Ace Ltd. consolidates European lines in London.

Ace Ltd. said its European operations have been consolidated into one London based platform regulated by the U.K. Financial Services Authority.

The consolidation was completed with the successful transfer of the insurance and reinsurance portfolios of Brussels, Belgium. based Ace Insurance S.A.N.V. to Ace European Group Ltd. in London Ace said. The transfer makes Ace European Group the principal plat. form for all of Ace's property/casualty, accident and health and personal-lines business across Europe.

"This is a significant milestone in the ongoing development and expansion of Ace's European business," said Andrew Kendrick, chairman and chief executive officer of Ace European Group, in a statement. "The establishment of Ace European Group Ltd. as our principal operating platform in Europe makes the company one of the largest FSA-regulated property/casualty carriers, with licenses to operate in some 27 European countries and 39 U.S. states."

Kendrick said that, from its London base, Ace plans to broaden both its geographic presence and product offerings across Europe.

Ace European Group now consists of the businesses of Ace Europe, Ace Global Markets and Ace Tempest Re. Ace Europe has a presence in 15 European countries, providing property/casualty, accident and health and personal-lines products. Ace Global Markets writes specialty international business through both Ace European Group and Ace's Lloyd's Syndicate 2488, which includes the Ace Tempest Re brand.

Ace European Group Ltd.

Total Assets, 1999-2003:
(Millions £) (1 £ = $1.78) *

1999 168.6 £
2000 179.3
2001 154.1
2002 163.0
2003 465.9

* As of Dec. 31, 2003

Source: A.M. Best Company Report

Note: Table made from bar graph.