A.M. Best has assigned issue ratings of “a+” to the following securities recently announced by ACE INA Holdings, Inc. (ACE INA) (Delaware): $1.3 billion of 2.30% senior unsecured notes, due 2020; $1 billion of 2.875% senior unsecured notes, due 2022; $1.5 billion of 3.35% senior unsecured notes, due 2026; and $1.5 billion of 4.35% senior unsecured notes, due 2045. These notes are fully guaranteed by ACE Limited (ACE) (Zurich, Switzerland) [NYSE:ACE], the parent of ACE INA. The net proceeds from the notes offering will be used to partially fund the acquisition of The Chubb Corporation (Chubb Corp.) (headquartered in Warren, NJ) [NYSE: CB] announced on July 1, 2015. After the notes offering, financial leverage and coverage measures are expected to remain within A.M. Best’s guidelines for the assigned ratings. The ratings have been placed under review with negative implications, pending the completion of A.M. Best’s review of the Chubb Corp. acquisition, as announced in A.M. Best’s July 2, 2015 press release.

In addition, A.M. Best has assigned indicative issue ratings of “a+” to senior unsecured debt, “a” to subordinated debt and “a-” to preferred stock of the Oct. 23, 2015 unlimited Securities and Exchange Commission shelf registration of ACE, which includes ACE and its debt-issuing subsidiaries: ACE INA, ACE Capital Trust III and ACE Capital Trust IV. ACE provides a full and unconditional guarantee of all debt issued under the shelf registration. Concurrently, A.M. Best also has withdrawn the issue ratings on ACE’s previous shelf registration of Dec. 10, 2014, which ACE has replaced with the October 2015 filing. These ratings also have been placed under review with negative implications.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

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