ACE Limited today officially broke ground on the site of its new global headquarters on Pitts Bay Road in Hamilton.
Finance Minister Dr. the Hon. Grant Gibbons joined Chairman, President and Chief Executive Officer of ACE Limited Brian Duperreault in a short ceremony during which it was announced that Sea Land Construction had been awarded the contract for the substructure of the new building.
Also present for the groundbreaking ceremony were Harold Conyers of Conyers & Associates, Adam Hawley of Bermuda Project Managers and Martin Pollard, Dave Braddock and Mel Wright of Sea Land Construction.
"We are indeed delighted to have reached an agreement with Sea Land for this aspect of our building project", said Mr. Duperreault. "We feel that we are constructing a building that will do Bermuda proud, given that it not only meets ACE's business needs but also incorporates those architectural details that define this island.
"ACE is committed to Bermuda long-term. We currently employ 200 people in the three ACE companies that are located in Bermuda and at the ACE Day Care and Nursery. 75% of our employees are Bermudians. Bermuda is the base from which we are building a world-class company and we know that we have a world-class building to support our future growth."
Mr. Duperreault said that work on the sub structure is set to start on the southern side of the site and will continue on to the northern side. It is anticipated that the sub structure will be far enough advanced by April, 1999 to accept the structural steel for the super structure. An occupancy date of November, 2000 is anticipated.
"Every effort has been made to use Bermudian talent and expertise on this project," noted Mr. Duperreault. "Bermuda Project Managers Limited have been appointed by ACE as their representative and the architectural team consists of Conyers & Associates in association with The Hillier Group. Other consultants include Woodbourne Associates (WAL) in association with Cagley and Harmen for the structural work and WAL in association with R.G. Vanderweil for the Mechanical/Electrical portion of the design."
The ACE Group of Companies provides insurance and reinsurance to a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At June 30, 1998, ACE Limited had approximately $3.5 billion in shareholders' equity and approximately $8.0 billion in assets.
EDITOR'S NOTE:
The Master Plan consists of two buildings totaling approximately 120,000 square feet of usable office space. Underground there will be a parking lot for 240 cars and 190 motorbikes as well as limited office space, a health club, a centralized chilled water air-conditioning plant, UPS and generator power plants, a service entrance concealed from view and enough space to house the equipment that sometimes ends upon the roof.
Phase 1 of the project includes the construction of the reinforced concrete substructure and a four-storey office building with 70,000 square feet of usable office space on the southern portion of the site. Phase 1 has further been divided into phase 1a, the construction of the sub structure, and Phase 1b, the construction of the super structure.
The design of the super structure is nearing completion and will be going out to bid in September.
Phase 2, the construction of a five storey office building with 50,000 square feet of usable office space, is not part of the planned construction.