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Moody’s Affirms Ratings Of ACE Group

Moody’s Affirms Ratings Of ACE Group

Moody’s Investors Service has affirmed the A3 senior debt rating of ACE INA Holdings Inc. whose debt is unconditionally guaranteed by the group parent company ACE Limited. The insurance financial strength [IFS] ratings of ACE’s principal Bermuda-based operating subsidiaries — ACE Bermuda Insurance Ltd. and ACE Tempest Reinsurance Ltd... Read more of this article

Fitch Affirms ACE After Bermuda Downgrade

Fitch Affirms ACE After Bermuda Downgrade

Fitch Ratings today [June 10] affirmed the ratings of ACE Limited and its subsidiaries following Fitch’s downgrade of Bermuda on June 7th. A statement from the ratings agency said, “ACE’s ‘AA’ IFS ratings are now one notch above the sovereign long-term foreign currency and local currency IDR. According to Fitch’s... Read more of this article

University Students Start New Internship At ACE

University Students Start New Internship At ACE

Six Bermudian university students today [June 4] commence a dedicated insurance internship with ACE Bermuda. The internship, named ACE Select, has been created to offer students who are keen to pursue a career in insurance with a solid foundation in the industry together with on-the-job work experience. “I am delighted to welcome the first ACE Select... Read more of this article

Credit Suisse: Reinsurance Earning Estimates

Credit Suisse: Reinsurance Earning Estimates

Following discussions with nine reinsurers in Bermuda earlier this week, analysts at Credit Suisse find no reason to believe the growth trajectory of insurance-linked-securities reinsurance structures and the subsequent pressure it puts on pricing will dissipate for the foreseeable future. In a research not issued to investors on Friday, Credit Suisse... Read more of this article

ACE Establishes $95M Special Purpose Vehicle

ACE Establishes $95M Special Purpose Vehicle

ACE Limited has established a $95 million special purpose vehicle, Altair Re, to provide additional collateralized capacity for its global reinsurance business. The capital will be used to broadly support ACE Tempest Re’s global property catastrophe reinsurance portfolio. “Altair Re gives us additional capacity to meet the diversified property catastrophe... Read more of this article

ACE Reports Q4 Operating Income Of $492M

ACE Reports Q4 Operating Income Of $492M

Bermuda-based ACE Limited reported net income for the quarter ended December 31, 2012, of $2.22 per share, compared with $2.15 per share for the same quarter last year. Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: “ACE had a good fourth quarter, which contributed to an excellent year. Even with the impact of Superstorm... Read more of this article

ACE Expect $300M Loss From Superstorm Sandy

ACE Expect $300M Loss From Superstorm Sandy

Bermuda-based ACE Limited said today [Dec 10] that preliminary losses in the fourth quarter for the ACE Group of companies from Superstorm Sandy in the northeastern United States are currently estimated to be $380 million after tax, net of reinsurance and including reinstatement premiums. This estimate includes losses generated from the company’s... Read more of this article

ACE Insurance Internship For Bermuda Students

ACE Insurance Internship For Bermuda Students

ACE Bermuda invites Bermudian university students, who are interested in pursuing a career in the insurance industry, to apply for its new insurance internship. ACE Select is a paid internship and will run from 27 May – 9 August 2013. It will offer six student positions. Successful interns can expect to gain a well-rounded understanding of the insurance... Read more of this article

ACE Bermuda’s Graduate Trainee Programme

ACE Bermuda’s Graduate Trainee Programme

ACE Bermuda announced the appointment of Kimberly Lewis as Assistant Underwriter in the Professional Lines Division following her successful completion of the company’s Underwriting Graduate Trainee Programme, and also said that Marco Greenidge has been selected as the 2012 Underwriting Graduate Trainee. The two-year graduate programme includes:... Read more of this article

ACE Ltd. Acquires 80% Of Indonesian Insurer

ACE Ltd. Acquires 80% Of Indonesian Insurer

ACE Limited has acquired 80% of PT Asuransi Jaya Proteksi — which is based in Jakarta, Indonesia — and is one of Indonesia’s top 10 general insurers and a leader in personal lines. The company offers property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance and... Read more of this article

ACE Makes Three New Appointments

ACE Makes Three New Appointments

ACE today [Sept 18] announced three appointments in its ACE Tempest Re Bermuda reinsurance unit – Wayne Ashley as Chief Underwriting Officer, International; Graeme Henderson as Vice President, International; and Darin Cassidy as Vice President, USA. All will be based in Hamilton, Bermuda. In his new role, Mr. Ashley will have responsibility for ACE... Read more of this article

ACE Ltd. To Acquire Fianzas Monterrey In Mexico

ACE Ltd. To Acquire Fianzas Monterrey In Mexico

Bermuda-based ACE Limited announced today [Sept 12] that it has reached a definitive agreement to acquire Fianzas Monterrey in Mexico from New York Life Insurance Company for approximately $285 million in cash. Established in 1943 and headquartered in Mexico City, Fianzas Monterrey is Mexico’s second-largest surety lines company and the third largest... Read more of this article

Dunne, James Receive Ace Foundation Scholarships

Dunne, James Receive Ace Foundation Scholarships

The ACE Foundation has awarded scholarships to two outstanding young people, with 17-year-old Julia Dunne and 20-year-old Isaac James both receiving the education awards. Since 1996, the ACE Foundation – Bermuda has invested in excess of $2 million in the education of young Bermudians to help them prepare for professional careers in Bermuda’s... Read more of this article

2012 Clements Scholarship Applications Deadline

2012 Clements Scholarship Applications Deadline

Named after one of the founding fathers of the Bermuda re/insurance industry, the closing date for the 2012 Robert Clements/ACE Scholarship applications is April 30. The scholarship is awarded annually to a qualified Bermudian student studying full time towards a degree in subjects related to the insurance industry such as insurance, risk management,... Read more of this article

ACE: Nick Rowse Named New CIO

ACE: Nick Rowse Named New CIO

ACE announced the appointment of Nick Rowse as Vice President, Chief Information Officer for Bermuda. In this role Mr. Rowse will be responsible for strategy and execution, as well as design, development and maintenance of systems and applications that support ACE’s Bermuda-based insurance and reinsurance operations. He will also work with ACE’s... Read more of this article

BLTA’s Inter-School Tournament

BLTA’s Inter-School Tournament

The Bermuda Lawn Tennis Association’s [BLTA] Inter-school tournament took place last week at the W. E. R. Joell Tennis Stadium. The inter-school tournament is part of the BLTA’s schools programme that has been sponsored by the ACE Group since 2000. The schools participating in the Middle School Division tournament are: Bermuda High School, Clearwater... Read more of this article