ACE Launches Swiss Company

ACE Limited has followed up its move to Zurich, Switzerland, as part of the redomestication of the Group’s holding company (See IJ web site – http://www.insurancejournal.com/news/international/2008/07/22/92074.htm), by taking the additional step of founding a new Swiss insurance company.

The new company – ACE Insurance (Switzerland) Limited, a subsidiary of ACE Limited – will manage the insurance and reinsurance business of the Zurich branch with the goal of further strengthening ACE’s position in the Swiss market.

ACE noted that it “has been active as a local insurer in Switzerland since the opening of the Zurich branch of ACE European Group Limited, London, in 2003. In addition, ACE’s reinsurance activities in continental Europe were moved to Zurich in 2005. This business will also now be written through ACE Insurance (Switzerland) Limited.”

Florian Müller, General Manager of ACE Insurance (Switzerland) Limited explained: “With the founding of this new company, ACE has demonstrated the strategic importance it attaches to Switzerland and its long-term commitment to this market. Swiss based companies and brokers will have direct local access to the global expertise and capabilities that make ACE one of the world’s leading insurers. Our highly skilled local teams are fully committed to delivering superior products and services tailored to the needs of Swiss clients.”

ACE Insurance (Switzerland) Limited has a share capital of CHF 250 million ($210 million), and is rated A+ by Standard & Poor’s with a stable outlook. It benefits from “an unlimited financial guaranty from ACE European Group Limited, London,” said the bulletin, and “has a level of financial security far in excess of regulatory requirements for insurance companies.”

Source: ACE Group – www.acelimited.com