Standard & Poor's has removed the Credit Watch it had imposed on ACE Europe last year while evaluating the effects of ACE's takeover of CIGNA.

ACE has retained its S&P A+ rating while AM Best has also reconfirmed its rating for ACE Europe as an A.

Chief executive Steve Scheisman said: "We were disappointed that ACE Europe had been placed on Credit Watch following the acquisition of CIGNA Europe by the ACE Group. However, this is an excellent outcome which reflects our continuing good results and high-quality work."