ACE, Freisenbruch-Meyer in Partnership to Serve Bermuda Market

June 11, 2002

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.”

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