ACE European Group is pleased to confirm that on 1st January 2005, ACE Insurance S.A. N.V. successfully transferred its insurance and reinsurance portfolio into ACE European Group Limited.
Regulated by the UK’s Financial Services Authority (FSA), ACE European Group Limited is now the principal operating platform for ACE’s Property and Casualty, Accident and Health and Personal Lines business across Europe. ACE European Group Limited has been assigned an “A+ (Strong)” financial strength rating from Standard & Poor’s and an “A (Excellent)” rating from A M Best.
“This is a significant milestone in the ongoing development and expansion of ACE’s European business” said Andrew Kendrick, Chairman and CEO, ACE European Group. “The establishment of ACE European Group Limited as our principal operating platform in Europe, makes the company one of the largest FSA regulated P&C carriers with extensive regulatory approvals throughout Europe and beyond. Through a combined strategy of broadening ACE’s geographical presence and product offerings across Europe, ACE European Group is well positioned to respond to the changing competitive environment of 2005.”
Ends./
FOR IMMEDIATE RELEASE
Notes to Editors:
The ACE European Group comprises the businesses of ACE Europe, ACE Global Markets and ACE Tempest Re (Europe). With an established presence in 15 countries across Europe, ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients.
ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE European Group Limited and ACE’s Lloyd’s Syndicate 2488. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. ACE’s Lloyd’s Syndicate 2488 continues to hold an Aa3 financial strength rating from Moody’s, one of the highest in the Lloyd’s of London market.
ACE European Group Limited has FSA permissions to underwrite all 18 classes of insurance and reinsurance business through its established branch network in 15 countries, Freedom of Services permissions in 27 European countries, Excess & Surplus lines eligibility in 39 US states and the ability to underwrite reinsurance in most countries.
ACE European Group will continue to trade under its existing three brands; ACE Europe, ACE Global Markets (AGM) and ACE Tempest Re Europe. Although all three branded businesses will underwrite primarily through ACE European Group Limited, ACE’s Lloyd’s Syndicate 2488, managed through ACE Underwriting Agencies Limited and operating under the AGM and ACE Tempest Re brands, will also continue to underwrite business.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, a component of the Standard & Poor’s 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in approximately 50 countries. Additional information can be found at: www.acelimited.com.