ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today that it has established Altair
Re II, a $95 million special purpose vehicle to provide additional
collateralized capacity for its global reinsurance business. Altair Re
II is the second Altair Re transaction, following its predecessor
established in April 2013. The capital from Altair Re II will be used to
support ACE Tempest Re’s global property catastrophe reinsurance
portfolio.
“Similar to our first Altair Re vehicle, Altair Re II gives us
additional quota share capacity to meet the diversified property
catastrophe needs of our insurance and reinsurance company clients,”
said Jacques Q. Bonneau, Chairman of ACE Tempest Re Group. “Capital
markets investors continue to benefit from ACE Tempest Re’s track record
of conservative underwriting and consistent profitability, and our
desire to partner with these investors for both the short and long term.”
Willis Capital Markets & Advisory acted as structuring and placement
agent on the transaction.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding
Forward-Looking Statements:
All forward-looking statements made in this press release, related to
the establishment of Altair Re II or otherwise, reflect ACE’s current
views with respect to future events, business transactions and business
performance and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to
differ materially from those set forth in these statements. For example,
ACE’s forward-looking statements related to its future business
activities supported by Altair Re II could prove incorrect based on
market conditions. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
dates on which they are made. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Source: ACE Limited