ACE USA Forms ACEONLINE; Benson Named President

August 24, 2004

ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, is creating a new unit, ACEONLINE, focusing on web-based distribution of insurance products that target the small to middle market.

ACE USA’s existing web-based products – including workers’ compensation through ACE Complete and the underwriting facility for above and underground storage tank liability through ACE TankSafe -along with new Internet-based products in development, will be part of this new unit.

Based in Philadelphia, this new unit will target small to mid-market companies, focusing on new product development and distribution management and offering services – from submission to issuance – via the Internet. Geoff Gregory will have management responsibility for this new unit, in addition to his current role as president of ACE Casualty Risk.

“ACE has set the standard in online transactions with the successful launch of ACE TankSafe and ACE Complete last year,” Gregory said. “Bringing together these web-based insurance products into one unit will provide efficiencies in enabling agents to obtain quick quotes and online binding, therefore creating greater consistency and connectivity to our customers.”

Gregory will be aided in his efforts by Mark Benson and Andrew MacKinnon.

Benson has been named president of ACE Online. Benson most recently served as senior vice president, Workers’ Compensation for ACE Casualty Risk. He previously served as director of Workers’ Compensation for SAFECO Insurance Group in Seattle, responsible for developing and implementing risk selection and pricing strategy for small and middle market business, including online distribution. Benson served as executive vice president and founder of CyberComp, which grew to be a fully-automated workers’ compensation delivery system reportedly generating nearly $180 million in annual revenue.

MacKinnon, senior vice president of Marketing, will oversee marketing and distribution management of the ACEONLINE suite of products and services. MacKinnon most recently served as senior vice president, ACE US International, leading marketing and distribution management efforts for the ACE USA International Advantage suite of products and services uniquely designed for U.S.-based businesses with assets outside the U.S.

He has held a variety of senior management roles with ACE USA and CIGNA International, including serving as International Casualty manager, casualty director in Global Risk Manager, and director of Casualty Underwriting for Europe, Middle East and Africa.

ACE Casualty Risk, a division of ACE USA, specializes in lead umbrella and excess liability, custom casualty, environmental liability and middle market workers’ comp insurance products. ACE Casualty Risk products are distributed through the brokerage community to the commercial market.

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