ACE USA is pleased to announce that effective October 1, 1998, Westchester Fire Insurance Company, a subsidiary of ACE USA, has created an alliance with Blackthorn Reinsurance Services, Inc. The newly formed company will underwrite reinsurance business for special risk personal accident coverages.
ACE USA is a wholly-owned subsidiary of ACE Limited (NYSE:ACL).
Bob Carey and Connie Lehane, principal executives of Blackthorn Reinsurance Services, Inc. have an impressive track record in this industry and have noted their excitement at undertaking the initiative with ACE USA.
"We are delighted to have entered into a partnership with ACE USA, a member of the ACE Group of Companies. We believe the financial strength of the ACE Group and the commitment that ACE USA is making to this industry will enable us to provide a stable market for our clients."
John Murad, ACE USA Executive Vice President and head of the company's Specialty Division, said the partnership allows ACE USA immediate entry into this market.
"The principals of Blackthorn have clearly demonstrated their ability to manage this business. We look forward to a long term relationship with these successful players," said Mr. Murad. Mr. Murad noted that Blackthorn will market and underwrite select reinsurance placements for Westchester Fire Insurance Company, while Westchester Fire will provide administrative support services for the new venture.
Westchester Fire Insurance Company, rated "A" (Excellent) IX by A.M. Best Company, was founded in 1837 and was part of the Westchester Specialty Group. The acquisition of the Westchester Specialty Group by ACE Limited was completed in January, 1998. ACE USA is a member of The ACE Group of Companies which also includes A.C.E. Insurance Company, Ltd., Tempest Reinsurance Company Limited, ACE Insurance Company Europe Limited, and ACE London at Lloyd's. The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. ACE Limited, the holding company and its corporate headquarters, is based in Bermuda. As of September 30, 1998, ACE Limited had approximately $8.8 billion in assets and $3.7 billion in shareholders' equity.