LONDON--(BUSINESS WIRE)--ACE European Group (NYSE:ACE) has today announced the opening of a new branch office in Istanbul, Turkey as it expands its presence across Central and Eastern Europe.
ACE has today (15th June 2009) obtained a letter from Turkey's Under Secretary of Treasury granting the license to provide insurance and reinsurance coverage for Property & Casualty and Accident & Health.
The company’s Turkish operation will be run by General Manager Ebru Gurtan, who has several years experience in the insurance industry and holds a degree in Economics from KOÇ University in Istanbul.
Andreas Wania, ACE European Group’s Regional Managing Director for CEE, Russia and Turkey commented: “We are very pleased to have received a license to provide insurance and reinsurance in Turkey. As a fast developing economy with a population of 74 million, we anticipate that the local insurance market will develop substantially in the long term and this new office confirms our commitment to the country.”
Andrew Kendrick, CEO and Chairman of ACE European Group said: “We have continued to focus on strategic expansion across Europe and the Istanbul office expands our branch office network to 20 European countries. Behind this local expertise ACE can draw on its global network of offices covering more than 50 countries, enabling us to service both national and multi-national business for our clients.”
ACE will offer the following products in Turkey which can be tailored to meet specific client needs:
ACE European Group holds financial strength ratings of A+ (Strong) from Standard & Poor’s and A+ (Superior) from A.M. Best.
Notes to Editors:
ACE European Group has established branch offices in 20 countries across Europe, Freedom of Services permission to provide insurance services to clients in 30 European countries and affiliates in Egypt, Bahrain, Pakistan, Russia and South Africa.
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
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), 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
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