ACE Enters U.S. Life Reinsurance Market Through the Acquisition of Hart Life.NEW YORK -- The ACE Group of 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. Companies announced today its expansion into the U.S. life reinsurance market with the acquisition of Hart Life Insurance Company from the Hartford Financial Services Group. Licensed in 49 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Hart Life has been inactive in recent years. ACE will begin to market life reinsurance products and services under its established life reinsurance brand name, ACE Tempest Life Re, following state regulatory approvals. Based in Stamford, Connecticut, ACE Tempest Life Re USA will offer reinsurance capacity for the individual life business utilizing yearly renewable term and coinsurance structures. ACE Tempest Life Re USA will be led by Ronald Colligan, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Mr. Colligan joins ACE with 37 years of experience in the life insurance and reinsurance industry, most recently with Guy Carpenter. He will report to Barry Jacobson, President of ACE International Life. Other members of the U.S. team are Leonard Mangini, Vice President and Chief Actuary; and Paul Widhalm, Assistant Vice President and Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive . "Our entry into the U.S. life reinsurance market comes at a time when primary companies are looking for financially secure capacity, and a reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. that truly understands their business," said Mr. Jacobson. "We believe our company provides U.S. primary writers with a new reinsurance choice that will serve their needs well." The ACE Group of Companies is a global leader in insurance and reinsurance 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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