PHILADELPHIA - AUGUST 16, 2004 - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today announced the creation of the ACE USA Financial Services Practice. This specialized practice will focus on providing comprehensive risk management solutions to the financial services market segment, a sector to include commercial banks, diversified financial services organizations, insurance companies, mutual funds and securities firms.
The ACE USA Financial Services Practice will seek to develop strategic partnerships with the financial services industry by coordinating the delivery of ACE's comprehensive array of industry-specific products and services. These existing capabilities include both traditional and non-traditional risk management solutions designed to meet the unique issues facing this industry.
Additionally, this new organizational initiative will seek to be an industry leader and key participant in the ongoing dialogue among financial services organizations and the brokerage community to develop new products and services to effectively address the emerging risk issues facing today's financial services firms.
Joe Clabby has been named to lead this new practice. Mr. Clabby adds this responsibility to his existing role as Senior Vice President of ACE Financial Solutions, reporting to Will Dove, President of ACE Financial Solutions. As the Financial Services Practice leader, Mr. Clabby will report to John Lupica, President of ACE USA Professional Risk and ACE USA Regional Operations. Mr. Clabby will be responsible for the coordination of the marketing and distribution of ACE USA's capabilities, as well as developing new product ideas and identifying opportunities to expand existing relationships in this important market segment. Mr. Clabby has over 20 years of experience in banking, brokerage and insurance underwriting. Prior to joining ACE in November 2001, Mr. Clabby was a Member of Senior Management for the Banking Industry Practice of Swiss Re.
"ACE has long been a provider of industry-specific insurance products and services for the financial services sector. With the formation of the Financial Services Practice we take our commitment one step further by endeavoring to provide a much more efficient delivery of these products by coordinating among the products and services offered by ACE," noted Susan Rivera, President and Chief Executive Officer of ACE USA.
Products and services currently available through the ACE USA Financial Services Practice include:
Products
- Professional Liability
- Directors & Officers
- General Liability
- Umbrella
- Property
- Workers Compensation
- Excess Liability
- Captives
- Loss Portfolio Transfers
- Finite Risk and Structured Products
- Environmental
- Accident and Health
Services
- Risk Management Services
- Claims Management
These products and services will be distributed through the brokerage community.
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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.