HANOI, VIETNAM - October 20, 2002 - Brian Duperreault, Chairman and Chief Executive Officer of ACE Limited and Evan Greenberg, Vice Chairman of ACE Limited, arrived in Hanoi today for a series of meetings in support of ACE INA's application to conduct life insurance business in Vietnam.
"We are very pleased to be in Vietnam and to have the opportunity first-hand to experience this dynamic country," said Mr. Duperreault. "Vietnam's remarkable economic growth over the past six years continues to serve as a catalyst for the country's emergence in the global economy. With its young and enterprising workforce, Vietnam is poised to continue this outstanding record of development."
During their visit, Mr. Duperreault and Mr. Greenberg will discuss Vietnam's economic and foreign investment program and insurance sector development with senior Vietnamese Government officials, including Deputy Prime Minister Nguyen Tan Dung and Vice Minister of Finance Le Thi Bang Tam. Both Mr. Duperreault and Mr. Greenberg are pleased to have the opportunity to share their views with Vietnamese officials and to congratulate them on developing a growth economy and strong and burgeoning insurance market.
Mr. Greenberg noted, "ACE is confident about the future of Vietnam and has made a long-term commitment to the country. We look forward to bringing our experience, products, and strong corporate citizenship to the people and economy of Vietnam."
On August 27, 2002, ACE INA International Holdings, Ltd. 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 opened its representative office in 1996. Since then, ACE has provided millions of dollars in direct business opportunities and reinsurance capacity to Vietnam's domestic insurers and provided technical assistance to the Ministry of Finance to develop a strong, sound legal and regulatory framework for Vietnam's insurance sector. ACE INA also has actively supported the strengthening of the Vietnam-U.S. relationship, including working with the U.S. Congress to support the passage of the historic Bilateral Trade Agreement.
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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.