ACE USA Launches Energy Excess Casualty Practice; New Underwriting Unit to Respond to Unique Needs of Energy-based Risk Management Accounts.Business Editors PHILADELPHIA--(BUSINESS WIRE)--March 25, 2004 ACE Casualty Risk, a division of ACE USA, today announced the launch of its Energy Excess Casualty Practice, which provides a comprehensive package of insurance products and services focusing on energy-based risk management accounts. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the ACE USA Excess Casualty Unit is dedicated to serving the needs of the oil and gas, petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. manufacturing, utility and mining industries, making available the full range of ACE USA's global capabilities. ACE Casualty Risk is the operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon within ACE USA, which provides excess casualty, environmental and workers compensation (small business only) coverage for commercial insureds. ACE USA Excess Casualty specializes in lead umbrella and excess liability products, focusing on those risks that generate $200 million or more in revenues. These products are distributed through the brokerage community to the commercial market. Leading this new unit is Connie Germano, Vice President of Energy Excess Casualty. Ms. Germano has more than 17 years insurance experience in the primary package and excess casualty lines of business, and for the past 10 years has focused specifically on excess casualty. She joins ACE USA from American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) where she most recently served as Divisional Vice President and Chief 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. Officer, managing AIG's primary and excess casualty product line, and with profit and loss responsibilities for energy-specific excess. Prior to that position, Ms. Germano served in a variety of excess casualty management roles including Divisional Vice President of AIG's Middle Market excess casualty product line. "We believe that brokers need committed insurance partners. Bringing together our global financial strength and underwriting capabilities enables ACE USA to develop unique programs to meet the highly complex and specialized needs of the energy industry," said Jonathan Zaffino, Senior Vice President of ACE USA Excess Casualty. "I look forward to working with Connie in our effort to establish ACE USA's energy excess casualty capabilities." ACE USA is a U.S.-based retail operating division of the ACE Group of Companies, headed by ACE Limited (NYSE NYSE See: New York Stock Exchange : ACE). ACE USA 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 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 around the world. |
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