ACE Approved to Establish Life Insurance Operation in Vietnam.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 -- ACE INA Ina (ē`nä), city (1990 pop. 60,062), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural and industrial center with a famous agricultural school. (ACE) announced today that it has been advised by Vietnam's Ministry of Finance that its application to establish a wholly-owned life insurance company in Vietnam has been approved and expects to have a license by mid-year. ACE will immediately proceed toward the establishment of its operation in Vietnam. "I am pleased that ACE has been approved to conduct a life insurance business in Vietnam," said Evan Greenberg, President & Chief Executive Officer of ACE Limited. "Vietnam is a country with a bright and prosperous future, given the size of its population and industrious nature of its people. Vietnam is making great strides in its efforts to join the World Trade Organization, and accession Coming into possession of a right or office; increase; augmentation; addition. The right to all that one's own property produces, whether that property be movable or immovable; and the right to that which is united to it by accession, either naturally or artificially. would be a major step in insuring its place in the world economy. Our Vietnam operation is a milestone in our long-term strategy to build a life insurance presence in Asia." ACE has maintained a representative office in Vietnam since 1996 and formally submitted its application to establish a life insurance company in August 2002. Over the past eight years, ACE has undertaken numerous activities in support of Vietnam, its economy, and its people in the areas of education, safety, culture, economy, and business. "I would like to thank the Ministry of Finance and the Vietnamese Government for its support, and we look forward to officially launching our life insurance business in Vietnam in the near future," said Mr. Greenberg. ACE INA, based in Philadelphia, Pennsylvania, is the largest component of the ACE Group of Companies, 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 An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in approximately 50 countries. Additional information can be found at www.ace-ina.com. |
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