PHILADELPHIA--(BUSINESS WIRE)--The ACE Group of Companies today announced it has appointed Damon R. Hostetter as Senior Vice President of ACE Recreational Marine, the nation’s oldest marine insurance provider. Based in Philadelphia, Mr. Hostetter will be responsible for directing the overall growth and profitability of ACE’s marine marketing and underwriting division. ACE Recreational Marine is part of ACE Private Risk Services, the North America-based high-net-worth personal lines business of ACE. ACE Private Risk Services provides specialty coverages including homeowners, automobile, umbrella liability, recreational marine, and fine art and collections insurance for affluent individuals and families.
Mr. Hostetter will report to Robert Courtemanche, who will join ACE on April 7 as Chief Executive Officer, ACE Private Risk Services.
Mr. Hostetter has more than 15 years of claims, underwriting and sales experience in the marine insurance business, including a distinguished career serving in a leadership capacity as a United States Naval Officer. He joins ACE from Jack Martin & Associates, Inc., an international marine insurance agency, where he served as Chief Executive Officer. He previously spent ten years at Zurich Marine Insurance in Baltimore, M.D., serving in several positions of increasing leadership, culminating with his appointment as Vice President. Mr. Hostetter’s prior industry experience includes running a marine surveying business and serving as Director, Offshore Sailing for the U.S. Naval Academy. Mr. Hostetter achieved the rank of Lieutenant in the United States Navy and completed several tours of duty in Southeast Asia. He is a graduate of the U.S. Naval Academy, in Annapolis, M.D., where he received a Bachelor of Science degree.
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. In North America, ACE provides insurance products and services through ACE USA, a retail broker-distributed business, and ACE Westchester, a wholesale broker-distributed business. To learn more about ACE in North America, please visit: www.ace-ina.com.