ACE European Group - Corporate Profile 2008

1. ace eurOPean grOuP
Strength
Stability
Service
cOrPOrate PrOFile
italian verSiOn
ACE European Group
ACE Building
100 Leadenhall Street
London
EC3A 3BP
United Kingdom
www.aceeuropeangroup.com

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 www.belldesign.co.uk

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. 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 www.aceonline.eu 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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