The UK-based subsidiaries of ACE Limited (NYSE:ACE) have contracted to lease 100 Leadenhall Street as their new European headquarters .The building to be known as "The ACE Building" will see the group's ACE Europe and ACE Global Markets subsidiaries relocate to the new premises in July 2002. The other UK operations of ACE Limited will also relocate to the new location to consolidate the move. These include ACE European Markets, ACE Capital Re and ACE Europe Run-off Services.
Gary Schmalzriedt, Chief Executive Officer of ACE Europe and ACE Global Markets, commented: "The establishment of The ACE Building acknowledges the growing importance of the European and Lloyd's operations to the ACE Group of companies. The move will also consolidate our staff from four locations around the City of London into one headquarters, placed in the heart of the London Insurance market".
The 126,000 square foot building will incorporate a purpose built Business Centre specially designed for use by ACE's broker partners. In addition, 28,000 square feet of offices will be sublet to selected companies through Strutt and Parker and Newton Perkins with effect from February 2002.
ACE Europe is a regional business organization of ACE Limited. ACE Global Markets is ACE Limited's presence in the Lloyd's market. The ACE Group of Companies provides insurance and reinsurance on a global basis for a diverse group of clients through operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com