We shall see. Chubb is very healthy financially and they were able to shape ACE into the only A++ medsup carrier in the country. I have to imagine there is a different angle here than just $$$. Who knows.
40% rate increase in IL
- Thread starter SamIam
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Integrity knows. At least that's the rumor.
I'm hearing that ACE is teaming up with Integrity and launching their own plan this summer.
OK, but Chubb is not the issuing carrier . . . and it wasn't the issuing carrier for ACE before Chubb pulled the plug. Do you have any idea what happens to policyholders once the issuing carrier is no longer writing new business?
I have seen this movie before . . . many times over. The ending never changes.
If money is the only thing holding Chubb back, why didn't they just throw more money at ACE? Is it possible that ACE lost their reinsurance?
Really? Who told you that? Trust but verify!
NEW YORK--(BUSINESS WIRE)--ACE Group today announced that A.M. Best has upgraded the financial strength rating to "A++" (Superior) for ACE's core North American property and casualty insurance and reinsurance companies. These companies include ACE USA, ACE Westchester, ACE Canada, ACE Bermuda and ACE Tempest Re Group.
A.M. Best Upgrades Financial Strength Rating to ‘A++’ for ACE’s Core North American P&C Companies
NEW YORK--(BUSINESS WIRE)--ACE Group today announced that A.M. Best has upgraded the financial strength rating to “A++” (Superior) for ACE’s core North American property and casualty...
news.na.chubb.com
Don't you find it odd that the Medicare lines are not including in this press release?
ACE went from $0 to $149M (premium) on 126k lives in 3 years time and a .4% market share. Oh, and a LR of 85%.
In 5 years Cigna went from $0 to $172M (premium) on 124k lives. Market share is .47% and LR is 99%.
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Is AM Best known to lie?
Attachments
Read post #73 . . . .
How long have you been in the health insurance business?
There are at least 2 other Medigap carriers with AA Best rating AND AA S&P rating. Any idea who they may be?
ACE S&P rating is NA.
Yes, I'll have to go back and read #73 since you edited it. 15 years.
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ACE is the only carrier listed on CSG with an A++ rating. I thought it was mentioned on their brochure, but couldn't find it.
AARP/UHC, AFLAC, Allstate, HCSC(BCBS), MOFO and Woodmen all have A+ ratings with A.M. Best.
AARP/UHC and HCSC(BCBS) have S & P ratings of AA-, AFLAC IS A.
The press release you included is from 4/11/14, so....no I am not surprised that medicare lines were not included. Especially since ACE medsup was launched in 8/15/22.
ACE is N/A in S&P? Hmm......
"ACE Insurance, now primarily operating under the Chubb brand after ACE Limited acquired Chubb in 2016, is rated by S&P Global Ratings. According to available information, ACE Property and Casualty Insurance Company, a subsidiary of Chubb, has received an AA (Very Strong) rating from S&P as of April 2024. This rating reflects the company's strong financial strength and creditworthiness.
For historical context, S&P upgraded the financial strength and counterparty credit ratings for ACE's core operating insurance companies to AA- (Very Strong) in December 2010, with a stable outlook, citing the company's consistent operating performance, strong capitalization, and effective risk management.
Additionally, Standard & Poor's affirmed an A+ financial strength rating for ACE Limited's subsidiaries in an earlier report, noting excellent operating performance but highlighting concerns about an aggressive acquisition strategy.
These ratings indicate that ACE/Chubb is evaluated by S&P, with current ratings for its subsidiaries generally in the AA range, reflecting robust financial stability."
