ACE European Group Limited, the cornerstone of ACE’s London Market and European business, announced that it has received regulatory approval to transfer its Belgian based business into the U.K.-based company.
“From January 1, 20051, 2005, the combined business is anticipated to underwrite 2005 Gross Written Premium in excess of $4 billion, making ACE European Group Limited the third largest UK Financial Services Authority regulated P&C carrier,” the bulletin said. The transfer follows ACE European’s decision to make the U.K. company its principle operating platform for P/C, Accident & Health and Personal Lines business across Europe.
“Headquartered in London and regulated by the Financial Services Authority, the company has an established branch network in 15 countries, Freedom of Services permissions to underwrite business in 27 European countries, Excess & Surplus lines eligibility in 37 U.S. states and the ability to underwrite reinsurance in most countries,” the announcement continued. “The ACE European Group will continue to trade under its existing three brands; ACE Europe, ACE Global Markets (AGM) and ACE Tempest Re Europe. In addition, ACE’s Lloyd’s Syndicate 2488, operating under the AGM brand, will continue to underwrite business through its managing agent, ACE Underwriting Agencies Limited.”
Gary Schmalzriedt, Chairman and CEO of ACE European Group, commented: “ACE have invested heavily in growing a European-based business that offers brokers and clients immediate access to ACE’s considerable underwriting expertise and its expansive global network.
“From 1st January 2005, ACE European Group Limited will bring together all our knowledge and experience in one legal entity. It will benefit from the regulatory oversight of the FSA, ACE’s London based headquarters with its own state-of-the-art Trading Floor, and the commitment, enthusiasm and dedication of an 1800 strong workforce. Its position as the third largest non-life insurer in the UK demonstrates the phenomenal growth, which ACE has experienced in recent years.”
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