has an A.M. Best financial strength rating of A++. External reinsurers are selected by a central reinsurance security committee (RSC), which approves maximum lines for Printed August 9, Page 5 of 7

6 each approved reinsurer. In the absence of collateral, the RSC selects only reinsurers with a minimum A.M. Best financial strength rating of A-. GEOGRAPHICAL DISTRIBUTION OF PREMIUMS WRITTEN GBP GBP (000) (000) Gross % of total 12/31/2014 Gross Other Africa 45, ,976 Total Africa 45, ,976 Other Asia 78, ,393 Total Asia 78, ,393 Other Europe 1,202, ,290,996 United Kingdom 580, ,492 Total Europe 1,783, ,887,488 United States 56, ,631 Total North America 56, ,631 Other Latin America 40, ,181 Total Latin America 40, ,181 Other World-Wide 195, ,074 Total 2,200, ,322,743 BALANCE SHEET ITEMS GBP GBP GBP GBP GBP (000) (000) (000) (000) (000) Liquid assets 2,695,045 2,787,144 2,795,132 2,816,049 2,736,082 Total investments 2,714,288 2,800,477 2,803,821 2,824,483 2,748,469 Total assets 6,091,335 6,159,888 6,064,207 6,146,833 6,180,964 Total gross technical reserves 4,458,584 4,513,435 4,456,176 4,432,310 4,494,247 Net technical reserves 2,009,475 2,082,750 2,108,603 2,063,895 1,978,062 Total liabilities 4,907,470 5,059,075 5,041,865 5,111,490 5,186,441 Capital & surplus 1,183,865 1,100,813 1,022,342 1,035, ,523 INCOME STATEMENT ITEMS GBP GBP GBP GBP GBP (000) (000) (000) (000) (000) Gross premiums written 2,200,489 2,322,743 2,391,046 2,244,049 2,178,751 Net premiums written 1,152,742 1,103,678 1,093,416 1,002, ,762 Balance on technical account(s) 87,837 52,460 87,956 31,097 56,197 Profit/(loss) before tax 63, ,643 62, , ,826 Profit/(loss) after tax 39, ,154 43, , ,938 LIQUIDITY RATIOS (%) Total debtors to total assets Liquid assets to net technical reserves Liquid assets to total liabilities Total investments to total liabilities LEVERAGE RATIOS (%) Net premiums written to capital & surplus Net technical reserves to capital & surplus Gross premiums written to capital & surplus Gross technical reserves to capital & surplus Total debtors to capital & surplus Total liabilities to capital & surplus PROFITABILITY RATIOS (%) Loss ratio Operating expense ratio Combined ratio Net investment income ratio Operating ratio Return on net premiums written Return on total assets Return on capital & surplus Printed August 9, Page 6 of 7

7 Why is this Best s Rating Report important to you? The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of insurance companies since contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. A Best's Financial Strength Rating (FSR) is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance policy, The company information appearing in this pamphlet is an extract from the complete AMB Credit Report. You may obtain the complete report by contacting Customer Service at +1(908) or customer_service@ambest.com. Please reference the company's identification number (AMB#) listed on this rating report. For the latest Best's Financial Strength Ratings along with their definitions and A.M. Best's Terms of Use, please visit Copyright 2016 A.M. Best Company, Inc. and/or its affiliates. All rights reserved. No part of this report may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior written permission of the A.M. Best Company. While the data in this report was obtained from sources believed to be reliable, its accuracy is not guaranteed. Printed August 9, Page 7 of 7

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