ACE Tempest Re to Underwrite in China through Lloyd’s Re

The Bermuda-based ACE Tempest Re Group, the reinsurance division of the ACE Group of Companies, has established an underwriting presence at Lloyd’s Reinsurance Company (China) Limited, Lloyd’s new licensed reinsurance company based in Shanghai (See IJ web site April 23).

ACE Tempest Re said the new facility would “offer all lines of property and casualty facultative and treaty reinsurance to the Chinese market through the ACE Tempest Re Underwriting Division of Lloyd’s in China, which will be fully supported by ACE’s existing Lloyd’s Syndicate 2488.”

Bo “Boris” Zheng, Director of Underwriting, will represent ACE Tempest Re at Lloyd’s in China. He has more than 10 years of insurance industry experience and has extensive knowledge of the Chinese insurance market. He will report to Matthew Shaw, Managing Director, ACE Tempest Re Europe.

ACE Limited’s Chairman and CEO Evan G. Greenberg remarked on the “burgeoning reinsurance opportunities of the Chinese market,” indicating that ACE was looking forward to “building a successful business through our involvement with Lloyd’s in China.” He stressed the Group’s “substantial capacity, and the underwriting skills and technical ability of ACE Tempest Re.”

Jacques Bonneau, ACE Tempest Re’s President and CEO noted that the addition of the Chinese Lloyd’s facility “further expands our reach and diversifies our global book of business. Shanghai joins London, Hamilton, Stamford, Montreal and Zurich in our global network and represents an important new point of access for property and casualty reinsurance buyers in a market that is growing dramatically.”