ACE USA, Gramercy Insurance Company Develop Reinsurance Agreement

May 16, 2001

ACE USA, a member of the ACE Group of Insurance and Reinsurance Companies announced a partnership with Dallas and Atlanta-based specialty insurance carrier, Gramercy Insurance Company.

The partnership centers on a reinsurance agreement for the distribution of Gramercy Insurance and Gramercy Service Company products and services.

According to the companies, the partnership brings ACE’s financial resources and stability to Gramercy product offerings. Plus, the agreement will bolster specific market segments for Gramercy’s specialty lines of business, including equipment maintenance insurance, telecommunications, and extended warranty products.

The companies plan to expand the partnership to deliver products quickly, through a widespread professional agent and broker distribution network.

The ACE Group of Companies, which provides insurance and reinsurance for a diverse group of international clients, agreed to acquire the international and domestic property/casualty businesses of CIGNA Corporation in January 1999.

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