News Releases

ZURICH & NEW YORK--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) and BlackRock, Inc. (NYSE:BLK) today announced the launch of ABR Reinsurance Ltd., an innovative, independent reinsurance company. Through unique long-term arrangements, ACE Group will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock will be ABR Re’s exclusive investment management service provider. ABR Re will underwrite a portion of a broad selection of reinsurance treaties that ACE places with the traditional reinsurance market and will invest its assets in a diversified and dynamic alternative investment portfolio managed by BlackRock, the world’s largest investment manager.

ABR Reinsurance Capital Holdings Ltd., ABR Re’s parent company, has raised approximately $800 million of capital through a private placement. ACE and a BlackRock affiliate have minority ownership stakes in the parent company. ABR Re’s investors will benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of ACE’s primary insurance business and the income and capital appreciation BlackRock seeks to deliver through its investment management services.

William O’Donnell, formerly Senior Vice President, Distribution Management, and Global Client Executive, Global Accounts, ACE Group, will serve as Chief Executive Officer of ABR Re. “ABR Re is a unique company that complements the traditional reinsurance market,” said Mr. O’Donnell. “The reinsurance market is undergoing cyclical and structural changes, driven by a substantial increase in alternative sources of capital and new risk technology including data analytics and portfolio management. ACE and BlackRock bring extraordinary vision, experience and a long-term commitment to this endeavor. ACE is a global insurer with a proven track record as an originator and manager of risk that produces a consistent underwriting profit. BlackRock brings superior investment and risk management experience with multi-asset, multi-strategy investment portfolios. With these strengths, as well as significant investor interest, we are excited about the long-term opportunities for ABR Re.”

Mr. O’Donnell joined ACE in 2009 and has had an extensive career in treaty and facultative reinsurance with over 30 years of industry experience. He has held positions of increasing responsibility at GE Insurance (Employers Reinsurance Corp) and Swiss Re. He is a graduate of Villanova University.

About ACE Group

ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. As of December 31, 2014, BlackRock’s assets under management were $4.652 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of December 31, 2014, the firm had approximately 12,200 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to the business of ABR Re and ABR’s relationships with ACE and BlackRock reflect current views with respect to future events and performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially.Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. ACE, BlackRock and ABR undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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