S&P: ACE outlook positive

Standard & Poor's said it revised its outlook on ACE Ltd. and related core operating subsidiaries to positive from stable and affirmed the A+ counterparty credit and financial strength ratings.

The positive outlook is based on ACE's very strong operating performance over the past five years, the agency said, which compares favorably with many global insurance and reinsurance peers both in terms of average returns as well as quality of earnings, as measured by earnings volatility.

S&P also believes that ACE's investment losses in the first nine months of 2008 have been moderate and compare favorably with a number of global (re)insurance peers.

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