PHILADELPHIA - August 5, 2004 - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today announced the opening of its new ACE Captive Solutions office in Burlington, Vermont. The office will draw upon all of 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 will utilize the expertise and resources of two ACE business units. ACE Tempest Re USA, based in Stamford, Ct, will make traditional and structured reinsurance products and services available through its underwriting companies. In addition, ACE Risk Management, based in New York City, will provide 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.
Leading this new office will be Carol Frey, Vice President for ACE Captive Solutions. Ms. Frey has more than 17 years of financial management experience at ACE and its predecessor companies, including positions involving international casualty underwriting and developing customized casualty structured programs. She most recently served as Assistant Vice President and Casualty Manager for ACE Global Solutions.
"The opening of our Burlington office reflects ACE's commitment to growth in the alternative risk marketplace through traditional and specialized structured risk reinsurance products," said Jacques Bonneau, Chief Executive Officer, ACE Tempest Re USA. "With her strong leadership skills and industry knowledge, Carol will help us successfully establish our Vermont office and help us to design programs that fit the needs of our client base."
"Alternative risk structures are being utilized more effectively today as companies look for creative solutions when designing their risk management programs," said William Curcio, President, ACE Risk Management. "As a leading insurance and reinsurance company, ACE has committed its strong underwriting leadership in growing a first-class captive solutions business."
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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.