ACE Limited (NYSE: ACE) today announced the creation of a new business unit, ACE Risk Management International, in a move to address the developing risk-financing needs of major corporations.
Roger Gillett, an insurance industry veteran, will assume the title of President of the new unit. ACE Risk Management International will have dedicated resources in Bermuda, Germany and the United Kingdom, and will support ACE offices around the globe with structuring and implementing captive and rent-a-captive programs and other sophisticated risk-financing alternatives for major non-U.S. corporate clients.
"ACE’s commitment to long-term partnerships with our clients, our global network and our team approach ideally positions ACE Risk Management International to fill the current risk-financing needs in the marketplace," said Gary Schmalzriedt, Chairman and Chief Executive Officer of ACE Overseas General. "Under the skilled direction of Roger Gillett, the unit will further enhance our leadership position in the global marketplace and enable us to provide superior customized solutions to non-US corporations. In particular, we will focus on working closely with our clients’ captives to enhance their effectiveness using our extensive global presence."
Mr. Schmalzriedt noted that the mandate for the new business unit resulted from recent research conducted by ACE that involved extensive interviews with brokers and clients, as well as an assessment of the capabilities of current providers in the market. From this research it was concluded that there was a strong trend towards the greater use of captives and other alternative risk financing structures.
"The research participants also told us that an expansion of ACE’s activities in this area would be welcomed," said Mr. Schmalzriedt.
Mr. Gillett has 34 years of experience in the insurance industry, with 26 of those years involving work in alternative risk transfer. Most recently, he held the position of Executive Vice President, Business Development at ACE Bermuda. Mr. Gillett will continue to be based in Bermuda and will report directly to Gary Schmalzriedt.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. ACE Group conducts its business on a global basis, with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.