NEW YORK--(BUSINESS WIRE)--
ACE Group announced today that it has established a new business region,
Eurasia & Africa, as part of its Overseas General division, which is the
general insurance operations of the company outside North America. With
regional headquarters to be based initially in London, the new region
includes ACE’s existing operations in nine countries – Russia, Turkey,
Bahrain, Egypt, Saudi Arabia, United Arab Emirates, Pakistan, Tunisia
and South Africa – and will encompass future expansion in a broad swath
of territory that stretches from the Black Sea to the Middle East to the
African continent.
To lead the new region, Giles Ward has been appointed Regional
President, Eurasia & Africa, effective April 15. Currently Country
President for ACE in Australia & New Zealand, Mr. Ward will be
responsible for the management and business development of ACE’s
commercial property and casualty, accident and health and personal lines
operations in the region. Mr. Ward will report to John Keogh, Vice
Chairman and Chief Operating Officer, ACE Limited, and Chairman,
Insurance – Overseas General.
“The developing and emerging nations of the Eurasia & Africa region
represent a potentially significant long-term growth opportunity for
ACE,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE
Limited. “We are optimistic about the long-term future of these vast and
varied areas of the world because their economies are growing at twice
the GDP rate of developed markets while insurance penetration in these
countries is less than half of the world average. Over time, we plan to
make the right, appropriate commitment of resources to the countries in
this part of the world, and we will leverage our global talent, product
expertise and infrastructure to take advantage of opportunities created
by their emerging middle class populations and growing commercial
exposures.”
“We are pleased to have a proven leader in Giles to head our business in
this region,” said Mr. Keogh. “With over 25 years of industry
experience, Giles has held senior management roles across the Asia
Pacific and Middle East regions. He has demonstrated a keen ability to
build strong, sustainable insurance businesses, in both emerging and
developed markets, and he is a seasoned executive who knows the ACE
model well including our culture, focus on underwriting discipline, risk
management acumen and excellence in claims.”
Mr. Ward joined ACE in 2006 to lead the company’s business in the Middle
East and North Africa after 17 years in the insurance industry. In 2010
he was appointed to his current role as Country President of Australia
and New Zealand. Prior to joining ACE, Mr. Ward held various country and
senior leadership positions for AXA Insurance in Malaysia, and for
Guardian Insurance in Thailand, the Philippines and Indonesia.
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 the Eurasia & Africa business region, 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
potential growth of the Eurasia & Africa business could prove incorrect
if market conditions change or do not develop as anticipated. 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 Group