HANOI, VIETNAM - August 27, 2002 - ACE INA today announced that ACE INA International Holdings, Ltd. has formally submitted its application to establish and operate a life insurance company in Vietnam. ACE INA, based in Philadelphia, Pennsylvania, is the largest component of the ACE Group of Companies, one of the world's largest and most innovative providers of insurance, reinsurance, and financial services. ACE INA has maintained a representative office in Vietnam since 1996.
ACE INA traces its history back 210 years with the establishment of the Insurance Company of North America (INA), the first stock fire and marine insurance company in the United States. Today, ACE INA is one of the world's leading insurance providers and one of only a handful of truly global, multi-line insurance groups. ACE INA has 80 years of experience in international markets and an impressive international operations platform with businesses in nearly 50 countries on six continents around the world. As of December 31, 2001, ACE's total assets stood at US $37.2 billion, with gross premiums of US $10.2 billion.
"ACE is pleased to submit our application for a life insurance license to the Ministry of Finance," said Brian Anstey, chief executive officer of ACE Asia Life, ACE INA's life insurance arm in the region. "We believe that now is the right time for ACE to enter the market, which has shown tremendous growth over the past few years."
ACE plans to expand upon the types of life insurance products currently available in the Vietnamese market. ACE also seeks to assist Vietnam's rural population by developing and marketing products specifically tailored to their particular needs and demographics.
"The life insurance industry plays a significant role in mobilizing long-term savings that can be invested to support Vietnam's growing economy and infrastructure. ACE is totally committed to Vietnam, and with our experience in 50 other countries, we will bring our technical expertise, innovative products, and distribution strategies to the Vietnamese market," said Mr. Anstey.
Over the past six years, ACE has provided millions of dollars in direct business opportunities and reinsurance capacity to Vietnam's domestic insurers. ACE has worked closely with the Ministry of Finance, related government entities, and local Vietnamese insurers to develop a strong, sound legal and regulatory framework for Vietnam's insurance sector. As part of its application submission, ACE has pledged an additional US $300,000 for continued technical assistance and training activities in support of Vietnam's insurance sector and economic development program.
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ACE INA Holdings Inc., whose ultimate parent is ACE Limited (NYSE: ACE), provides insurance and reinsurance products and services through operating subsidiaries for a diverse group of clients around the world. Additional information can be found at www.ace-ina.com.