ACE Tempest Re Opens Underwriting Operation in Canada.Constantin Petalas Named President HAMILTON, Bermuda -- The ACE Tempest Re Group at ACE Limited today announced the establishment of ACE Tempest Re Canada, a wholly owned managing underwriter Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. that will write all lines of property and casualty 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 the Canadian market. In addition, Constantin Petalas has been appointed President of the Montreal-based operation with responsibility for leading ACE Tempest Re Canada's development and growth. "The establishment of ACE Tempest Re Canada recognizes ACE's goal to better serve the Canadian insurance market and offer Canadian clients the products and services they require to address their business needs," said Jacques Bonneau, President & Chief Executive Officer, ACE Tempest Re Group. "We are delighted to have Constantin joining us to head up the new operation. His leadership and market experience will be a great asset in leading our business development efforts." ACE Tempest Re Canada is authorized to write reinsurance on behalf of ACE's licensed and admitted Canadian insurance companies This is a partial list of Canadian insurance companies:
Mr. Petalas brings to ACE over 25 years of diverse experience in the reinsurance arena. He most recently served as Chief Executive Officer and Chief Underwriting Officer of Axa Re, Canada. Prior roles include chief executive positions at Axa Corporate Solutions Assurance Canada and Axa Re Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Mr. Petalas, a Canadian citizen, received a bachelor's degree in economics and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from McGill University McGill University, at Montreal, Que., Canada; coeducational; chartered 1821, opened 1829. It was named for James McGill, who left a bequest to establish it. Its real development dates from 1855 when John W. Dawson became principal. . He is a member of the Canadian Securities Institute CSI Global Education Inc.(CSI), formerly known as the Canadian Securities Institute, was started as the educational body of the IDA (Investment Dealers Associations of Canada). CSI has the exclusive mandate to provide many of the courses and exams required to work within the securities and has served as Executive Director of the Reinsurance Research Council of Canada. John A. Rausch, formerly Senior Vice President Property at ACE Tempest Re USA has provided interim leadership for ACE Tempest Re Canada's establishment since October 2006 and will continue to support Mr. Petalas for the short-term as he transitions into his new role. "John has made a major contribution to the Canadian operations and has done an outstanding job of spearheading the development of the ACE Tempest Re Canada office," said Mr. Bonneau. "He will continue in his role for an interim period and assist with the continuing development of the Canadian reinsurance portfolio." The ACE Tempest Re Group at ACE Limited is headquartered in Bermuda and oversees the reinsurance operations within the ACE Group of Companies. 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 is a global leader in insurance and reinsurance serving a diverse group of clients. The ACE Group conducts its business on a worldwide basis through 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 approximately 50 countries. Additional information about the ACE Tempest Re Group can be found at www.acetempestre.com. |
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