News Release

ACE Enters U.S. Life Reinsurance Market Through the Acquisition of Hart Life
May 10, 2006
NEW YORK--(BUSINESS WIRE)--May 9, 2006--The ACE Group of Insurance and Reinsurance Companies announced today its expansion into the U.S. life reinsurance market with the acquisition of Hart Life Insurance Company from the Hartford Financial Services Group. Licensed in 49 states and the District of Columbia, Hart Life has been inactive in recent years. ACE will begin to market life reinsurance products and services under its established life reinsurance brand name, ACE Tempest Life Re, following state regulatory approvals. 
 

Based in Stamford, Connecticut, ACE Tempest Life Re USA will offer reinsurance capacity for the individual life business utilizing yearly renewable term and coinsurance structures.

ACE Tempest Life Re USA will be led by Ronald Colligan, President and Chief Operating Officer. Mr. Colligan joins ACE with 37 years of experience in the life insurance and reinsurance industry, most recently with Guy Carpenter. He will report to Barry Jacobson, President of ACE International Life. Other members of the U.S. team are Leonard Mangini, Vice President and Chief Actuary; and Paul Widhalm, Assistant Vice President and Chief Administrative Officer.

"Our entry into the U.S. life reinsurance market comes at a time when primary companies are looking for financially secure capacity, and a reinsurer that truly understands their business," said Mr. Jacobson. "We believe our company provides U.S. primary writers with a new reinsurance choice that will serve their needs well."

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

 

Contact:

The ACE Group of Companies
Robert T. Grieves, 212-827-4444
robert.grieves@ace-ina.com