PHILADELPHIA - (BUSINESS WIRE) - Dec. 10, 2004 - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today announced it will mark the opening of its new ACE Captive Solutions office in Burlington, Vermont with a ribbon-cutting ceremony. The ceremony will be held on Monday, December 13, at 4:00 - 6:00 p.m. Eastern Time at the ACE Captive Solutions office in Burlington, Vermont (located at One Church Street) and will include welcoming remarks from Vermont Governor James Douglas.
ACE USA announced the opening of the ACE Captive Solutions office this past August. The office draws upon ACE's vast expertise in providing creative and flexible alternative risk-taking and financing structures. Vermont is internationally recognized as offering one of the greatest values and most appealing environments for those considering formation of captives.
The new ACE Captive Solutions office draws upon the expertise and resources of two ACE business units. ACE Tempest Re USA, based in Stamford, Conn. makes traditional and structured reinsurance products and services available through its underwriting companies. In addition, ACE Risk Management®, based in New York City, provides comprehensive risk management programs and services, which are uniquely designed and customized to assist companies in any industry deal with the significant costs of financing and managing risk.
"We are pleased to celebrate the official opening of ACE USA's Burlington office and ACE's commitment to growth in the alternative risk marketplace through traditional and specialized structured reinsurance products," said Jacques Bonneau, Chief Executive Officer, ACE Tempest Re USA.
"With the opening of ACE's Captive Solutions office, ACE has demonstrated its commitment to growing a first-class captive solutions business and in joining the business and community fabric of Vermont," said William Curcio, President, ACE Risk Management.
ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. 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.