"We are very pleased that ACE has been approved to conduct commercial property and casualty insurance business in Poland and Russia," said Evan Greenberg, President & Chief Executive Officer of ACE Limited. "We believe these two countries have demonstrated growing awareness for the need for insurance products and represent attractive opportunities for ACE long-term. Both our Warsaw and Moscow offices are now open for business."
ACE applied to the FSA for permission to open a branch in Poland in November 2004. ACE opened a representative office in Moscow in January 2004, incorporated a subsidiary in October 2004, and formally submitted an application to obtain a license at that time.
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), a component of the Standard & Poor's 500 stock index, 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