HAMILTON, Bermuda--(BUSINESS WIRE)--Paget Reinsurance International Ltd, (Paget Re) a subsidiary of ACE Bermuda Insurance Ltd., today announced the appointment of Carl Daly as President and Chief Underwriting Officer with responsibility for the general management of the Bermuda-based rent-a-captive operation.
Paget Re, a Bermuda registered Class 3 and long term insurer, provides customers throughout the world with creative and flexible rent-a-captive facilities to support their risk management programmes. A rent-a-captive is an insurance company which ‘rents’ its capital, legal status and capabilities to customers interested in sharing in the underwriting results of their business operations. Rent-a-captives are cost and administration efficient alternatives to company-owned standalone captive insurance companies.
“I am delighted to welcome an insurance executive of Carl’s experience and capabilities to the team,” said Rees Fletcher, President and Chief Executive Officer of ACE Bermuda. “His wealth of experience in the captive management arena and his knowledge of the Bermuda market will ensure the continued development of our rent-a-captive business.”
Mr. Daly has over 30 years experience in the insurance industry and an in-depth knowledge of the captive industry and Bermuda market. He joined ACE from Aon Insurance Managers (Bermuda) where he served as executive vice president with responsibility for the company’s insurance operation. Mr. Daly is a Fellow of the Chartered Insurance Institute (FCII) and holds a master of business administration (MBA) in finance and international insurance from Cass Business School in London, England.
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 of Companies conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.