Bermuda’s ACE Group is usually thought of as the personification of an international company, but it isn’t neglecting its local market either. ACE recently announced the establishment of a new local insurance company in partnership with the Bermuda’s Freisenbruch-Meyer Group.
An affiliate, ACE Bermuda Insurance Ltd., will take a 40 percent stake in the new enterprise, Freisenbruch-Meyer Insurance Limited (FMIL), and will also make an equal investment in Freisenbruch-Meyer Insurance Services Ltd., which will provide the underwriting, claims and administration services for FMIL.
ACE Bermuda will also act as the principal reinsurer for FMIL.
ACE Bermuda President & CEO, Mark Herman, stated, “ACE Bermuda is committed to Bermuda for the long-term so it was a natural progression for us to partner with long-established local company Freisenbruch-Meyer Group. The company has well respected management and underwriting teams and we are delighted that we can assist them in meeting their vision of becoming a preeminent force in the local Bermuda insurance market.”
Topics Mergers & Acquisitions
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