ACE European Group - Corporate Profile 2008


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ACE European Group - Corporate Profile 2008

  1. 1. ace eurOPean grOuP Strength Stability Service cOrPOrate PrOFile italian verSiOn ACE European Group ACE Building 100 Leadenhall Street London EC3A 3BP United Kingdom
  2. 2. The material used in this document is 50% recycled. It is produced using vegetable based inks and is printed by Royle Print – a Carbon Neutral Printer. Design by Bell Design & Communications
  3. 3. CONTENTS ACE EuropEAn group StrEngth StAbility SErviCE CorporAtE proFilE Introduction 4 STRENGTH Financial Results summary 8 STABILITY ACE Italy 12 ACE Continental Europe David Furby 16 Accident & Health Andy Hollenberg 18 ACE UK Richard Pryce 20 ACE Global Markets Richard Pryce 22 ACE Tempest Re Europe Andreas Lewin 24 What we do and who we do it for 26 SERVICE ACE Global footprint 30 ACE Global reach 32 ACE in the community 38 ACE and the environment 40 ACE CORPORATE PROFILE
  4. 4. INTRODUCTION introDuCtion 2007 wAs An ExCEllEnt yEAr for ACE EuropEAn group. in thE uK And irElAnd And ACross ContinEntAl EuropE, wE AChiEvEd grEAt rEsults And mAdE signifiCAnt progrEss in thE ongoing dEvElopmEnt of thE ACE frAnChisE in thE rEgion. ACE EuropEAn group plAys An importAnt rolE in ACE limitEd’s globAl suCCEss story. for thE full yEAr, wE ContributEd 29% of group widE undErwriting profits, EquAting to Around 26% of prEmiums, And AChiEvEd An 85.9% CombinEd rAtio. Our ongoing commitment to extend both organisations alone, we stand apart in our global ability to our PC portfolio. We also have an appetite to grow this LookING BACk, fACING foRwARd our product base and geographical scope, to provide fully integrated international insurance programmes business aggressively as it remains largely insulated from 2007 was a demanding year and the insurance industry will notwithstanding the prevailing soft market, that meet every regulatory and taxation requirement. the typical market cyclicality that we wrestle with in our undoubtedly face more challenges in the coming one. will ensure that we remain one of Europe’s At the heart of our customer service ethos is Treating PC business. While our Property and Casualty (PC) lines face difficult leading insurance providers. Customers Fairly (TCF), a core principle of our regulatory In April 2007, ACE received FSA approval for the establishment market conditions, I am confident our AH business will play framework and a principle that fits well with ACE’s of a new UK based life assurance company, ACE Europe an ever increasing role in driving growth within the company. TuRNING RISkS INTo REwARdS culture of integrity. TCF is core to our daily interaction Life Limited. ACE Life complements our existing AH Thanks to our strong client relationships we will concentrate ACE European Group is first and foremost an underwriting with customers and brokers and is relevant not only to our direct marketing proposition. Initially focusing on the pure on delivering more AH products to consumers. company. Continued focus on underwriting discipline, AH retail customers, but all commercial relationships. protection markets, ACE Life markets term policies via I am confident that we have the right strategy, most importantly particularly in the current market cycle, is a key success existing and new distribution partners. Extending our existing the right people who offer an array of products necessary determinant for both our company and our customers. A woRLd of oppoRTuNITIES AH and Personal Lines range of products to life supports to succeed in the current marketplace. ACE has a strong It is this focus that enables us to build the financial a deeper relationship with these partners, which includes In Continental Europe, we are progressing in new markets, franchise, a world class balance sheet, a broad product strength, which in turn provides the security our clients financial institutions, retailers, utilities, publishers, including the Czech Republic, Hungary, Portugal and, base and great producer relationships. The quality and have come to expect from ACE. Insurance is our business telecommunications companies and the travel industry. moving further eastwards, in Russia, where we are breadth of our underwriters, claims adjusters and support and we’re here for the long term. capitalising on significant infrastructure spending. We also staff are second to none. Our people know exactly what Maintaining our leading industry position and profile expect to open a new branch office in Turkey before the ACE hAs A strong frAnChisE, they must do to build on our success. We take pride end of 2008. The Middle East promises outstanding in staying true to our values. Strength, stability and service: is also key. We can only achieve this by providing better A world ClAss bAlAnCE shEEt, these three qualities have served us well in the past. service, retaining underwriting discipline, maintaining prospects too. We are building our presence throughout robust risk selection, and delivering a superlative portfolio the region, including Bahrain, Saudi Arabia, Pakistan A broAd produCt bAsE And I have no doubt they will serve us equally well in the future. of products. At the same time, protecting our balance and Egypt, with a further office planned for Abu Dhabi grEAt produCEr rElAtionships. sheet is key to our unrivalled claims paying ability. later this year. With many infrastructure programmes This approach will prove right for our company and above underway in these countries, such as investments in all our customers. desalination plants, hotels, refineries and utilities, we are We are also looking to diversify and improve our distribution confident of achieving significant growth throughout the channels. The growing success of our e-commerce ACE is a service oriented organisation and we will proposition, ACE Online, offers brokers quick and efficient region. Furthermore, throughout Russia, the countries compete on price but not to the extent of sacrificing access to ACE’s speciality products, with the ability of Central and Eastern Europe and the Middle East, underwriting profits, our aim is to surpass our rivals to quote and bind online and achieve instant contract we are witnessing a rapidly expanding middle class with on service. From straightforward policy issuance, certainty. In the UK ACE Online undoubtedly offers growing disposable incomes and an increasing appetite timely claims payments through to complex multinational significant growth opportunities for ACE and our broker Andrew Kendrick, for insurance products. This development offers significant solutions, we will demonstrate that we can satisfy our partners and we already have 5 speciality products available Chairman and Chief Executive Officer, opportunities for growth in our AH business throughout clients’ demands. We operate with the utmost professionalism to purchase through our website ACE European Group the region. Our AH portfolio contributes significantly throughout the 26 countries for which we have responsibility to both our top and bottom line and serves to differentiate in our European headquartered segment. For multinational us from most of our competitors by bringing a balance ACE CORPORATE PROFILE
  5. 5. STRENGTH StrEngth in nuMbErS; SoliD rESultS ACE EuropEAn group, trAding through thE rECognisEd, wEll-EstAblishEd brAnds of ACE EuropE, ACE globAl mArKEts And ACE tEmpEst rE (EuropE), is A mAjor Contributor to thE ACE group of CompAniEs, providing 25% of ACE limitEd’s ovErAll gross writtEn prEmium for 2007. ACE CORPORATE PROFILE
  6. 6. STRENGTH FinAnCiAl rESultS ACE EuropEAn group writEs businEss through ACE EuropEAn group limitEd And syndiCAtE 2488. both EntitiEs ArE AuthorisEd And rEgulAtEd by thE uK finAnCiAl sErviCEs Authority. ACE EuRopEAN GRoup LImITEd (AEGL) SYNdICATE 2488 AEGL underwrites a well diversified portfolio, encompassing UK and Continental Syndicate 2488 is a lead insurer with a significant market presence in all product Europe property casualty and accident health insurance, London market, lines underwritten. It differentiates itself from others in the Lloyd’s market by its US and international specialty business, and treaty reinsurance. experience and expertise in the product range in which it elects to operate and the quality of its underwriting and claims service. This diverse product mix, technical underwriting capability and the ability to manage the business throughout the insurance cycle gives AEGL competitive advantage Syndicate 2488 benefits from the financial strength ratings assigned to the and enhanced financial stability. Lloyd’s market by the various rating agencies. In view of these robust ratings, together with the A+ ratings from both A.M. Best and Standard Poor’s held by the ACE Group, it has not been considered necessary to obtain an individual Rates of Exchange: December 2007 PEG rates rating for the syndicate. £1: uS$2.070 £1: €1.392 Lloyd’s market ratings – as at April 2008 AEGL (Ratings – as at April 2008) A+ (Strong) from SP A+ (Strong) from SP A (Excellent) from A.M. Best A+ (Superior) from A.M. Best A+ (Strong) from Fitch 2007 GWP 2007 GWP £1,875m / $3,881m / €2,610m £393m / $814m / €547m 2007 NWP 2007 NWP £752m / $1,557m /€1,047m £299m / $619m / €416m THE fINANCIAL STRENGTH RATING of ACE EuRopEAN 2007 Combined ratio 2007 Combined ratio GRoup LImITEd (AEGL) REfLECTS THE CompANY’S 95.5% 86.5% STRoNG STANd-ALoNE RISk Syndicate capacity for 2008 AdJuSTEd CApITALISATIoN Shareholders funds as at 31 December 2007 ANd Good ANTICIpATEd £716m / $1,482m / €997m £330m / $683m / €459m pERfoRmANCE, IN AddITIoN To ITS STRoNG BuSINESS 2007 Gross premium split poSITIoN IN THE uNITEd 2007 Gross premium split kINGdom ANd CoNTINENTAL Property AGM EuRopE. AEGL’S RATING ALSo Financial lines fACToRS THE ImpoRTANCE ATRe of AEGL To THE ACE GRoup. AH ACE Europe UK PC ATRe ACE Europe Continental PC STATEMEnT FROM A.M. BEST Aviation 26 FEBRUARy 2008 ACE Europe AH Marine Political Risks ACE CORPORATE PROFILE
  7. 7. STABILITY intErnAtionAl StAbility; loCAl FlEXibility. ACE EuropEAn group ComprisEs fivE lEAding businEss divisions: ACE uK, ACE ContinEntAl EuropE, ACCidEnt hEAlth, ACE globAl mArKEts And ACE tEmpEst rE EuropE. produCt innovAtion sits At thE hEArt of ACE’s CustomEr proposition in All of thEsE businEssEs And is CorE to futurE growth strAtEgy. ACE CORPORATE PROFILE 11
  8. 8. STABILITY no two CompAniEs ArE AliKE And this is nEvEr morE truE thAn in itAly: wE Aim to mAintAin A high lEvEl of CrEAtivity, inspirAtion And innovAtion. ACE in itAly our firm is dEdiCAtEd to mEEting thE nEEds of CorporAtE CustomErs. no two CompAniEs ArE AliKE And this is nEvEr morE truE thAn in itAly: wE Aim to mAintAin A high lEvEl of CrEAtivity, inspirAtion And innovAtion. ACE Europe is specialised in tailoring policies to suit the individual needs of companies and provides flexible, personalised and innovative insurance products. In Italy, ACE Europe combines the capacity and the financial strength of a major international group with Italian entrepreneurial flair. ACE has a long history of experience in the International Programmes sector (Multinational Accounts). At a global level we have the capacity and strength to protect the operations of multinational companies throughout the world, whilst at a local level we have the means to provide major corporate customers with the service they expect, paying particular attention to regulatory and legislative requirements in different countries of operation. ACE has deployed significant resource to introduce technology aimed at improving the efficiency of global programme management. The benefits of ACE’s proposition in this area are delivered to multinational clients in the form of financial savings and improved response times for implementing, servicing and maintaining global programmes. ACE Europe offers highly professional resources and services to its clients. Our underwriters and insurance adjusters are capable of dealing with and resolving local insurance issues, as well as more complex matters related to the management of international programmes. Our Risk Management Service engineers are specialists in the analysis of industrial risks and in loss prevention solutions. In addition to the General Board of Milan, ACE’s Italian operation is divided into four regions: north West (with headquarters in Genoa), north East (with headquarters in Padua), north Central (with headquarters in Bologna) and South Central (with headquarters in Rome). The activities of ACE’s regional Italian operations range from underwriting, risk assessment and quotations for clients and intermediary support, with a continual focus on excellent service delivery. ACE CORPORATE PROFILE 1
  9. 9. STABILITY Direct Marketing The services offered by ACE meet the highest quality standards: despatch of policy documentation with 48 hours of acceptance; Any company, association, organisation or bank may have cancellation option within one month; premium payment thousands of clients and it is essential for them to maintain and by instalment at no extra cost; free phone number available reinforce relationships with each of these clients. This can be 24 hours a day, 365 days a year. a difficult undertaking both in terms of costs and resources so why not turn it into another business opportunity? Market ManageMent ACE Europe’s Direct Marketing division, in partnership with the client companies and their insurance intermediaries, A service framework for clients and their insurance consultants. deals with developing and administering direct marketing To support companies effectively in a marketplace in which programmes based on the supply of “ad hoc” or planned competition is increasing, with more aggressive producers insurance projects, for groups of individuals linked by common and less receptive markets, ACE Europe is one step ahead characteristics (Affinity Group). All of this does not require of the game, dedicating energy and resources with the investment by the company. double objective of improving knowledge of the market and putting into practice solutions and services dedicated specifically to the industrial sector. CArpE diEm: wE Aim to bE of sErviCE to our CustomErs. Market Management is a framework which, by using marketing techniques, seeks to identify new business opportunities and develop new insurance products for Compliance with a Direct Marketing Programme enables the target sectors; always aiming to maintain the high level partner company to add insurance to the range of services of service offered to clients and intermediaries. they already offer and hence increases customer perception of the partner company’s service values. The increased brand The framework also looks after managing relationships with value – by activating a “one-to-one” communication channel intermediaries and with clients. – encourages loyalty from the end user, thus contributing to new revenue generation. ACE CORPORATE PROFILE 1
  10. 10. STABILITY ACE ContinEntAl EuropE in ContinEntAl EuropE, ACE ContinuEs to ExpAnd in tErms of gEogrAphiCAl sprEAd And produCt divErsity. In 2007 we opened branch mEETING CuSTomER NEEdS covers, promoting products in the field dealing with regional middle market brokers and the We are also broadening our capacity in the energy sector, offices in Hungary, the Czech ACE Europe provides tailored insurance of environmental, cyber and renewable development of new product offerings. in which we have local underwriting experts in the energy, Republic and Portugal, solutions for a diverse range of clients. energy risks. In the markets of Central and Eastern Europe, while these chemical and gas businesses. In 2007, ACE was one extending ACE’s underwriting We are renowned for our open and In France, we have strengthened are relatively new for ACE, we are already having success of the first insurers to respond to the European Union’s expertise and capabilities committed approach and our success our regional network and improved in the provision of AH products to a rapidly expanding new Environmental Directive by launching an Environmental to an even wider audience can be attributed to many factors, customer access to ACE with the middle class, in addition to Directors and Officers liability, Impairment Liability product. Also on the environmental of European brokers and not least the depth of our underwriting creation of two market management and casualty products in our PC range. This expansion front and in recognition of the growing importance clients. Product innovation expertise and intimate knowledge of local units, one focused on multinational within new territories reflects our desire to place ACE’s of alternative energy production in tackling climate change, and our ability to respond markets. ACE Europe has successfully and large corporate accounts, the products and expertise ever closer to local clients, whilst we launched ACE Renewable Energy, an innovative to new and emerging risks blended this local market focus with its other on the middle market. The Paris at the same time broadening our ability to service the needs insurance solution for renewable energy providers. in areas as diverse as the global network, to create a major force regional office in particular will align of our multinational clients in these important markets. Last year, we gained FSA approval for underwriting environment, renewable in the Continental European insurance its underwriting to meet the needs European term and credit life business through our new energy and electronic data One of 2007’s greatest success stories was our progress arena. Above all, ACE is a service of domestic and international clients. company, ACE Europe Life. The first ACE Life products networks, also serve to in Russia, where business has almost doubled year on year. organisation and we recognise the were launched in Spain, France and Scandinavia in 2007 differentiate ACE from the In Germany, Austria and Switzerland, Russia is no longer a newcomer to the world’s economic importance of providing an efficient and roll outs to further European markets are planned competition and contribute we continue to make solid progress. stage. It is a fast-growing financial powerhouse with and responsive service to our brokers in 2008. I am pleased to say that this new capability to our growing success. In Germany specifically, in order an increasingly wealthy population throughout its regions. and customers. is already adding significant value to our existing AH to complement our strong position What’s more, with further entrepreneurial activity and direct marketing proposition across the Continent. in the corporate account sector we major investments in infrastructure, power generation, TAkING pC To THE NExT LEVEL have created broker-focused regional and civil projects, the opportunities for growth show branches that will deliver both traditional no signs of abating. A RELIABLE CHoICE IN AN uNCERTAIN woRLd 2007 saw significant expansion in ACE’s Continental European PC presence. and speciality products to the middle In the current economic climate, clients need confidence In the nordic region, we traditionally market. In Switzerland, ACE has HELpING ouR CLIENTS Go fAR in an insurer that can demonstrate strong leadership, enjoyed success in our AH and established a strong reputation in the maintain healthy balance sheets, and deliver exceptional multinational segment and has been Regarding new products, ACE Evolve, launched on the financial lines business throughout the products over the long term. Our clients want to relax successfully building its presence in the Continent in 2007, seeks to meet the needs of emerging region. We are now expanding our PC secure in the knowledge that their chosen provider will upper middle market. multinationals, that growing number of companies offering, strengthening our underwriting continue providing the protection they require, not just expanding beyond their domestic markets for the first teams in Sweden, Denmark and norway, In Spain, ACE has experienced rapid today and tomorrow, but far into the future. With ACE, time. For more established multinationals, we also enabling us to offer local access to the growth in recent years, a reflection of that’s exactly the security brokers and clients can expect introduced ACE’s multinational service proposition broad range of PC and speciality Spain’s above EU average economic in 2008 and beyond. to the European market. For both emerging and established offerings. PC business in Finland performance. Thanks to our excellent multinationals, clients can be confident that they are continues to be written through our team in Madrid, ACE Europe has been partnering with one of the world’s few truly global Stockholm office. able to respond to this economic insurance companies, benefiting from access to ACE’s Within the Benelux region, ACE is widely development, bringing insurance global network and expertise in managing fully integrated recognised as a market leader in large expertise to the field of construction international insurance programmes. and complex business. Building on this risks and the country’s growing trend position, current focus in the market towards renewable energy. In Italy david furby is on cross selling ACE’s speciality we are growing consistently through President Continental Europe, ACE Europe products alongside traditional PC a robust branch office network ACE CORPORATE PROFILE 1
  11. 11. STABILITY ACCiDEnt hEAlth, pErSonAl linES AnD liFE ACE’s supErior undErwriting ExpErtisE And globAl CApAbilitiEs EnAblE it to providE A robust produCt portfolio. ACE propositions rAngE from trAditionAl ACCidEnt And mEdiCAl progrAmmEs for EmployErs And thEir EmployEEs to rEvEnuE gEnErAting dirECt mArKEting progrAmmEs tArgEtEd to thE CustomErs of somE of EuropE’s lEAding orgAnisAtions And mAnAgEd by An ExtEnsivE tEAm of dirECt mArKEting ExpErts. programmes on their behalf to provide security to employees This year will see our team develop rapidly, get even closer to generate significant additional revenue from customers. to our clients and introduce an exciting range of new products. We expect to see growth from our term life, creditor, surgery Employing a customer-focused approach is critical for our clients. cash and specialty personal lines portfolios. Already, these It is the driving force behind everything we do, from handling developments have allowed us to enhance our capacity and claims and servicing customers to developing new distribution presence within each sector. This is a trend that is set to continue. channels. Specifically, our claims approach enjoys industry-wide Every year, we plan to launch more products that are refreshingly recognition for being fair, robust, and prompt. different, for example, products that contain lifestyle and service benefits. All of the above is supported by data wE ContinuE to ExplorE dirECt management experts to support segmentation and targeting. mArKEting opportunitiEs in ACE is built on ideas and innovation and nowhere better non-trAditionAl sECtors, suCh demonstrates that ethos than our AH business. As utilitiEs And CAtAloguEs, And utilisE diffErEnt ChAnnEls suCh As in-bound tElEsAlEs, fACE-to-fACE, intErnEt And mobilE tEChnology. Andy Hollenberg, wE INNoVATE foR fuTuRE GRowTH Senior Vice President, AH/Personal Lines/Life, The creativity and innovation of our people and plans sets ACE Europe us apart. We are expert in building new partnerships and creating bespoke solutions for them. We continue to explore direct marketing opportunities in non-traditional sectors, such as utilities and catalogues, and utilise different channels such as in-bound telesales, face-to-face, internet and mobile technology. By understanding our partners’ business and customers, we will recommend the optimum channel/ product mix to achieve their business objectives. We support the retention of existing customers and the acquisition of new customers with added value benefits. ACE CORPORATE PROFILE 1
  12. 12. STABILITY for mAny yEArs ACE uK irElAnd stAff hAvE worKEd with our globAl nEtworK of offiCEs to providE A sEAmlEss solution to our CustomErs whiCh inCludEs AgrEEing CovErAgE, issuing poliCiEs, Adjusting ClAims And moving monEy, All in ACCordAnCE with lEgislAtivE Conditions ACE uK irElAnD e-commerce is a key distribution channel for the future. And AgrEEd sErviCE stAndArds. in thE uK And irElAnd ACE is An innovAtivE, nimblE And profEssionAl insurAnCE CArriEr. wE pridE oursElvEs on bEing mArKEt lEAding with our produCts And thEir dElivEry. An ExpEriEnCEd And profEssionAl undErwriting And ClAims tEAm is foCusEd on supporting our CustomErs’ new proDucts for a changing worLD nEEds. wE bEliEvE in EmpowEring our pEoplE to mAKE dECisions And As A ConsEquEnCE wE CAn hAndlE lArgE And ChAllEnging risKs AnywhErE ACE is renowned for its diverse portfolio of products and we continue to enhance the value of our customer proposition by regular product in thE uK And irElAnd. this proposition is supportEd by ACE’s globAl innovation. We have recently launched new products including: CApAbilitiEs whiCh ArE inCrEAsingly utilisEd to support our CustomErs’ • “ACE PFI” (Private Finance Initiative), a product that builds on our strengths growing globAl AspirAtions. in construction, casualty, cargo, and environmental impairment liability. • “ACE Renewable Energy” which addresses the evolving needs of a fast-growing LocaL knowLeDge Impairment, Excess Casualty and new business sector. in a gLobaL Market Marine Cargo. It is supported by a central underwriting unit staffed • “ACE Spectrum”, an optimum all-inclusive policy specifically designed for At ACE we recognise that responsiveness by underwriters equipped to make large to medium-sized UK and Ireland based companies who wish to benefit and agility are a competitive advantage, immediate decisions. from property and casualty with modern specialty coverage sections not but empowerment to make decisions widely available in the insurance marketplace. locally is equally important. With eleven ACE is a truly global insurance branch offices across the UK and Ireland, group and is well established Responding to new and emerging risks remains central to ACE’s customer all brokers and customers are able in the multinational marketplace. proposition. In 2008, ACE has launched: to access ACE’s products and global Our dedicated and experienced • “ACE Dataguard Plus”, a comprehensive solution for e-commerce underwriting expertise. international service teams ensure and network risks; our customers’ global insurance We are confident this compelling programmes are efficiently managed. • “ACE ComputerGuard Plus” designed to protect businesses from the proposition will continue to enhance For many years ACE UK Ireland staff financial losses relating to IT hardware and system problems; and our position as a preferred carrier have worked with our global network • “ACE Online PTL” in March 2008, which makes ACE the first and only in our target sectors. of offices to provide a seamless insurance carrier to allow brokers to source online specialized protection At ACE we are continually looking solution to our customers which for individual trustees, pension schemes and sponsoring employers. for ways to enhance our client and includes agreeing coverage, issuing broker service proposition, using both policies, adjusting claims and moving At ACE we are confident our innovative, nimble and professional approach traditional and technology driven money, all in accordance with will continue to be attractive to both existing and new customers and brokers. methods. We offer a market leading legislative conditions and agreed e-commerce platform, ACE Online, service standards. As a consequence that enables brokers to quote, bind we are ideally situated to support and issue policies online in a timely businesses with global exposures, and cost effective manner, in addition whether they are an established to achieving instant contract certainty. multinational or just beginning ACE Online delivers specialty products to expand overseas. for SME customers including DO, Richard pryce, Pension Trustees liability, Environmental President ACE UK ACE Global Markets ACE CORPORATE PROFILE 21
  13. 13. STABILITY ACE globAl MArKEtS ACE globAl mArKEts is idEAlly suitEd to rEspond As An intEgrAl AspECt of our offEring, to thE dEmAnds of businEss As CompAniEs wE ArE ACutEly AwArE of thE vAluE inCrEAsingly opErAtE in thE globAl EnvironmEnt. of dElivEring A timEly, ACCurAtE And whilst thE globAl EConomy offErs ExCiting EffECtivE ClAims sErviCE to our CliEnts. opportunitiEs to mAny orgAnisAtions it Also prEsEnts nEw risKs. Agm hAs provEd thAt it CAn pArtnEr EffECtivEly with CompAniEs And thEir broKErs to mAnAgE thEsE risKs. Our ability to transact our mEETING THE NEEdS of BRokERS A woRLd of ExpERIENCE, market-leading range of ANd CLIENTS A wEALTH of ExpERTISE aviation speciality products combined ACE Global Markets’ unique parallel We are respected and experienced • General aviation with more traditional coverage distribution allows us to offer our product market-leaders in all our product lines, • Aviation products liability throughout the globe means range through ACE European Group covering aviation, financial, property, • Airport liability we are able to offer effective Limited (AEGL) and Syndicate 2488 energy, political risk, marine, and accident • Airline hull liability solutions to a wide range at Lloyd’s. Thanks to this flexibility, and health. Comprising highly qualified • Hull deductible cover of existing and new risks. ACE Global Markets can offer its risk individuals, our claims team reinforces • Contingent/repossession hull and liabilities In addition, our core strengths solutions to clients in 150 countries and supports this pre-eminent position. • Hull war of excellent financial security throughout the world, including a large The quality of our claims handling mirrors • War third party and market-leading client base in the US. The result is our reputation as a company. As an professionalism mean we are a dual distribution strategy that enables integral part of our offering, we are financiaL Lines the perfect partner in times of us to reach significant numbers of client acutely aware of the value of delivering • Professional indemnity worldwide increased economic volatility. prospects and, in turn, improve our a timely, accurate and effective claims • Financial institutions crime prospects for growth. service to our clients. • Financial institutions professional indemnity • Financial institutions directors officers Further factors influenced our decision This convincing and comprehensive • Investment fund management liability to place business through AEGL proposition has made ACE Global and Syndicate 2488, including licensing Markets the insurance partner of choice property eligibilities and capitalisation for many of the world’s most successful • Multinationals requirements. However, the fundamental businesses. We are particularly proud • Commercial reason for the move was to recognise that many of these relationships have • Binding authorities and reflect the preferences of brokers lasted over fifty years. • Power Generation and clients. Indeed, our unsurpassed heritage, energy At ACE Global Markets, we pride reputation for innovation, and ability • Onshore energy ourselves on taking a technical approach to respond to the needs of clients • Offshore energy to evaluating risk. This ability, combined across the globe, has established ACE with an ongoing commitment to Global Markets as one of the world’s poLiticaL risk creDit delivering exceptional service, means finest international specialty insurers. • Political risk we are well placed to react quickly • Trade credit to an ever-changing market. • Structured trade credit In London, market reform is gathering Marine momentum, and AGM is actively • Cargo piloting and supporting many of the new • Fine art valuables initiatives, for both electronic trading • Hull and machinery and claims settlement. AGM continually • Marine liability looks to improve the service it offers • War risks to its clients, and we firmly support every Richard pryce, • yachts opportunity to reduce unnecessary President ACE UK ACE Global Markets costs, improve efficiency and acciDent heaLth speed up processes in the London • Accident health insurance market. • Medical expenses ACE CORPORATE PROFILE 2
  14. 14. STABILITY our ZuriCh offiCE funCtions As A brAnCh of ACE EuropEAn group limitEd And offErs CovEr to ContinEntAl bAsEd broKErs And CliEnts. ACE tEMpESt rE EuropE ACE tEmpEst rE EuropE (AtrE) is A division of ACE tEmpEst rE group’s worldwidE rEinsurAnCE businEss writing A widE rAnging portfolio ACross most non-lifE trEAty ClAssEs primArily through ACE EuropEAn group limitEd. ACE Tempest Re Europe writes a broad range of treaty ACE Tempest Re Europe’s reinsurance covering the main classes of property, liability, treaty underwriting capabilities marine and aviation reinsurance. It is the European arm include: of ACE Tempest Re Group and operates both in London CASuALTY and Zurich and from Lloyd’s China Reinsurance Limited • Motor in Shanghai. • General liability London offers access to the capital of ACE European • Professional indemnity Gross written premiums in 2007 were uS$228 m Group Limited as well as Lloyd’s Syndicate 2488. • DO Aviation Our Zurich office functions as a branch of ACE • Medical malpractice European Group Limited and offers cover to continental • Employer’s liability/WCA Marine based brokers and clients. • Financial institutions Property • Personal accident In 2007 ACE Tempest Re Europe wrote premiums Other of $228m disclosed in the global reinsurance segment pRopERTY of ACE Group. • World wide per risk Casualty The operation occupies a prominent role in the • Catastrophe London market, a position that is enhanced by our • Pro-rata security rating and our ability to quote and lead most lines of treaty business. • Engineering • Crop hail These operations are committed to working with both clients and brokers in a combined effort to create products that are of genuine value to all mARINE parties concerned. • Hull • Cargo ACE Tempest Re Europe offers clients a technical approach to risk solutions • War and prides itself on both significant underwriting and analytical experience. • Energy AVIATIoN • Whole account • General aviation Andreas Lewin, Managing Director, ACE Tempest Re Europe ACE CORPORATE PROFILE 2
  15. 15. STABILITY WhAt WE Do AnD Who WE Do it For thE strEngth of thE ACE EuropEAn group is bornE acciDent heaLth financiaL Lines • Group personal accident • Crime and fidelity out of its divErsity. our produCts And sErviCEs ArE • Personal accident • Directors officers liability Among thE most ComprEhEnsivE in thE mArKEt plACE • Business travel • Employment practices liability providing insurAnCE to A widE rAngE of CustomErs. • Personal travel • Professional indemnity • Critical illness • Financial institutions crime • Personal lines • PI DO The ACE European Group now provides • Partnership liability insurance to more than 90% of companies aviation • Pension trustee liability making up the FTSE 100 and the CAC 40. • General aviation • Prospectus liability From a chain of retail outlets in the Ile de • Aviation products liability • Venture capital liability France to wine growers in Tuscany; from • Airport liability • Investment fund management liability telecommunications companies in Spain • Airlines and aircraft manufacturers in the US • Hull deductible cover poLiticaL risk creDit to chemical recycling plants in Germany; • Contingent/Repossession hull • Surety bonds from the personal assets of company and liabilities • Structured trade credit directors to a fleet of container ships, • Hull war • Political risk ACE European Group offers insurance • War third party Marine solutions to this diverse array of clients. captives • Cargo • Rent-a-captives • Fine art valuables • Alternative risk transfer • Hull and machinery from tElECommuniCAtions CompAniEs in spAin • Marine liability And AirCrAft mAnufACturErs in thE us to casuaLty • War risks Employer’s liability yachts ChEmiCAl rECyCling plAnts in gErmAny; from • • • Events liability thE pErsonAl AssEts of CompAny dirECtors • International casualty property to A flEEt of ContAinEr ships, ACE EuropEAn • Multinational casualty • Commercial property • Catastrophe perils group offErs insurAnCE solutions to this • Public liability • International property • Products liability divErsE ArrAy of CliEnts. • Multinational property environMentaL risk • Power • Contractors Pollution Liability • Boiler machinery breakdown Our customers range in size from individual consumers • Premises Pollution Liability purchasing on-line travel insurance to some of the technicaL Lines world’s largest companies with assets in countries energy • Construction all risks around the world that need structured insurance • Onshore • Cyber risk programmes with policies in local languages and • Offshore • Erection all risks multicurrency premium funding. • Electronic equipment/data protection • Renewable Energy Some of the products listed above may not be available in every country in which ACE operates. ACE CORPORATE PROFILE 2
  16. 16. SERVICE globAl SErviCE; SoCiAl rESponSibility. ACE is Among A sElECt group of insurErs thAt CAn truly lAy ClAim to bEing globAl. with A strong prEsEnCE And Authority to ACt in morE thAn 140 CountriEs, ACE is primEd to dElivEr insurAnCE solutions thAt sAtisfy thE individuAl CritEriA of worldwidE CompAniEs And thE jurisdiCtions in whiCh thEy opErAtE. ACE CORPORATE PROFILE 2
  17. 17. SERVICE ACE globAl Iceland Footprint Finland with opErAtions in morE thAn 50 CountriEs, And businEss ConduCtEd Norway with CliEnts from ovEr 140 CountriEs, ACE truly spAns thE globE. At EvEry momEnt of thE 24-hour dAy, somEwhErE on thE fACE of thE Sweden Estonia Russia plAnEt, ACE is dEploying its pEoplE And CApitAl on bEhAlf of its CliEnts. Latvia this wEAlth of on-thE-ground ExpErtisE, CouplEd with thE swEEping Denmark Lithuania pErspECtivE of A globAl orgAnisAtion, EnAblEs us to fulfil our mission: insuring progrEss. Ireland Netherlands UK Poland Belgium Germany Czech Luxembourg Republic Slovakia Liechtenstein France Hungary Austria Switzerland Romania Slovenia Italy Bulgaria Italy Portugal Spain Greece Turkey Gibraltar Malta Cyprus ACE austria DenMark gerMany ireLanD norway russia switzerLanD Teinfaltstr 4 Vestergade 2A Lurgiallee 10 5 George’s Dock C.J. Hambros Plass 2c Turchaninov per 6-2 Bärengasse 32 A-1010 Vienna DK-1456 Copenhagen 60439 Frankfurt IFSC, Dublin 1 nO-0164 Oslo 119034 Moscow PO Box 2003 Tel + 43 1 710 93 55 Tel + 45 33 32 25 12 Tel + 49 69 756 130 Tel + 353 1 440 1700 Tel + 47 23 31 54 40 Tel + 7 495 727 42 45 8022 Zürich Fax + 43 1 710 95 20 Fax + 45 33 32 25 47 Fax + 49 69 746 193 Fax + 353 1 440 1701 Fax + 47 23 31 54 41 Fax + 7 495 727 42 46 Tel + 41 43 456 7600 Fax + 41 43 456 7601 beLgiuM finLanD gibraLtar itaLy poLanD spain Av. des nerviens 9-31 Mannerheimintie 12 B Suite 825 258 Viale Monza ul. Chmielna 85/87 Francisco Gervás 13 turkey nerviërslaan, 9-31 FI-00100 Helsinki Europort 20128 Milan 00-805 Warsaw 28020 Madrid Due to open late 2008 1040 Brussels Tel + 358 9 2512 2626 Tel + 350 75122 Tel + 39 02 27095 1 Tel + 48 22 581 07 50 Tel + 34 918 37 49 77 uk Tel + 32 2 516 9711 Fax + 358 9 2512 2627 Fax + 350 75129 Fax + 39 02 27095 333 Fax + 48 22 581 11 33 Fax + 34 918 37 67 76 ACE Building Fax + 32 2 513 0884 france hungary netherLanDs portugaL sweDen 100 Leadenhall Street czech repubLic Le Colisée 1016 Budapest Marten Meesweg 8-10, 3068 Av. da Liberdade, 110 Klarabergsviadukten 90 London, EC3A 3BP Pobřežní 620/3 8 avenue de l’Arche Hegyalja út 7-13 AV Rotterdam 1269-046 Lisbon SE-101 37 Stockholm Tel + 44 20 7173 7000 186 00 Prague 8 92419 Courbevoie Cedex Hungary Tel + 31 10 289 35 00 Tel + 351 21 340 46 75 Tel + 46 8 692 5400 Fax + 44 20 7173 7800 Tel + 420 222 351 251 Paris Tel + 36 1 478 4080 Fax + 31 10 289 35 99 Fax + 351 21 340 45 75 Fax + 46 8 692 5410 Fax + 420 222 351 291 Tel + 33 1 55 91 45 45 Fax + 36 1 487 4081 Fax + 33 1 55 91 45 10 ACE CORPORATE PROFILE 1
  18. 18. SERVICE ACE globAl rEACh © Bayer CropScience AG CASE StuDiES throughout EuropE And bEyond, mAny of thE world’s lArgEst orgAnisAtions trust ACE to hElp mAnAgE thEir risK with A portfolio of lEAding insurAnCE solutions. our AssistAnCE ExtEnds furthEr. EACh CliEnt Enjoys dirECt ACCEss to our spECiAlist undErwritErs And tEAms. whAtEvEr thE objECtivE, wE’ll do whAtEvEr it tAKEs to mAKE it hAppEn. abn aMro In 2003, ABn AMRO selected ACE European Group to lead its Global Property Programme. The renowned banking organisation based its selection on ACE excelling in such areas as fair price, financial stability, underwriting, global capabilities, risk engineering and claims handling. An account team manages the relationship, ensuring ABn AMRO benefit from a dedicated and bespoke portfolio of products and services. “It is with a sense of admiration that ABn AMRO looks back on the rapid and professional way ACE settled the Christmas 2004 fire loss in Chicago,” said Boudewijn Posthumus Meyjes, ABn AMRO Risk Manager. “The procedure and speed of settlement for this big claim was particularly impressive. Their coordination was impeccable and mid-term payments followed immediately.” avis bayer Ranking as one of the world’s top brands for customer loyalty, Avis seeks similar Bayer is one of the world’s leading organisations specialising in the fields of healthcare, commitments from its business partners. The current arrangements started nutrition, and high-tech materials. The enterprise’s relationship with ACE dates back in 1999 when Avis embarked on a direct working relationship with ACE. to 1985, when Bayer was instrumental as a sponsor in launching ACE Bermuda. What’s more, 2008 sees the company celebrate the 30th anniversary of its partnership “The direct arrangement we currently have works very well,” said Steve Liberda, with ACE in north America. European Risk Manager from Avis Europe. “Whenever we have a requirement, we can pick up the phone, talk to the underwriters, and receive a fast and flexible ACE’s partnership with Bayer embraces every possible insurance line, from PC response. Members of the ACE team also attend our annual risk managers to AH and industrial, especially pharmaceutical, risks. “The strength of ACE conference, meeting face to face to deal with any issues. What’s more, if we need resides in its excellent underwriting abilities,” said Gregor Köhler from Bayer. something locally, their global presence means they can respond straightaway”. “This, coupled with a robust global presence and insurance focus, underscores ACE’s capabilities in underwriting industrial exposures. At every step, ACE has Carlo Tambyapin, Avis Director of Group Insurance, says “price will always be important, demonstrated its commitment to meeting the needs of the chemical and but ACE’s flexibility, stability, and quality of service are key attributes that we look for when pharmaceutical sectors. While others have retreated from the sectors, ACE has selecting business partners” remained. It’s this lasting dedication and reliability that we particularly value.” ACE CORPORATE PROFILE
  19. 19. SERVICE © PHILIPS charter With headquarters in London, Charter owns two international engineering businesses: ESAB and Howden. While ACE has provided Charter with a global pHILIpS liability programme since 1996. 2007 saw ACE blend both businesses’ Philips Electronics is Europe’s largest programmes in one efficient cost-saving package. electronics company and a global leader “ACE was one of the few organisations that listened carefully and followed our in healthcare, lifestyle, and technology- brief,” said Chris Temple, Head of Risk Management at Charter. “They not only based products and services. Since 2003, met all our requirements, the team also delivered proposals on time and in full. ACE has provided Philips with a suite Another differentiating factor is that ACE is always willing to meet, discuss our of insurance services which, over the requirements, and tailor a solution to match. For all these reasons and more, years, has developed to delivering risk we are committing to a further two-year contract for the merged programme.” engineering solutions worldwide and a comprehensive property programme. “Over consecutive years, ACE has provided highly qualified risk account and engineering services,” said J.C Melse, Risk Engineering Manager from unicreDit group Philips. “We welcome the added value UniCredit Group is a major international financial institution with strong roots their experienced engineers offer and in 23 European countries as well as representative offices in 27 other markets. the team satisfies all our needs and expectations.” Hendrik Jan Wiersema, ACE European Group established a relationship with UniCredit in 2002, providing Account Underwriting Manager at ACE Directors and Officers cover, in Italy. Our strengthening partnership with UniCredit netherlands, is also delighted with the means we now also take care of the group’s Bankers Blanket Bond reinsurance relationship: “From our people in the field while providing comprehensive affinity programmes and services for their credit to staff in Rotterdam, the client benefits card holders. Today, the client has confirmed that ACE is one of the few reliable from direct contact with the ACE team. partners able to embrace different insurance scenarios. Our competence and This close partnership means we are well capacity has also ensured we can meet the needs of UniCredit in Italy and abroad. placed to present advice and solutions tailored to their exact requirements.” ACE CORPORATE PROFILE
  20. 20. SERVICE © EnDESA ENdESA EnDESA is the leading electricity utility company in Spain; the number one private-sector multinational electricity utility in Latin America and a major operator in the European Mediterranean region, particularly in Italy. Endesa has a growing presence in the Spanish natural gas market and in renewable energies. Endesa and ACE have been working together for several years providing a range of accident and health products through a variety of direct marketing channels. ACE has developed a number of bespoke products tailored to the needs of Endesa’s customer segments providing valuable cover for accidental death or disability including covering the costs of electricity provision if a customer is unable to work. ALLIEd IRISH BANk (AIB) Allied Irish Bank is a full service banking organisation operating in the Republic of Ireland; the United Kingdom; the United States and Poland. AIB is recognised as the leading financial services company in the Republic of Ireland and continues to maintain this position through the delivery of the best products; delivered via a wide range of channels through the best service leading to the strongest possible customer relationships. AIB and ACE have been collaborating for several years on the delivery of a range of travel insurance products to the AIB customer base. These products are introduced directly to AIB customers in bank branches, the AIB website and broad scale through extensive online and offline advertising. Cover can be instantly arranged online or by telephone. ACE has designed and manages the AIB-branded travel insurance web presence for AIB delivering high conversion levels and repeat usage, making AIB one of Ireland’s leading travel insurance providers. ACE CORPORATE PROFILE