ACE Bermuda, a subsidiary of ACE Limited (NYSE:ACL), announced today that it has formed a new division, ACE Financial Solutions International (FSI). The new business unit will provide non-traditional insurance and finance-related solutions to international companies facing complex risk management issues and will incorporate the former Tailored Risk Solutions operations of ACE Bermuda. Pierre Samson, Senior Vice President, Tailored Risk Solutions, has been appointed to the position of President and Chief Underwriting Officer of ACE Financial Solutions International.
President and Chief Operating Officer of ACE Limited and Chairman of ACE Financial Services Dominic Frederico said that the establishment of FSI was a natural evolution for the structured risk business incorporating the new ACE capabilities.
"With our acquisition of Capital Re, the establishment of ACE Financial Solutions in the U.S. and the expansion of our alternative risk transfer (ART) product line into the European community, we are well-positioned to establish a leadership role in the convergence between the insurance and financial services industries," said Mr. Frederico.
President and Chief Executive Officer of ACE Bermuda, Gary Schmalzriedt, said that FSI's creation is representative of the success of ACE Bermuda's Tailored Risk Solutions unit.
"Tailored Risk Solutions has established itself as a creative, responsive underwriting group which has not only met, but in some cases, anticipated, the needs of its clients," said Mr. Schmalzriedt. "As FSI, this unit will offer a wider variety of financial, finite risk and alternative risk transfer products to a worldwide client base. In particular, we see real opportunity in Europe, the Far East, the Asia Pacific region and Latin America.
"Pierre Samson, who joined ACE Bermuda in 1995, has headed up Tailored Risk Solutions since 1997. He and his team, all of whom will now work under the FSI banner, have generated excellent results for the ACE Group. Under Pierre's astute management, we fully expect this Division to go from strength to strength."
"There is continuing interest on the part of our clients in risk solutions that help to manage their enterprise risk as well as their traditional risk," said Mr. Samson. "FSI will enhance ACE's ability to provide innovative risk financing solutions on a global basis."
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at:
www.acelimited.com
.