The ACE Group announced the re-naming of its UK Financial Services Authority regulated insurance company, ACE INA UK Limited, as ACE European Group Limited.
“ACE European Group Limited underwrites business branded as ACE Global Markets (AGM) and ACE Tempest Re,” said the announcement. “AGM and ACE Tempest Re will continue to offer both company and Lloyds’ security through the newly named ACE European Group Limited and ACE Underwriting Agencies Limited, as managing agent for AGM Syndicate 2488. ”
The announcement explained that on January 1, 2005, “subject to regulatory and legal approvals, the assets, liabilities and obligations of ACE Insurance S.A.-N.V. will be transferred into the newly named ACE European Group Limited. ACE Insurance S.A.-N.V., a Belgian company, currently underwrites all ACE Europe branded P&C and A&H business in 14 EEA countries.” All of ACE Europe’s branded business will be written by ACE European Group Limited as of that date.
Gary Schmalzriedt, Chairman and CEO of ACE Overseas General, commented: “ACE European Group Limited will be ACE’s principal operating company in Europe. Subject to regulatory approval of the transfer, on 1 January 2005 the company will represent one of the largest P&C carriers regulated by the FSA. The new name, ACE European Group Limited, is intended to better reflect both the scope and reach of ACE’s fast growing European business.”
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