ACE Approved to Establish Insurance Operations in Poland and Russia.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The ACE Group of Companies announced today that it has received regulatory approvals to commence property and casualty insurance operations in Poland and Russia. The Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (U.K.) has authorized the opening of an ACE European Group Limited branch in Poland under the European Union Freedom of Establishment Directive. In addition, CSJC CSJC Conrad Schafren Jazz Collection ACE Insurance Company, ACE's newly created insurance subsidiary in Russia, has received a license to begin operations from the Department for Insurance Supervision of the Russian Federation. "We are very pleased that ACE has been approved to conduct commercial property and casualty insurance business in Poland and Russia," said Evan Greenberg, President & Chief Executive Officer of ACE Limited. "We believe these two countries have demonstrated growing awareness for the need for insurance products and represent attractive opportunities for ACE long-term. Both our Warsaw and Moscow offices are now open for business." ACE applied to the FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) for permission to open a branch in Poland in November 2004. ACE opened a representative office in Moscow in January 2004, incorporated a subsidiary in October 2004, and formally submitted an application to obtain a license at that time. The ACE Group of Companies is a global leader in insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. serving a diverse group of clients. Headed by ACE Limited (NYSE NYSE See: New York Stock Exchange : ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com |
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