The ACE Group of Companies announced that it has received regulatory approvals to commence property and casualty insurance operations in Poland and Russia.
The U.K.’s Financial Services Authority (FSA) has “authorized the opening of an ACE European Group Limited branch in Poland under the European Union Freedom of Establishment Directive,” said the announcement.
“In addition, CSJC ACE Insurance Company, ACE’s newly created insurance subsidiary in Russia, has received a license to begin operations from the Department for Insurance Supervision of the Russian Federation,” the bulletin continued.
“We are very pleased that ACE has been approved to conduct commercial property and casualty insurance business in Poland and Russia,” stated President and CEO Evan Greenberg. “We believe these two countries have demonstrated growing awareness for the need for insurance products and represent attractive opportunities for ACE long-term. Both our Warsaw and Moscow offices are now open for business.”
ACE applied to the FSA for permission to open a branch in Poland in November 2004. The company opened a representative office in Moscow in January 2004, incorporated a subsidiary in October 2004, and formally submitted an application to obtain a license at that time.
Topics Russia Property Casualty
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