ACE USA Announces Purchase of Renewal Rights to Alternative Risk Hospital Portfolio from GE Insurance Solutions.PHILADELPHIA Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. -- ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today announced that ACE Medical Risk--a division of ACE USA--has purchased renewal rights to the Alternative Risk Hospital portfolio of GE Insurance Solutions through its Employers 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. Corporation subsidiary. In addition, the acquisition agreement contemplates that a majority of GE Insurance Solutions' alternative risk healthcare facilities team will join ACE Medical Risk. Backed by the global 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. and resources of insurance industry-leading ACE Group, ACE Medical Risk provides a wide range of primary and excess professional and general liability products specifically designed for the healthcare industry. "ACE USA has acquired this portfolio from GE Insurance Solutions to enhance our existing book of business in the healthcare insurance arena and provide us with greater geographic reach to better serve our customers and brokers," said Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. Bertossi, Executive Vice President, ACE Medical Risk. "We are pleased to welcome Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Longman Longman was a publishing company founded in London, England in 1724. It is now an imprint of Pearson Education. History Beginnings The Longman company was founded by Thomas Longman(1) (1699-1755), the son of Ezekiel Longman (d. 1708), a gentleman of Bristol. and the talented and professional employees of the GE alternative risk-healthcare facilities team to ACE Medical Risk. Their considerable breadth of experience in the hospital medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. arena will further complement the expertise of the ACE Medical Risk team, and will be instrumental to our continued success." "ACE Medical Risk is a strong business and we are confident that our Hospital Excess Medical Malpractice (Alt Risk) Portfolio customers and team will find the decision to place our portfolio there a positive one," said Rick Smith, 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. , GE Insurance Solutions. "This sale of renewal rights represents another step in GE's plan to reduce its exposure in insurance while maximizing value for our investors. We will continue to pursue our goal of providing unsurpassed service to our existing customers." GE Insurance Solutions protects people, property and reputations. With more than $50 billion in combined assets, the GE Insurance Solutions group of companies is one of the world's leading providers of commercial insurance, reinsurance and risk management services. Combining deep practical risk expertise with GE's business acumen acumen Astuteness, perception, perspicacity , our dedicated professionals in 28 offices around the globe help customers understand and manage risk more effectively. More information is available at www.geinsurancesolutions.com. ACE Medical Risk's liability offerings include primary and excess medical professional liability for hospitals, long term care and miscellaneous healthcare facilities. In addition, ACE Medical Risk offers products liability for clinical trials, biotechnology and specialty pharmaceutical companies as well as a comprehensive package policy including property, auto and crime coverages. To learn more about ACE Medical Risk's products and services, visit http://www.acemedicalrisk.com. ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. |
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