ACE Bermuda, a subsidiary of ACE Limited, has announced the formation of a new group, ACE Financial Solutions International (FSI), to provide “non-traditional insurance and finance related solutions to international companies facing complex risk management issues.”
FSI will incorporate ACE Bermuda’s Tailored Risk Solutions operations, and will be directed by its head, Pierre Samson, who was appointed President and Chief Underwriting Officer.
The new structure reflects the ACE Group’s dedication to expanding its capabilities. “With our acquisition of Capital Re, the establishment of ACE Financial Solutions in the U.S. and the expansion of our alternative risk transfer (ART) product line into the European Community, we are well-positioned to establish a leadership role in the convergence between the insurance and the financial services industries,” said Dominic Frederico, President and COO of ACE Limited and Chairman of ACE Financial Services.
FSI will build on the foundation created by Tailored Risk Solutions in assessing finite risk, putting together ART solutions, and creating financial products. Company management sees strong growth potential in this area, particularly in Europe, the Far East, the Asia Pacific region and Latin America.
Commenting on his new position and FSI, Samson said, “There is continuing interest on the part of our clients in risk solutions that help to manage their enterprise risk as well as their traditional risk. FSI will enhance ACE’s ability to provide innovative risk financing solutions on a global basis.”
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