ACE Completes Acquisition of Fireman’s Fund High Net Worth Personal Lines Business in the U.S.
April 01 2015 - 1:24PM
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.
ACE LimitedMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.comorInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.com
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