LONDON--(BUSINESS WIRE)--The ACE Group of Insurance and Reinsurance Companies (NYSE:ACE) has announced the formation of a new Middle East & North Africa (MENA) Regional Office, based in Bahrain.
The new office, which recently received approval from the Central Bank of Bahrain, will be responsible for the management of ACE’s existing businesses in Saudi Arabia, Egypt and Pakistan, as well as the development of representation in new markets in the region.
The Regional Office is headed up by Mr. Giles R. Ward, the newly appointed Regional Director, MENA. Also already in situ is Mr. Brad J. Berg, Chief Underwriting Officer (Energy and Technical Lines).
“ACE has been present in this region for many years”, said Ward, “however, we felt that the time was now right to bring the Group’s technical expertise closer to our businesses, clients and partners, enabling us to maximise the very exciting opportunity that the MENA region represents.”
Aside from building on the ACE Group’s current involvement in a number of large Oil, Petrochemical and Energy programmes, Ward explained that “Our objective – as well as looking at new market entries – is to provide the region with access to ACE’s global network of strong specialist expertise. We believe we have much to offer in areas such as Directors & Officers Liability and Professional Indemnity covers; Energy-related construction and property insurances; as well as considerable expertise in the marketing of Accident and Health insurance products to the consumer sector. ”
Notes to editors:
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