ACE and BlackRock Announce Launch of ABR Re
April 01 2015 - 5:05PM
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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150401006256/en/
ACE LimitedMedia: Jeffrey Zack, 212-827-4444,
jeffrey.zack@acegroup.comInvestors: Helen Wilson, 441-299-9283,
helen.wilson@acegroup.comorBlackRock ContactsMedia: Brian
Beades, 212-810-5596, Brian.Beades@blackrock.comInvestors: Tom
Wojcik, 212-810-8127, Tom.Wojcik@blackrock.com
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