Moody’s has affirmed its ratings on Ace Insurance’s Bermuda-based operating subsidiaries and its US property and casualty business.

Lead analyst Alan Murray says the parent company has demonstrated a consistent franchise-building strategy in the US, Europe and other international markets.

“Additionally, the group has maintained balance sheet and operational discipline, as well as consistently strong capital flexibility and attention to enterprise risk management.”

Insurance financial strength ratings on Ace Bermuda Insurance and Ace Tempest Reinsurance (Bermuda) are affirmed at Aa3, while ratings on members of the Ace USA property and casualty group stay at A1. The outlook for the ratings is stable.

Moody’s says Ace’s US business also benefits from the capital flexibility of the Bermuda operations.