ACE Bermuda Announces Opening Of London Branch Office of Dublin Subsidiary.Business Editors HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Bermuda--(BUSINESS WIRE)--April 19, 2001 ACE Bermuda Insurance Ltd. (ACE Bermuda), is pleased to announce the opening in London of a new branch office of its Dublin-based subsidiary ACE European Markets Insurance Ltd. (ACE European Markets). The London Branch Office will augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: ACE European Markets' ability to promote insurance services and products within the London market. Stephen French, ACE European Markets' Property Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. Manager, who has been with ACE since 1995, will lead the growth of property business in London. Mark Herman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACE Bermuda, said, "We're pleased that the London office is up and running and that we are increasing our capabilities to focus on UK business. We're also delighted to have Stephen French to oversee the establishment of the new office and lead the development of property business in London." In a related assignment, Bob Patten has joined the staff of ACE European Markets in Dublin and has been promoted to Senior Vice President, Liability, ACE European Markets. Mr Patten will be focusing on the underwriting of two lines of business: excess liability for major corporate accounts and nuclear risks liability coverage. James Hooban, Managing Director of ACE European Markets, said, "We anticipate that these two appointments at ACE European Markets will be the first of several designed to enhance the company's underwriting capabilities." "We're delighted to have Bob on board here in Dublin," continued Mr. Hooban, "His experience in Bermuda and his overall expertise will stand him in good stead stead n. 1. The place, position, or function properly or customarily occupied by another. 2. Advantage; service; purpose: "His personal relationship with the electorate stands in good stead" as he builds our liability book." Mr. Hooban noted that the establishment of the new office bodes well for the future growth of new business opportunities in the EU. ACE Bermuda Insurance Ltd. (ACE Bermuda) is a Bermuda based subsidiary of ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE). ACE Bermuda offers insurance products and services through Bermuda and non-US based intermediaries. The ACE Group of Companies provides 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. for a diverse group of clients around the world. Additional information can be found at: www.acelimited.com. |
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