Moody's affirms ACE INA

Moody's Investors Service said it affirmed the A3 senior debt rating of ACE INA Holdings, Inc. (senior debt unconditionally guaranteed by ACE INA's indirect parent, ACE Ltd. (senior unsecured shelf at provisional A3)) and the insurance financial strength ratings of ACE's subsidiaries, including ACE Bermuda Insurance, Ltd and ACE Tempest Reinsurance, Ltd, at Aa3.

According to the agency, the affirmation follows ACE's announcement that it is acquiring Combined Insurance Co. of America and certain of its subsidiaries from Aon Corp. for $2.4 billion.

The acquisition will be financed by a combination of available cash and to a lesser degree new debt, Moody's said.

The outlook is stable.

According to Moody's, the acquisition of Combined will increase ACE's product and geographic diversification in more stable, non natural catastrophe exposed lines of business.

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