Hamilton, Bermuda, June 4, 2002 - ACE Bermuda Insurance Ltd. (ACE Bermuda), a subsidiary of ACE Limited (NYSE: ACE), and Bermudian company Freisenbruch-Meyer Group announced today that they have joined forces to create a new local insurance company - Freisenbruch-Meyer Insurance Limited (FMIL). ACE Bermuda is investing a 40 percent equity holding in the new venture. The new company will write insurance coverage for the domestic Bermuda market.
Additionally, ACE Bermuda is investing a 40 percent equity holding in the managing agency Freisenbruch-Meyer Insurance Services Ltd. (FMISL). The company will provide the underwriting, claims and administration services for FMIL. ACE Bermuda will also act as the principal reinsurer for FMIL, providing the company with sound reinsurance protection.
Michael Freisenbruch, President of Freisenbruch-Meyer Group said, "We are delighted to have established this partnership with a locally based company of ACE Bermuda's calibre. ACE Bermuda's investment in FMISL will allow us to grow our current lines of business in Bermuda as well as expanding the company to develop new products to meet the needs of our customers." He continued, "I am confident that with ACE's commitment to Freisenbruch-Meyer Group the company will grow from strength to strength."
ACE Bermuda President & Chief Executive Officer, Mark Herman, said, "ACE Bermuda is committed to Bermuda for the long-term so it was a natural progression for us to partner with long-established local company Freisenbruch-Meyer Group. The company has well respected management and underwriting teams and we are delighted that we can assist them in meeting their vision of becoming a preeminent force in the local Bermuda insurance market."
ACE Bermuda Insurance Ltd. (ACE Bermuda) is a Bermuda based subsidiary of ACE Limited (NYSE: ACE). ACE Bermuda offers insurance products and services through Bermuda and non-US based intermediaries. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. Additional information can be found at: www.acelimited.com.
Freisenbruch-Meyer Group, founded in 1980 by Michael Freisenbruch and Meyer Agencies Limited, comprises a Bermudian group of Companies formed to provide comprehensive insurance management, broking and agency services to the international and domestic Bermudian insurance markets. * * *