ACE Tempest Re Europe To Underwrite Zurich Reinsurance Business Through New Swiss Company
London,
1 December 2008
ACE Tempest Re Europe has announced that its Zurich-based reinsurance business will now be written through ACE Insurance (Switzerland) Limited, the newly formed Swiss insurance company. The move also follows the re-domestication of ACE Limited to Zurich in July 2008.
Eric Gutiérrez, Manager of ACE Tempest Re Zürich explains: “Utilizing the new company, the Zurich branch of ACE Tempest Re Europe will continue its long term commitment to European reinsurance brokers and European cedants. We offer excellent security, strong financial ratings, exemplary service and tailor made solutions to clients through the underwriting team in Zürich, who are supported by the Global expertise and capabilities of the ACE Tempest Re Group”.
ACE Tempest Re Europe has underwriting operations in both London and Zurich writing numerous classes of traditional and non-traditional reinsurance including casualty, property treaty, marine and aviation. The ACE Tempest Re Europe Zurich office was established in September 2005 to provide reinsurance solutions and capacity to Continental European brokers and clients.
ACE Insurance (Switzerland) Limited has a share capital of CHF 250 million. With an A+ rating from Standard & Poor’s, a stable outlook and an unlimited financial guaranty from ACE European Group Limited, London, the new company has a level of financial security far in excess of regulatory requirements for insurance companies. The financial strength of ACE Insurance (Switzerland) Limited allows ACE to offer clients a formidable proposition, particularly in view of the current turbulence in financial markets. The group’s investment portfolio of USD 41.8 billion is invested conservatively and the average portfolio credit rating is AA. In addition, the group’s equity capital, as of the end of the third quarter 2008, was a substantial USD 15.3 billion.
The ACE Tempest Re Group has offices in Bermuda, London, Montreal, Shanghai, Stamford and Zürich.
ENDS
ACE
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:
www.acelimited.com
Contact Information
Katie Weeks
Communications Manager
+ 44 (0) 20 7173 7585
katie.weeks@ace-ina.com
|