By Lisa Beilfuss
Ace Ltd. (ACE) and BlackRock Inc. (BLK) on Wednesday launched a
joint-venture, ABR Reinsurance Ltd., after raising $800 million
through a private placement.
Ace and a BlackRock affiliate have minority stakes in the parent
company, ABR Reinsurance Capital Holdings Ltd.
William O'Donnell, formerly senior vice president of
distribution management at Ace Group, has been named chief
executive of the venture.
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, the companies said in a statement.
ABR Re will underwrite a portion of the reinsurance treaties
that ACE places with the traditional reinsurance market, and will
invest its assets in a portfolio managed by BlackRock.=
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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