Hashtag: #ACE
Fitch Affirms ACE Ltd.’s Ratings
Fitch Ratings today [Mar.8] affirmed the ratings of Bermuda- and Switzerland-based ACE Limited and its subsidiaries. The Rating Outlook is revised to Positive from Stable. Fitch’s rating actions reflect ACE’s continued strong operating performance, solid balance sheet and financial flexibility, and diverse sources of revenues and earnings. Partially... Read more of this article
ACE Bids For HSBC Operations
Based in Bermuda and Switzerland, Ace Ltd. [ACE] is among the bidders for HSBC Holdings Plc’s non-life insurance operations, three people with knowledge of the matter told the Bloomberg financial news service yesterday [Jan.19]. Bupa Insurance Ltd., a UK health care group, is bidding for HSBC’s medical insurance business in Asia, said one of the... Read more of this article
ACE Approves 34% Dividend Rise
ACE Limited announced yesterday [Jan.9] that its shareholders approved a resolution at an extraordinary general meeting to increase the company’s quarterly dollar-denominated dividend by 34%, from $0.35 per share to $0.47 per share. This action amends the existing dividend resolution approved by shareholders on May 18, 2011, and will apply to the... Read more of this article
ACE Acquires Rio Guayas In Ecuador
The ACE Group has acquired Rio Guayas Compania de Seguros y Reaseguros, a general insurance company in Ecuador that is owned by Banco de Guayaquil, for approximately US$55 million in cash. Founded in 1993 and currently the fourth-largest non-life insurer in the country, Rio Guayas sells a range of insurance products, including motor, property, life,... Read more of this article
Irish Bank Probed ACE-Owned Insurer
The Irish Central Bank has investigated an insurer owned by Bermuda- and Switzerland-based ACE for mis-selling and aggressive sales behaviour dating back to 2006 Dublin-based Combined Insurance of Europe sold policies to protect against accident and illness through a nationwide network of “tied agents”. According to a report in “The Irish... Read more of this article
BFIS Hosts Intern Programme Reception
The Bermuda Foundation for Insurance Studies [BFIS] in conjunction with Associate Director of the Katie School of Insurance and Financial Services at Illinois State University [ISU] Debbie Babcock last night [Nov. 29] held a cocktail reception to thank all the people and companies who hosted the BFIS/ISU Intro-To-Insurance Summer Interns Programme.... Read more of this article
CEOs: Rate Increases Won’t Off-Set Losses
Investment yields, low interest rates, less-favorable reserves and high catastrophe losses are working together to create a market hardening, according to Bermuda reinsurance and specialty-insurance executives. However, rate increases are not enough to offset losses, according to a report in re/insurance journal “Property Casualty 360″ today... Read more of this article
The 9/11 Attacks & Bermuda’s Class Of ’01
The tenth anniversary of the September 11 terror attacks on the US last month provided time for reflection on how the world has changed for good and ill since then, the “Financial Times” reported this week — saying both Bermuda and the global insurance industry were altered beyond recognition by those events. Osama bin-Laden’s... Read more of this article
ACE Ltd. Announces Third Quarter Losses
Bermuda- and Switzerland-based ACE Ltd. says financial market volatility in the credit, equity and foreign exchange markets have impacted third-quarter net income with the company today [Oct. 26] reporting a $31 million third-quarter loss. ACE Ltd. is the parent company of the ACE Group, a global provider of insurance products covering property and... Read more of this article
ACE Launches CODA In Netherlands
ACE Bermuda International (ABI) launched a Corporate Officers & Directors Assurance (CODA) executive liability insurance policy in the Netherlands. The CODA policy form has been protecting the personal assets of directors and officers (D&O) since its introduction in 1986. CODA provides premier insurance cover for executive risks when a company... Read more of this article
ACE Tempest Re Appoints Tim Mardon
ACE Tempest Re Group announced the appointment of Tim Mardon as Division President of ACE Tempest Re Bermuda. Mr Mardon will have responsibility for all operating aspects of the company’s Bermuda-based property and casualty reinsurance business, including underwriting, finance, claims and administration. He will report to Jacques Bonneau, Chairman,... Read more of this article
ACE to Acquire Agribusiness Insurer Penn Millers
ACE Limited has entered into a definitive agreement to acquire Penn Millers Holding Corporation [PMHC] for $107 million in cash. PMHC’s primary insurance subsidiary, Penn Millers Insurance Company, is a well-established underwriter of agri-related insurance in the U.S., providing specialty property and casualty insurance coverages to companies... Read more of this article
ACE Dividend & Stock Repurchase Program
The Board of Directors of ACE Limited declared a quarterly dividend equal to $0.35 payable on October 21, 2011, to shareholders of record at the close of business on September 30, 2011. ACE also refreshed its previously-announced stock repurchase program, setting the authorized amount at an aggregate $500 million of ACE’s common shares through December... Read more of this article
Summer Internship Program Community Service
The 12 Bermudian university students participating in the ninth annual Summer Internship Program [SIP], today [Aug.11] presented the results of their community service projects at a closing ceremony in the ACE building. Developed by a partnership between ACE Group, HSBC Bermuda and Deloitte, the SIP provides students with a unique learning experience... Read more of this article
ACE Summer Interns Community Day of Service
On July 15th 2011, the ACE Summer Interns participated in the Annual Community Day of Service organised by the Centre on Philanthropy. This year the student interns worked with the Bermuda Gymnastics Association (BGA). The team: Alanah Bacon, Jacari Brimmer-Landy, Christina Caisey, Rebecca Conklin, Helen Crisson, Robert Jardine, Erin Levon, Korrin Lightbourne... Read more of this article
‘Green Building’ Certification For ACE Building
The ACE Building in Bermuda has been awarded Leadership in Engineering and Environmental Design (LEED) Gold certification by the U.S. Green Building Council (USGBC). LEED is the USGBC’s internationally recognized green building certification program for the design, construction and operation of green buildings. The ACE Building is the first building... Read more of this article
