ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) today announced it has completed the acquisition
of the Fireman’s Fund high net worth personal lines insurance business
in the United States. The acquisition, announced in December 2014 and
valued at $365 million, expands ACE’s position as one of the largest
high net worth personal lines insurers in the U.S.
The Fireman’s Fund business is being integrated into ACE’s existing high
net worth personal lines business, ACE Private Risk Services, which
offers a broad range of coverage including homeowners, automobile,
umbrella and excess liability, collectibles and yachts. The acquisition
brings to ACE Private Risk Services access to more than 120,000 premier
personal lines customers; over 500 talented claims, underwriting,
actuarial, operations and sales and marketing professionals; and
relationships with 1,500 brokers and agents.
“All of us at ACE, including our new colleagues who join us today from
Fireman’s Fund, are excited to complete this acquisition and focus our
combined experience, capabilities and relationships on helping high net
worth individuals and families protect their assets and enhance their
security,” said Juan Andrade, Executive Vice President, ACE Group, and
Chief Operating Officer of ACE Overseas General. “We believe we have
created the finest high net worth personal lines insurer, with superior
service standards, talented professionals and increasing global reach.
Together, and in partnership with independent agents and brokers, our
team is working to provide an even higher level of service to meet the
sophisticated insurance needs of clients, wherever they might be around
the world.”
About ACE Group
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 acquisition of the Fireman’s Fund high net worth personal lines
business, post-acquisition integration or performance, 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. These statements could prove
incorrect if the acquired business were to perform differently than
currently expected by ACE or if anticipated expense-related efficiencies
and other integration objectives are not realized. More generally, the
businesses of ACE could be affected by competition, pricing and policy
provision trends, the levels of new and renewal business achieved, the
frequency of unpredictable catastrophic events, actual loss experience,
uncertainties in the reserving or settlement process, and economic,
political, regulatory, insurance and reinsurance business conditions, as
well as management’s response to these factors.
Source: ACE Limited