News Releases

PHILADELPHIA--(BUSINESS WIRE)--April 11, 2005--ACE USA, the U.S.-based retail division of The ACE Group of Companies, today announced that Larry Goanos has been named Senior Vice President and Financial Services Industry Practice Leader. Based in New York, Mr. Goanos will be responsible for coordinating the marketing and distribution of ACE USA's financial services capabilities, as well as developing new product ideas and identifying opportunities to expand existing relationships in this important market segment. He also will work closely with law firms to create synergies and provide additional solutions to clients. 
 

"Larry's expertise in financial services underwriting, coupled with his knowledge of ACE USA's products and services, will help drive the continued growth of our Financial Services Industry Practice," said Will Dove, President of ACE Financial Solutions. "Through the Financial Services Industry Practice, clients receive access to ACE USA's full range of products and services, and benefit from customized risk management solutions that are tailored to the needs of the financial services industry."

Mr. Goanos most recently served as Senior Vice President for ACE Professional Risk's Management and Professional Liability Group, where he oversaw underwriting for financial institutions, as well as commercial accounts with annual revenues in excess of $1 billion. Prior to joining ACE in 2002, Mr. Goanos spent eight years as a broker and an underwriter with substantial focus on the financial services market segment, and five years practicing insurance law. Mr. Goanos is a cum laude graduate of both Villanova University and Boston College Law School.

Formed in August 2004, ACE USA's Financial Services Industry Practice focuses on providing comprehensive risk management solutions to the financial services market segment, which includes commercial banks, diversified financial services organizations, insurance companies, mutual funds, securities firms and venture capital firms. The practice also seeks to develop strategic partnerships with the financial services industry by coordinating the delivery of ACE's comprehensive array of industry-specific products and services. These existing capabilities include both traditional and non-traditional risk management solutions designed to meet the unique issues facing this industry.

Products and services currently available through the ACE USA Financial Services Industry Practice include:

Products

-- Professional Liability

-- Directors & Officers

-- General Liability

-- Umbrella

-- Property

-- Workers Compensation

-- Excess Liability

-- Captives

-- Loss Portfolio Transfers

-- Structured Products

-- Environmental

-- Accident and Health

Services

-- Risk Management Services

-- Claims Management

The Financial Services Industry Practice is one of five specialized industry practices at ACE USA. Each industry practice has a designated focus - Construction, Energy, Financial Services, Healthcare or Logistics - and brings together experts in the field with dedicated underwriters. These experienced teams work collaboratively to provide customized and complete risk management solutions, tailored for each specific industry.

ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.