News Releases

PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group, today announced a reorganization of its medical liability group into two operating units, ACE Medical Risk and ACE Life Sciences. These two units will serve the unique insurance and risk management needs of the medical malpractice and life sciences markets.

Caroline Clouser has been promoted to Executive Vice President and will lead ACE Medical Risk. In this role, Ms. Clouser will oversee all underwriting, marketing and operations for ACE USA’s medical facilities, medical program business, managed care and long term care segments.

Lee Farrow, Senior Vice President, has been appointed to lead the new ACE Life Sciences unit. Mr. Farrow will have overall responsibility for the unit’s strategic direction and underwriting activities for biotechnology, specialty pharmaceutical and medical device companies, contract research organizations and human clinical trials.

Both Ms. Clouser and Mr. Farrow are based in New York City and will report to Ross Bertossi, President, ACE USA Casualty Lines.

“As a founding member of ACE Medical Risk, Caroline’s leadership capability and business acumen is well established,” said Mr. Bertossi. “Her experience combines an in-depth understanding of claims, underwriting and compliance in the medical malpractice industry, which is coupled with her international experience.”

“This strategic alignment is a reflection of our strong commitment to the medical malpractice and life science markets,” said John Lupica, Chief Operating Officer, Insurance-North America and President, ACE USA. “Appointing established professionals like Caroline and Lee to lead these two businesses will enable us to continue to build upon our successes in the medical risk business.”

Ms. Clouser has more than 20 years of insurance industry experience and most recently served as Senior Vice President and Chief Underwriting and Compliance Officer of ACE Medical Risk, where her responsibilities included oversight of underwriting execution for the organization, and profit and loss responsibility for the medical professional liability products, including management of the underwriting team. Ms. Clouser joined ACE in 2002 and spent two years working in ACE’s offices in Zurich, Switzerland, leading the effort to build the medical professional and products liability business on a global basis. She received a Bachelor of Science degree in Psychology from the University of Connecticut and a Master of Business Administration degree from New York University’s Stern School of Business. She holds the Chartered Property and Casualty Underwriter (CPCU) and Associate in Claims (AIC) professional designations.

Mr. Farrow has more than 15 years of experience in the insurance industry, ranging from claims to in-house counsel to underwriting and management. He joined ACE in 2002 as an Assistant Vice President, charged with launching the Life Sciences business at ACE. He earned a bachelor’s degree in Business Management from Hartwick College in Oneonta, NY, and his J.D. from CUNY School of Law. Mr. Farrow is admitted to practice law in New York and New Jersey. He is a frequent speaker on clinical trials, litigation, insurance and risk management issues at various industry conferences as well as the American Bar Association. Currently the Co-Chairperson of the ABA Product Liability Committee’s Biotech Subcommittee, Mr. Farrow served on a steering committee that organized a summit on ethics and human research at Fordham University.

ACE USA is the U.S.-based retail operating division of the ACE Group, and is rated A+ (Superior) by A.M. Best Company and AA- (Very Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.aceusa.com. Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 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 atwww.acegroup.com