ACE Limited Reports September 30, 1999 Quarter Earnings.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)--Nov. 4, 1999-- ACE Limited (NYSE NYSE See: New York Stock Exchange :ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) today reported income excluding net realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. (losses) and non-recurring expenses for the fiscal 1999 third quarter ended September September: see month. 30, 1999 of $72.5 million, or $0.37 per share, compared with $108.6 million, or $0.55 per share, for the same quarter in fiscal 1998. Net income for the fiscal 1999 third quarter was $14.8 million, or $0.08 per share, compared with $13.5 million, or $0.07 per share, for the same quarter last year. Earnings per share calculations above are based on the weighted average number of shares calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAS 128 on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. The fully diluted book value per share of the company at September 30, 1999 was $19.72. On July July: see month. 2, 1999, ACE completed the acquisition of the international and U.S. property and casualty businesses of CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Corporation ("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. ") and accordingly, these consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results include the results of ACE INA from July 2, 1999, the date of acquisition. Also on July 2, 1999, ACE announced it was changing its fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. from September 30 to December December: see month. 31. This change was implemented retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin to December 31, 1998 so that the 1999 fiscal year will be the twelve-month period ending December 31, 1999. This change has been reflected in this quarter ended September 30, 1999. As a result, the company has reported results for the three months ended September 30, 1999 and 1998 and for the nine months ended September 30, 1999 and 1998. Commenting on the quarterly results, Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Duperreault, chairman, president and chief executive officer of ACE noted: "Together with the rest of the insurance industry, ACE incurred losses resulting from a large number of catastrophic events in the third quarter. As previously announced, the effect on our net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter from catastrophic events was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $34.0 million after taxes. In addition, ACE recognized $3.9 million in one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges related to the acquisition of ACE INA. Excluding these events, income excluding net realized gains (losses) for the quarter, would have been $0.54 per share." Mr. Duperreault continued: "We are pleased to include the results of the ACE INA Group for the first time. We are extremely satisfied with the positive changes that have taken place at ACE INA in the first three months and pleased that they have already contributed to the results of the ACE Group." Gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. during the quarter increased by 387.1 percent to $1.5 billion, compared with $317.0 million for the comparable quarter last year. Net premiums written during the quarter increased 414.8 percent to $910.9 million compared with $177.0 million for the same quarter last year. Net premiums earned during the quarter were up 330.2 percent to $952.9 million from $221.5 million in the same quarter last year. Gross premiums written for the nine months of fiscal 1999 were $2.5 billion compared to $1.0 billion for the same period last year, an increase of 140.5 percent. For the nine months of fiscal 1999, net premiums written increased 125.1 percent to $1.6 billion compared to $730.1 million for the nine months of fiscal 1998. Net premiums earned for the nine months ended September 30, 1999 were $1.5 billion compared with $691.3 million for the same period last year, a 122.6 percent increase. Net investment income, excluding net realized gains (losses), was $163.1 million for the fiscal 1999 third quarter, compared with $89.3 million for the same period last year, an 82.6 percent increase. For the nine months of fiscal 1999, net investment income, excluding net realized gains (losses) was $334.3 million compared with $260.6 million for the same period last year, a 28.3 percent increase. During the fiscal 1999 third quarter, ACE had net realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. of $53.8 million compared with net realized losses of $54.2 million for the same quarter last year. For the nine months ended September 30, 1999, net realized losses were $11.2 million, compared with net realized gains of $160.9 million for the first three quarters of fiscal 1998. 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 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. Additional information can be found at: www.acelimited.com. Application of the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ from those set forth in these statements. ACE's forward-looking statements could be affected by the length of time it takes to integrate the ACE INA businesses and achieve contemplated cost savings, the levels of new and renewal business achieved, market acceptance of ACE's diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and market conditions affecting ACE's investments. Also, competition in the industry, the frequency of unpredictable catastrophic events, actual loss experience and economic, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , insurance and reinsurance business conditions and other factors identified in the Company's filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. -0-
ACE Limited
Summary Consolidated Financial Data
(in thousands of U.S. dollars, except share and per share data)
Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
Operations Data:
Gross premiums
written $1,544,458 $317,053 $2,488,952 $1,034,703
Net premiums
written 910,904 176,959 1,643,838 730,126
Net premiums earned 952,951 221,532 1,538,489 691,275
Net investment income 163,060 89,288 334,338 260,582
Loss and loss
expenses 632,910 118,624 1,045,262 394,637
Policy acquisition
costs 137,681 24,001 203,505 80,826
Administrative
expenses 195,332 42,122 291,131 100,237
Amortization of
goodwill 17,474 4,336 26,408 10,563
Interest expense 44,068 4,761 52,745 15,978
Other non-insurance
expenses, net 2,932 - 2,932 -
Income tax expense 13,149 8,380 22,799 27,588
Income excluding net
realized gains (losses)
and non-recurring
expenses 72,465 108,596 228,045 322,028
Non-recurring expenses
(net of income tax) (3,900) (40,912) (3,900) (44,979)
Income excluding net
realized gains
(losses) 68,565 67,684 224,145 277,049
Net realized gains
(losses) (net of
income tax) (53,772) (54,172) (11,211) 160,892
Net income $ 14,793 $ 13,512 $ 212,934 $ 437,941
(Basic EPS under
FAS 128):
Earnings per share
excluding net realized
gains (losses) and
non-recurring
expenses $0.37 $0.56 $1.18 $1.72
Earnings per share
excluding net
realized gains
(losses) $0.35 $0.35 $1.16 $1.48
Earnings per share $0.08 $0.07 $1.10 $2.34
Weighted average
shares
outstanding 194,061,171 193,539,724 193,935,790 187,341,947
(Diluted EPS under
FAS 128):
Earnings per share
excluding net realized
gains (losses) and
non-recurring
expenses $0.37 $0.55 $1.16 $1.68
Earnings per share
excluding net
realized gains
(losses) $0.35 $0.34 $1.14 $1.45
Earnings per share $0.08 $0.07 $1.08 $2.29
Weighted average
shares
outstanding 196,072,652 197,771,488 196,917,128 191,492,643
ACE Limited
Consolidated Supplementary Information
(in millions of U.S. dollars)
Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
Gross Premiums Written
ACE Bermuda $ 120.9 $ 101.6 $ 422.0 $ 394.1
ACE Global Markets 183.4 115.0 530.5 356.4
Tempest Re 31.3 32.9 193.8 124.0
ACE USA 746.9 67.5 880.7 160.2
ACE International 462.0 -- 462.0 --
Total $ 1,544.5 $ 317.0 $ 2,489.0 $ 1,034.7
Net Premiums Written
ACE Bermuda $ 97.1 $ 64.1 $ 335.8 $ 302.1
ACE Global Markets 110.4 76.4 376.6 255.9
Tempest Re (1.4) 7.1 159.0 93.6
ACE USA 373.0 29.4 440.6 78.5
ACE International 331.8 -- 331.8 --
Total $ 910.9 $ 177.0 $ 1,643.8 $ 730.1
Net Premiums Earned
ACE Bermuda $ 121.2 $ 81.2 $ 390.1 $ 280.2
ACE Global Markets 99.8 71.7 289.0 217.1
Tempest Re 39.0 46.5 116.5 123.2
ACE USA 342.7 22.1 392.7 70.8
ACE International 350.2 -- 350.2 --
Total $ 952.9 $ 221.5 $ 1,538.5 $ 691.3
ACE Limited
Summary Consolidated Financial Data
(in thousands of U.S. dollars, except per share data)
September 30, December 31,
1999 1998
Balance Sheet Data:
Assets
Fixed maturities available for sale,
at fair value (amortized cost
$9,478,887 and $4,784,412) $ 9,338,437 $ 4,866,366
Equity securities, at fair value
(cost $749,461 and $196,375) 756,102 220,843
Short-term investments, at fair value
(amortized cost $670,595 and $757,788) 667,800 757,804
Other investments, at fair value
(cost $366,779 and $128,119) 366,382 129,331
Cash 735,780 240,556
Total investments and cash $ 11,864,501 $ 6,214,900
Insurance and reinsurance balances
receivable 2,318,832 347,810
Accounts and notes receivable 564,768 --
Reinsurance recoverable 8,924,000 1,159,270
Deferred acquisition costs 374,251 67,502
Goodwill 2,664,886 535,920
Deferred tax assets 977,273 42,796
Other assets 1,655,672 466,107
Total assets $ 29,344,183 $ 8,834,305
Liabilities
Unpaid losses and loss expenses $ 17,198,095 $ 3,678,269
Unearned premiums 2,128,389 705,712
Insurance and reinsurance balances
payable 1,493,248 72,993
Contract holder deposit funds 196,338 --
Accounts payable, accrued expenses and
other liabilities 1,565,131 217,754
Short-term debt 1,449,279 --
Long-term debt 1,049,334 250,000
Trust preferred securities 400,000 --
Total liabilities $ 25,479,814 $ 4,924,728
Commitments and contingencies
Shareholders' equity
Ordinary shares ($0.041666667 par value,
300,000,000 shares authorized;
194,063,128 and 193,687,126 shares
issued and outstanding) $ 8,086 $ 8,070
Additional paid-in capital 1,773,825 1,767,188
Unearned stock grant compensation (10,889) (15,087)
Retained earnings 2,193,461 2,040,664
Accumulated other comprehensive
(loss) income (100,114) 108,742
Total shareholders' equity $ 3,864,369 $ 3,909,577
Total liabilities and
shareholders' equity $ 29,344,183 $ 8,834,305
ACE Limited
Supplemental Information
ACE INA Holdings
July 2, 1999 and September 30, 1999
(in thousands of U.S. dollars)
July 2, 1999 Sept. 30,
ACE INA ACE ACE INA 1999
Excl. Atlanta Incl. ACE INA
Atlanta Atlanta Incl.
Atlanta
Balance Sheet Data:
Assets
Fixed maturities
available for sale
at fair value $ 5,708,337 $ 764,613 $ 6,472,950 $ 6,161,144
Equity securities,
at fair value 596,267 -- 596,267 584,725
Short-term investments,
at fair value 23,263 61,021 84,284 495,710
Other investments 40,648 11,024 51,672 52,593
Cash 858,337 8,236 866,573 413,798
Total investments
and cash $ 7,226,852 $ 844,894 $ 8,071,746 $ 7,707,970
Insurance and
reinsurance balances
receivable 1,616,182 51,248 1,667,430 1,915,628
Accounts and notes
receivable 565,360 - 565,360 564,768
Reinsurance
recoverable 7,076,959 698,308 7,775,267 8,335,957
Deferred acquisition
costs 287,953 14,357 302,310 304,528
Goodwill 2,149,176 12,980 2,162,156 2,148,578
Deferred tax assets 898,372 59,500 957,872 983,155
Other assets 893,431 117,869 1,011,300 1,126,425
Total assets $20,714,285 $1,799,156 $22,513,441 $23,087,009
Liabilities
Unpaid losses and
loss expenses $13,117,576 $1,197,341 $14,314,917 $14,698,525
Unearned premiums 1,251,646 129,963 1,381,609 1,452,941
Insurance and
reinsurance balances
payable 1,149,582 22,284 1,171,866 1,353,098
Contract holder
deposit funds 187,430 - 187,430 196,338
Accounts payable,
accrued expenses and
other liabilities 1,554,049 103,393 1,657,442 1,418,027
Short-term debt 1,604,002 - 1,604,002 1,024,239
Long-term debt -- 250,000 250,000 1,049,334
Trust preferred
securities 400,000 - 400,000 400,000
Total
liabilities $19,264,285 $1,702,981 $20,967,266 $21,592,502
Shareholders' equity $ 1,450,000 $ 96,175 $ 1,546,175 $ 1,494,507
Total liabilities
and shareholders'
equity $20,714,285 $1,799,156 $22,513,441 $23,087,009
ACE Limited
Supplemental Information by Operating Unit
Three months ended September 30, 1999
(In thousands of U.S. Dollars)
ACE
ACE INA ACE Global ACE ACE
Combined Bermuda Markets Tempest Limited Consoli-
dated
Operations Data :
Net
premiums
written $702,106 $106,686 $110,594 $(8,482) $ - $910,904
Net
premiums
earned 692,902 129,703 95,029 35,317 - 952,951
Net
investment
income 102,454 37,341 8,095 13,531 1,639 163,060
Losses and
loss
expenses 450,014 108,290 57,218 17,388 - 632,910
Policy
acquisition
costs 102,494 4,293 25,048 5,846 - 137,681
Administrative
expenses 157,118 9,615 12,146 3,598 12,855 195,332
Amortization
of
goodwill 13,125 (210) 1,056 3,503 - 17,474
Interest
expense
(income) 41,589 (2,679) 812 - 4,346 44,068
Other
non-insurance
expenses,
net 2,932 - - - - 2,932
Income tax
expense 9,566 546 3,037 - - 13,149
Income (loss)
excluding net
realized
gains
(losses) and
non-recurring
expenses 18,518 47,189 3,807 18,513 (15,562) 72,465
Non-recurring
expenses
(net of
income tax) (3,900) - - - - (3,900)
Income (loss)
excluding
net
realized
gains
(losses) 14,618 47,189 3,807 18,513 (15,562) 68,565
Net
realized
gains
(losses)
(net of
income tax) (5,942) (34,483) (1,474) (10,626) (1,247) (53,772)
Net income
(loss) $ 8,676 $12,706 $ 2,333 $ 7,887 $(16,809) $14,793
Losses and
loss
expense
ratio 64.9% 83.5% 60.2% 49.2% - 66.4%
Policy
acquisition
cost
ratio 14.8% 3.3% 26.4% 16.6% - 14.5%
Administrative
expense
ratio 22.7% 7.4% 12.8% 10.2% - 20.4%
Combined
ratio 102.4% 94.2% 99.4% 76.0% - 101.3%
ACE Limited
Supplemental Information
ACE INA Holdings
Three months ended September 30, 1999
(In thousands of U.S. Dollars)
ACE ACE INA ACE INA
ACE USA International Holdings Combined
Operations Data for ACE INA:
Net premiums written $370,338 $331,768 $ - $702,106
Net premiums earned 342,698 350,204 - 692,902
Net investment income 84,138 17,968 348 102,454
Loss and loss expenses 251,380 198,634 - 450,014
Policy acquisition costs 35,739 66,755 - 102,494
Administrative expenses 84,079 73,039 - 157,118
Amortization of goodwill - - 13,125 13,125
Interest expense 9,992 - 31,597 41,589
Other non-insurance expenses,
net (163) 960 2,135 2,932
Income tax expense
(recovery) 11,096 10,154 (11,684) 9,566
Income excluding net
realized gains (losses)
and non-recurring expenses 34,713 18,630 (34,825) 18,518
Non-recurring expenses
(net of income tax) (2,340) (1,560) - (3,900)
Income excluding net
realized gains (losses) 32,373 17,070 (34,825) 14,618
Net realized gains (losses)
(net of income tax) (2,966) (2,976) - (5,942)
Net income $29,407 $14,094 $(34,825) $ 8,676
Losses and loss expense
ratio 73.4% 56.7% - 64.9%
Policy acquisition cost ratio 10.4% 19.1% - 14.8%
Administrative expense ratio 24.5% 20.9% - 22.7%
Combined ratio 108.3% 96.7% - 102.4%
ACE Limited
Supplementary Information
September 30, 1999
(in millions of U.S. dollars) Interest Expense
Including Fees
Balance Interest Qtr. Ended
Sept. 30, '99 Rate Sept. 30, '99
Short-term Debt
ACE Limited commercial paper $ 425 $6
ACE INA commercial paper 1,024 20
$1,449 $26
Long-term Debt
Notes due 2004 $ 400 8.20% $4
Notes due 2006 299 8.30% 3
Debentures due 2029 100 8.875% 1
Senior Notes 250 8.63% 5
$1,049 $13
Trust Preferred Securities 400 6.6% 7
Other (2)
$44
ACE Corporate Announcements - September 30, 1999 Quarter September 30, 1999 - William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Loschert Moves to Non-Executive non-executive adj non-executive director → direttore m senza potere esecutivo Position William Loschert, currently Chairman of ACE Global Markets Limited, a subsidiary of ACE Limited, will move from an executive role to a non-executive position from 1st October October: see month. 1999. Mr. Loschert will be Non-Executive Chairman of ACE 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. Agencies Ltd., the managing agency for ACE's single syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism , Syndicate 2488, for the 2000 year of account. August 16, 1999 - ACE USA Names Frank McNamee Senior VP of Marketing ACE USA has appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Francis Francis, French prince, duke of Alençon and Anjou Francis, 1554–84, French prince, duke of Alençon and Anjou; youngest son of King Henry II of France and Catherine de' Medici. J. McNamee as senior vice president of Marketing at ACE USA. In this role, Mr. McNamee is responsible for producer relations and management, distribution and marketing activities for ACE USA. August 2, 1999 - ACE USA Names Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Woodward SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul of Special Programs ACE USA has appointed Susan Woodward senior vice president, Special Programs. In this role, she will oversee group programs and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. products within the ACE USA Diversified diversified (di·verˑ·s Products division. Her business will include Commercial Programs, Consumer Products, and Sports and Leisure programs. Woodward, who has more than 25 years' experience in the insurance industry, has been with CIGNA Property & Casualty, which was acquired by ACE Limited on July 2, 1999, for the past six years. July 28, 1999 - ACE Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). Appoints 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. ACE Bermuda's International Representative Office Announces Senior Appointment ACE Europe, a subsidiary of ACE INA Holdings Inc., a member of the ACE Group of Companies, represented by ACE Limited, announced the appointment of Michael Lange Michael Lange is an American television director. Lange's best known directorial work has been on the television series The O.C., Beverly Hills, 90210, The Larry Sanders Show, Northern Exposure, Eureka, The Pretender, as Chief Operating Officer. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and French has been promoted from Vice President to Senior Vice President of ACE's International Representative Office, replacing Michael Lange in that position. July 28, 1999 - ACE USA Names Bill Curcio to Head Special Risk Facilities ACE USA has appointed William N. Curcio, a 22-year veteran of the large-risk and national accounts marketplace, as president of ACE USA Special Risk Facilities. Mr. Curcio will be responsible for casualty lines aimed at Fortune 1000 and large-risk customers and related lines, including risk financing and other financial products; multi-year, multi-line integrated Risk Solutions programs and combined risk programs. July 26, 1999 - ACE Global Markets Announces The Outcome Of The Proposed Syndicate Merger For The 2000 Year Of Account ACE Global Markets Limited, a subsidiary of ACE Limited, announced Lloyd's Lloyd's, London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now approval of the proposal to merge See mail merge and concatenate. Syndicates 219, 488 and 960 into Syndicate 2488 for the 2000 Year of Account. The merger was approved by The Council of Lloyd's An Act of Parliament, the Lloyd's Act 1982, defines the management structure and rules under which Lloyd's operates. Under the Act, the Council of Lloyd's is responsible for the management and supervision of the market. and will become effective on August 19, 1999. July 19, 1999 - ACE USA Names Elaine Elaine, in Arthurian legend: see Launcelot, Sir. Elaine disguises herself as Guinevere in order to seduce Lancelot. [Br. Lit.: Malory Le Mort d’Arthur] See : Disguise Elaine Trischetta to Head Professional Risk Services Division ACE USA has named Elaine Trischetta as executive vice president, Professional Risk Services Division. In this new position, Ms. Trischetta is responsible for several business portfolios including D&O, E&O, Financial Institutions, Surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. and Specialty Products. July 19, 1999 - ACE USA Names Mark Bender Senior VP of Administration ACE USA has appointed Mark Bender as senior vice president of Administration. In this role, Mr. Bender is responsible for real estate, leasing, and vendor contracts, in addition to risk management, security, fleet administration, and various other operations for the U.S.-based unit of the ACE Group of Companies. July 12, 1999 - ACE USA Power Products Launches Second-Generation sec·ond-gen·er·a·tion adj. 1. Of or relating to a person or persons whose parents are immigrants. 2. Of or relating to a person or persons whose parents are citizens by birth and whose grandparents are immigrants. 3. PowerBacker System Protection ACE USA Power Products recently launched its second-generation PowerBacker insurance product, PowerBacker System Protection. The new product is designed to provide higher limits of coverage - up to $100 million - to protect against simultaneous unplanned outages or derates among the power units of large, investor-owned utilities and other large power generation owners. |
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