A.M. Best Co. has published its Managing Agent Profile for ACE Global Markets, reflecting the market profile, operating performance and financial strength of syndicate 2488. A.M. Best's Managing Agent Profiles are comprehensive reports that address the current and near-term success of Lloyd's managing agents and their underlying syndicates.
ACE Global Markets' syndicate 2488 gains strength through its strategic position within the ACE Group of Companies. ACE Global Markets contributed approximately 16% of ACE's gross premiums written for the year ended 31st December 1999. In addition, ACE will provide approximately 90% of the capital supporting syndicate 2488 in 2001. ACE Limited's GAAP accounts as at 31st December 1999 show that ACE Global Markets had a loss ratio of 56.6% and an overall expense ratio of 40.9% resulting in a combined ratio of 97.5%.
ACE Global Markets is one of the largest agency groupings under single operational management and syndicate 2488 will be the largest syndicate for the 2001 year of account representing over 6% of Lloyd's 2001 total capacity. Overall, the ACE Global Markets' syndicates have produced a weighted average return of 10.6% on capacity from 1993 to 1997 which compares with the Lloyd's market average profit of 6.2%.
The full Managing Agent Profile for ACE Global Markets can be accessed on the A.M. Best's website at: http://www.ambest.com/ratings/aceweb.pdf.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at www.acelimited.com.
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