MUMBAI (Thomson Financial) - Moody's Investors Service said it upgraded
Combined Insurance Co. of America's (CICA) long-term insurance financial
strength (IFS) rating to 'A2' from 'A3', after ACE Ltd. completed the
acquisition of CICA and some of its subsidiaries from Aon Corp.
The outlook on the rating is stable.
Moody's said the upgrade is based on its expectations that CICA will receive
from ACE, in terms of both implied and actual support by way of affiliated
reinsurance, and on the closer strategic alignment of CICA's businesses with
those of ACE, which is the ultimate parent of operating company ACE Bermuda
Insurance Ltd.
U.S.-based CICA primarily offers low-cost, modest-benefit supplemental
accident, disability, health and life insurance.
TFN.newsdesk@thomsonreuters.com
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