ACE Corporate Risks Limited, a company 51% owned by ACE Limited(NYSE: ACE) was launched today to enhance the global position of the ACE Group of companies in the D&O insurance market.
Based in London, ACE Corporate Risks underwrites on behalf of ACE Global Markets and ACE Europe, utilising the capacity of ACE Global Markets' Lloyd's Syndicate 2488 and ACE Europe. ACE Corporate Risks is developing an Internet based underwriting system to capture business on a global scale.
The global underwriting system will allow selected brokers access to a number of D&O products over the Internet. Russell Kilpatrick, ACE Corporate Risks' newly appointed Managing Director, commented: "Although ACE Corporate Risks will accept London Market risks along traditional lines, we recognise that the internet provides us with an ideal platform to take advantage of the enhanced efficiencies associated with transacting business on-line. We intend to target small and medium-sized businesses on a global scale using a number of selected brokers."
President & Chief Executive Officer of ACE Europe and ACE Global Markets, Gary Schmalzriedt, added: "Our clients expect innovation and quality service and, by using the latest technology, ACE Corporate Risks has the means to satisfy their needs. The venture adds an exciting dimension for both ACE Europe and ACE Global Markets to establish a firm foothold in the global D&O market."
ACE Global Markets represents the ACE Group presence in Lloyd's of London. ACE Europe, headquartered in London and with offices in most European Union countries, is one of the regional business operations of ACE International. 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
.