News Releases

NEW YORK--(BUSINESS WIRE)--March 7, 2005--The ACE Group of Companies announced today that Huatai Life Insurance Company, a subsidiary of the Huatai Insurance Company of China, has received approval from the China Insurance Regulatory Commission (CIRC) to commence life insurance operations. 
 

"Huatai is our partner in China, a rapidly-developing and dynamic country, and we are pleased to receive a license to conduct life insurance business," said Evan Greenberg, President & Chief Executive Officer of ACE Limited. "We view a life presence in China as the centerpiece of our life insurance strategy in Asia. We have and will continue to provide management and technical support to ensure the success of Huatai Life."

Headquartered in Beijing with branches in 26 cities in China, Huatai Insurance Company is the first national joint-stock property and casualty insurance company formed in China and the first diversified insurance company to offer P&C, life and asset management services. ACE made a strategic investment in Huatai in 2002 and is the single largest shareholder.

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 conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com