PHILADELPHIA - JUNE 30, 2004 - ACE USA announced today that William F. Dove has been appointed President of ACE Financial Solutions (AFS), effective July 1, 2004. ACE Financial Solutions provides non-traditional insurance and risk financing solutions for companies facing complex risk management issues. Mr. Dove will report to Susan Rivera, President and CEO of ACE USA. Mr. Dove joins AFS from ACE USA where he was most recently Senior Vice President and Actuary. He has over 16 years experience in the insurance, reinsurance and structured finance fields.
"Will brings to this position the in-depth market knowledge that will allow us to expand our many opportunities within the structured finance arena, thus providing strategic benefits for our clients and helping ACE USA achieve our strategic goals." said Susan Rivera, President and Chief Executive Officer, ACE USA.
Mr. Dove joined ACE in 2003 from the Centre Group in New York where he was senior vice president and chief pricing actuary for finite risk, alternative risk and structured finance markets. Prior to Centre Group, Mr. Dove held management positions with Continental Insurance Companies and CIGNA.
Mr. Dove is a Fellow of the Casualty Actuarial Society (FCAS) and a member of the American Academy of Actuaries (MAAA). He received a bachelor of arts with Honors in Mathematics from Haverford College in Haverford, PA.
In a related announcement, Robert Omahne has retired as President of ACE Financial Solutions, a position he has held since 2000. "In the four and one-half years that he has led AFS, Bob did a tremendous job expanding the AFS market presence. Under Bob's guidance, ACE Financial Solutions has steadily contributed to ACE's financial success," stated Susan Rivera.
* * * *
ACE Financial Solutions offers three types of products:
Structured products - Prospective programs providing stable capacity over a multi-year period (three to five years typically). The programs provide significant risk transfer and can cover various types of underlying exposure.
Securitization and risk trading - Solutions for assuming and trading structured credit and capital market risks, primarily targeting BB and BBB opportunities. Specific products include CDOs; commercial and consumer asset-backed financing; the buying and selling of protection in asset backed debt instruments; and structured credit transactions
Loss portfolio transfers - Retrospective programs transferring uncertain future payment obligations related to past liabilities. The programs provide significant risk transfer.
* * * *
ACE USA is a U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE: ACE). 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.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.