ACE Establishes Fund for Victims' Families.Business & News Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 17, 2001 ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) today announced that it has established a fund to aid the families of the victims of the September 11 attacks September 11 attacks Series of airline hijackings and suicide bombings against U.S. targets perpetrated by 19 militants associated with the Islamic extremist group al-Qaeda. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The fund will be administered by charitable trusts operated by ACE Foundations in Bermuda and Philadelphia and will provide one million dollars a year for a period of five years to families affected by the disasters in 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 , Washington and Pennsylvania. "As a global organization with the wherewithal to weather this catastrophe, we feel that we have a moral obligation to help ease the financial burden of the victims' families," said ACE Limited chairman and chief executive officer Brian Duperreault. "Many of the victims of the World Trade Center disaster were our close professional and personal friends. We want to help the rebuilding as well as the healing process begin." Mr. Duperreault said that the ACE Group of Companies has over four thousand employees in offices throughout the United States, including New York. "Mercifully, the ACE employees who worked in a building close to the disaster site were evacuated safely from their office and have since been relocated to ACE offices in midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan as well as other offices we have in neighboring areas," said Mr. Duperreault. 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. The company conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at http://www.acelimited.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion