ZURICH & NEW YORK--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) and BlackRock, Inc. (NYSE:BLK) today announced
the launch of ABR Reinsurance Ltd., an innovative, independent
reinsurance company. Through unique long-term arrangements, ACE Group
will be the sole source of reinsurance risks ceded to ABR Re, and
BlackRock will be ABR Re’s exclusive investment management service
provider. ABR Re will underwrite a portion of a broad selection of
reinsurance treaties that ACE places with the traditional reinsurance
market and will invest its assets in a diversified and dynamic
alternative investment portfolio managed by BlackRock, the world’s
largest investment manager.
ABR Reinsurance Capital Holdings Ltd., ABR Re’s parent company, has
raised approximately $800 million of capital through a private
placement. ACE and a BlackRock affiliate have minority ownership stakes
in the parent company. ABR Re’s investors will benefit from underwriting
profit generated by ABR Re’s reinsuring a wide range of ACE’s primary
insurance business and the income and capital appreciation BlackRock
seeks to deliver through its investment management services.
William O’Donnell, formerly Senior Vice President, Distribution
Management, and Global Client Executive, Global Accounts, ACE Group,
will serve as Chief Executive Officer of ABR Re. “ABR Re is a unique
company that complements the traditional reinsurance market,” said Mr.
O’Donnell. “The reinsurance market is undergoing cyclical and structural
changes, driven by a substantial increase in alternative sources of
capital and new risk technology including data analytics and portfolio
management. ACE and BlackRock bring extraordinary vision, experience and
a long-term commitment to this endeavor. ACE is a global insurer with a
proven track record as an originator and manager of risk that produces a
consistent underwriting profit. BlackRock brings superior investment and
risk management experience with multi-asset, multi-strategy investment
portfolios. With these strengths, as well as significant investor
interest, we are excited about the long-term opportunities for ABR Re.”
Mr. O’Donnell joined ACE in 2009 and has had an extensive career in
treaty and facultative reinsurance with over 30 years of industry
experience. He has held positions of increasing responsibility at GE
Insurance (Employers Reinsurance Corp) and Swiss Re. He is a graduate of
Villanova University.
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.
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. As of
December 31, 2014, BlackRock’s assets under management were $4.652
trillion. BlackRock helps clients meet their goals and overcome
challenges with a range of products that include separate accounts,
mutual funds, iShares® (exchange-traded funds), and other pooled
investment vehicles. BlackRock also offers risk management, advisory and
enterprise investment system services to a broad base of institutional
investors through BlackRock Solutions®. Headquartered in New York City,
as of December 31, 2014, the firm had approximately 12,200 employees in
more than 30 countries and a major presence in key global markets,
including North and South America, Europe, Asia, Australia and the
Middle East and Africa. For additional information, please visit the
Company’s website at www.blackrock.com
| Twitter: @blackrock_news | Blog: www.blackrockblog.com
| LinkedIn: www.linkedin.com/company/blackrock.
Cautionary Statement Regarding
Forward-Looking Statements:
Forward-looking statements made in this press release, such as those
related to the business of ABR Re and ABR’s relationships with ACE and
BlackRock reflect current views with respect to future events and
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 that could cause actual results to
differ materially. 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. ACE, BlackRock and ABR undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
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Source: ACE Limited