The new units are ACE Commercial Risks, ACE Affinity Risks and ACE Major Risks. Each will have distinct business focuses but all three will provide ACE's network of branch offices with access to skilled underwriting and product development teams to support brokers and their customers. The three new units are:
ACE Commercial Risks focuses on medium sized companies, offering both package and single line P&C solutions. The unit is headed up by Rosemary Ness.
ACE Major Risks focuses on multi-national businesses and FTSE 500 companies as well as captive related business. The unit is led by Mark Aaron for casualty business and Steve Walker for property lines.
ACE Affinity Risks focuses on the development of scheme business through, binding authorities, group purchasing solutions and ACE's online e-commerce platform, ACE ii. The unit is headed up by Tony Griffiths.
Carl Bach, President P&C, UK and Ireland comments: "ACE is committed to further developing its service and product offerings to the UK and Ireland regional markets. The creation of these new dedicated business units builds upon our existing investment in establishing a strong and responsive infrastructure to service these key growth markets."
"The new business units are all about delivering our underwriting and product expertise directly to brokers and their clients. This increased focus will help to ensure we remain responsive to their needs."
This move follows the recent restructuring of ACE's UK and Ireland P&C operations into four distinct regions: North, Midlands and South West, London and the South East and Ireland. ACE services these regions from nine P&C branch offices in Manchester, Leeds, Newcastle, Glasgow, Birmingham, Southampton, London, Watford, Maidstone and Dublin.
In addition, ACE continues to provide in the regional network of offices specialty underwriting capabilities such as Accident and Health, Financial Lines, Marine and Construction coverages. These specialty underwriting units will work closely with these new business units to tailor solutions for brokers and customers.
Notes to Editors:
The ACE European Group comprises the businesses of ACE Europe, ACE Global Markets and ACE Tempest Re (Europe).
ACE Europe is the principal retail; brand for the Group, providing a range of tailored property and casualty, accident and health and personal lines solutions for a diverse range of clients. ACE Europe underwrites through the UK based, FSA regulated ACE European Group Limited.
ACE European Group Limited has FSA permissions to underwrite all 18 classes of insurance and reinsurance business through its established branch network in 15 countries, Freedom of Services permissions to underwrite business in 27 European countries, Excess & surplus lines eligibility in 37 US states and the ability to underwrite reinsurance in most countries.
ACE Global Markets (AGM) is ACE's speciality international business, underwriting through ACE European Group Limited and ACE's Lloyd's Syndicate 2488. Specialty lines include excess and surplus lines business, marine, aviation, energy and political risk as well as property, financial lines and accident and health. Syndicate 2488 holds an Aa3 financial strength rating from Moody's, one of the highest in the Lloyd's of London market.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients ACE Group conducts its business on a global basis, with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com