ACE European Markets Launches ACE Financial Solutions Europe and ACE Financial Solutions Reinsurance Europe.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--March 24, 2003 ACE European Markets today announced the launch of two new divisions: ACE Financial Solutions Europe, a division of ACE European Markets Insurance Limited (AEMI AEMI Auction & Electronic Market Integration (American Stock Exchange) AEMI Annual Exchange of Military Information ), located in London, and ACE Financial Solutions 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. Europe, a division of ACE European Markets Reinsurance Limited (AEMR AEMR Acquisition Executive Management Report AEMR Airframe Engine Maintenance and Repair ), located in Dublin. The new divisions will provide customized, non-traditional finite insurance and reinsurance products to European based customers, such as those currently available from ACE Financial Solutions International, Ltd., a Bermuda-based member of the ACE Group of Companies. "The establishment of these two divisions is another step in ACE Financial Solutions International's drive to make its non-traditional finite insurance and reinsurance products available to buyers globally." said Pierre Samson, President & Chief Executive Officer of ACE Financial Solutions International, Ltd. Mr Samson continued: "Europe is an important and growing market for financial solutions. ACE Financial Solutions Europe and ACE Financial Solutions Reinsurance Europe are now able to provide a vehicle for European customers to more readily access the ACE Financial Solutions International products and services." The company also announced the appointment of Guy Swayne as President of the new divisions. Mr Swayne, who joined the ACE Group in January 2000, is now responsible for the development of ACE's financial solutions business in Europe. Prior to joining the ACE Group, Mr Swayne held various insurance industry positions, including as a broker in Bermuda and 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 and as an underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. in the Lloyd's market. "Expanding Guy's responsibilities to include the development of financial solutions business throughout Europe is a further step toward ACE Financial Solutions International's goal of expanding its geographic reach," said Mr Samson. ACE European Markets Insurance Limited and ACE European Markets Reinsurance Limited are subsidiaries of ACE Bermuda Insurance Ltd., a Bermuda-based member of the ACE Group of Companies. The ACE European Markets companies commenced operations in Dublin in 1997, and AEMI established its London Branch in 2000. The AEM AEM Applied and Environmental Microbiology (journal) AEM Association of Equipment Manufacturers AEM Academic Emergency Medicine (journal) AEM Agnico-Eagle Mines Limited AEM Advanced Engine Management companies combined capitalization is US$100 million. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global 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 nearly 50 countries. ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) is the holding company of the ACE Group of Companies. Additional information can be found at: www.acelimited.com. |
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