ACE Opens Branch Office in Turkey

June 16, 2009

the ACE European Group announced the opening of a new branch office in Istanbul, Turkey, as it expands its presence across Central and Eastern Europe.

ACE said it has “obtained a letter from Turkey’s Under Secretary of Treasury granting the license to provide insurance and reinsurance coverage for Property & Casualty and Accident & Health.”

The company’s Turkish operation will be run by General Manager Ebru Gurtan, who has several years experience in the insurance industry and holds a degree in Economics from KOÇ University in Istanbul.

Andreas Wania, ACE European Group’s Regional Managing Director for CEE, Russia and Turkey commented: “We are very pleased to have received a license to provide insurance and reinsurance in Turkey. As a fast developing economy with a population of 74 million, we anticipate that the local insurance market will develop substantially in the long term and this new office confirms our commitment to the country.”

Andrew Kendrick, CEO and Chairman of ACE European Group said: “We have continued to focus on strategic expansion across Europe and the Istanbul office expands our branch office network to 20 European countries. Behind this local expertise ACE can draw on its global network of offices covering more than 50 countries, enabling us to service both national and multi-national business for our clients.”

ACE said it will offer the following products in Turkey:
— Accident, Health and Business Travel
— Commercial Property and Liability
— Construction and Engineering
— Energy
— Financial and Professional Lines, including Crime
— Inwards Facultative Reinsurance
— Marine
— Power Generation

Source: ACE Europe – www.aceeuropeangroup.com or www.acelimited.com

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