Ace: We're Expanding Into Financial Services.Ace Ltd. is starting a financial-services division, with last December's acquisition of Capital Re Corp. playing a major role. What began in 1985 as a property/casualty insurance company of 45 employees based in Bermuda has become a global insurer and 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. employing more than 8,000 in about 47 countries, said John Burville, Ace's chief actuary actuary One who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. . Ace acquired Capital Re Corp., a financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. insurer and reinsurer based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , for an estimated $110.3 million in cash and 20.8 million shares issued. Capital Re is part of Ace's strategy to combine financial instruments and insurance and create products that can be marketed to banks, insurance companies and corporations globally. "The size of this market is unlimited," he said. |
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