MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ACE AMERICAN INSURANCE COMPANY |
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Registered Office : |
436 Walnut St Philadelphia PA 19106 |
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Country : |
United States |
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Date of Incorporation : |
20.12.1996 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Insurance Company |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exists |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Legal Name: |
ACE American Insurance Company |
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Legal Address |
436 Walnut St Philadelphia PA 19106 |
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Telephone: |
+1 (215) 640-1000 |
ID : |
2729856 |
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Fax: |
+1 (215) 640-5529 |
Legal Form: |
Corporation for Profit |
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Email: |
StevenReiss@acegrup.com |
Registered in: |
Pennsylvania |
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Website: |
www.aceusa.com |
Date Created: |
1945 |
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Manager: |
Brian E. Dowd, President |
Date Incorporated: |
December 20st, 1996 |
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Staff: |
12 |
Stock: |
N/A |
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Value: |
N/A |
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Activity: |
Insurance company |
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BANKS
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Name of the Bank |
Bank One |
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Name of the Bank |
Bank Of America |
BUSINESS
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HISTORY |
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The company was created in the year 1945. |
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PRINCIPAL ACTIVITY |
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The Company provides fire and casualty insurance products. The subject offers more than 170 sophisticated property, casualty,
risk-management, and accident and health insurance products and services
through retail brokers. |
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Products/Services description: |
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Health Insurance Unicare Health Insurance Health Insurers Unemployment Health Insurance Managed Health Care Pharmacy |
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Sales are: |
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Retail |
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Clients: |
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General clientele |
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Operations area: |
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National, Local |
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The company does not import |
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The company does not export |
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The subject employs 12 employee(s) |
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Comments on staff: |
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The company has 2,500 employees at group level, and 12 employees at
its headquarter. |
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PAYMENTS |
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regular |
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Branches: |
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The company has 18 offices in 18 U.S. cities including: -701 Pike Street Suite 1625
Seattle, WA 98101 -One Southwest Crossing,11095 Viking Drive Eden Prairie, MN 55344 -33 Arch Street, Suite 2900 Boston, MA 02110 -601 S. Figueroa Street,15th Floor Los Angeles, CA 90017 -Las Colinas Tower II 225 East John Carpenter Freeway, Suite 1300 -Irving, TX 75062 -500 West Lemon Street, Suite 207 Tampa, FL 33609 Among others. |
Shareholders - Manager - Related Companies
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Shareholders Parent Company(ies): |
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The company is wholly own subsidiary of INA Holdings Corporation
located in Wilmington Delaware. |
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Management: |
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Brian E. Dowd, President |
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Steven Reiss, Senior Vice President |
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George D Mulligan, Secretary |
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Financials - COMMERCIAL TRENDS AND FORECAST |
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As a p |
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rivate company the subject does not publish any financial statements. |
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We have contacted a male representative who refused to provide us any financial data on grounds of confidentiality. |
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However our financial sources could provide us with the following da |
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ta. |
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Those figures are estimates provided by confidential banking and financial institutions working with the company. |
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Currency |
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DATE |
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USD |
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2010 |
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Turnover881,600,000 |
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Legal Fillings |
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There are 82 UCC** files listed
with the Secretary of State of Pennsylvania. There were several legal filings found against the company, including: Kelly v. Ace American Insurance Co et al Filed: June 7, 2011 as 5:2011cv00838 Updated: June 9, 2011 04:37:21 Plaintiff: Nicole Kelly Defendants: Ace American Insurance Company , Crawford Green , Melissa
Peterson, Progressive County Mutual Insurance Company and Werner Enterprises
Inc Presiding Judge: Elizabeth E Foote Referring Judge: Mark L Hornsby Cause Of Action: Diversity-Tort/Motor Vehicle (P.I.) Tronox LLC v. BE&K Construction Company, LLC et al Filed: June 2, 2011 as 1:2011cv00127 Updated: June 9, 2011 04:02:44 Plaintiff: Tronox LLC Defendants: Ace American Insurance Company and BE&K Construction
Company, LLC Presiding Judge: Sharion Aycock Referring Judge: Jerry A. Davis Cause Of Action: Diversity-Insurance Contract Boudreaux v. Ace American Insurance Company et al Filed: May 23, 2011 as 2:2011cv01213 Updated: June 6, 2011 21:32:16 Plaintiff: Donna L Boudreaux Defendants: Ace American Insurance Company, Shon E Washington and
United Road Services, Inc. Presiding Judge: Helen G. Berrigan Referring Judge: Alma L. Chasez Cause Of Action: Cause Code Unknown WOODCLIFF LAKE BOARD OF EDUCATION v. ACE AMERICAN INSURANCE COMPANY Filed: May 11, 2011 as 2:2011cv02704 Updated: June 8, 2011 06:33:03 Plaintiff: WOODCLIFF LAKE BOARD OF EDUCATION Defendant: ACE AMERICAN INSURANCE COMPANY Presiding Judge: Stanley R. Chesler Referring Judge: Michael A. Shipp Cause Of Action: Declaratory Judgement (Insurance) Dhanda et al v. Ace American Insurance Company Filed: May 9, 2011 as 2:2011cv00733 Updated: June 6, 2011 22:08:39 Plaintiffs: Jessie Dhanda and Jose Lemus Defendant: Ace American Insurance Company Presiding Judge: Kent J. Dawson Referring Judge: Peggy A. Leen Cause Of Action: Petition for Removal- Insurance Contract THE COMPANY IS NOT LISTED ON THE OFAC LIST.* For information: * The Specially Designated Nationals (SDN) List is a publication of
OFAC which lists individuals and organizations with whom United States
citizens and permanent residents are prohibited from doing business. ** The Uniform Commercial Code (UCC) is one of a number of uniform
acts that have been promulgated in conjunction with efforts to harmonize the
law of sales and other commercial transactions in all 50 states within the
United States of America. The UCC deals primarily with transactions involving personal property
(movable property), not real property (immovable property). It allows a creditor to notify other creditors about a debtor’s assets
used as collateral for a secured transaction by filing a public notice
(financing statement) with a particular filing office. The Uniform Commercial Code Bureau files and maintains on financial
obligations (including IRS liens) incurred by individuals (in business as a
sole proprietor), business entities and corporations. |
Rating |
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Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Final Opinion |
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This company has been in business for 66 years. It has a staff of
2,500 employees at group level which makes it a large size company. |
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There were several legal filings found against the company for the
year 2010 and 2011 We have contacted the company but they refused to provide us any
information on grounds of confidentiality. Our financial sources provided us with the revenue for the year 2010. The company gave a correct profitability for that year. At this point, considering the correct profitability for the year
2010, but keeping in mind all the lawsuits against them. We strongly suggest working with GUARANTEES. |
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SUMMARY
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Profitability
CORRECT
Public Records
YES
Indebtedness
Payments
REGULAR
Cash
NORMAL
APPENDIX
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Person Interviewed |
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Male representative |
Comments
He refused to provide us any financial data on grounds of
confidentiality.
FOREIGN EXCHANGE RATES
CurrencyUnit
Indian Rupees |
US Dollar
1
Rs.44.72
1
Rs.73.47
Euro
1
Rs.65.38
RATING EXPLANATIONS
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RATINGSTATUS PROPOSED CREDIT LINE |
>86
Aaa
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums
Unlimited
71-85
Aa
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums
Large
56-70
A
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums
Fairly Large
41-55
Ba
Overall operation is considered normal. Capable to meet normal
commitments.
Satisfactory
26-40
B
Capability to overcome financial difficulties seems comparatively below
average.
Small
11-25
Ca
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity
Limited with full
security
<10
C
Absolute credit risk exists. Caution needed to be exercised
Credit not
recommended
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NB
New Business
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.