ACE Tempest Re Opens Operation in Dublin, Ireland.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 10, 2002 ACE Global 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. today announced the opening of an ACE Tempest Reinsurance (ACE Tempest Re) underwriting operation in Dublin, Ireland. The new unit is a division of ACE European Markets Reinsurance Limited (AEMR AEMR Acquisition Executive Management Report AEMR Airframe Engine Maintenance and Repair ). AEMR commenced operations in Dublin in 1997 and is capitalised at US$100 million. Tony Spice has been appointed Chief Underwriting Officer, responsible for developing ACE Tempest Re's property and casualty treaty business in continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. . Mr Spice was previously an International Casualty Treaty Underwriter at ACE Global Markets Syndicate 2488 in London. Prior to joining ACE in February 2001 Mr Spice spent 20 years in the International Casualty Treaty Market in London. "The opening of the Dublin division is a further step in ACE Tempest Re's ongoing strategy of evolving into a diversified multi-line 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. ." said David Furby, President of ACE Global Reinsurance. "The new division will complement the existing Property and Casualty Treaty capabilities within the ACE Group, whilst providing greater accessibility to brokers in continental Europe." Jim Hooban, Managing Director of AEMR, said, "We are delighted to have Tony Spice joining us in Dublin to head up the new reinsurance operation, his experience and market knowledge will be an asset in leading ACE's business development efforts." ACE Global Reinsurance is a division of ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE), the holding company of the ACE Group of Companies. 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. Additional information can be found at: www.acelimited.com. |
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