Press release from Business Wire
ACE Receives Regulatory Approval for Myanmar Representative Office
Thursday, May 23, 2013
ACE Receives Regulatory Approval for Myanmar Representative Office23:01 EDT Thursday, May 23, 2013
NEW YORK (Business Wire) -- The ACE Group announced today that it has received provisional approval from Myanmar's Directorate of Investment and Company Administration to establish a representative office in Myanmar. The company is now completing the registration process with the relevant Myanmar authorities with the intention of opening the office in the city of Yangon later this year.
As well as acting as a liaison office for ACE's multinational clients that may have risks in Myanmar that require insurance, the representative office will enable ACE to build relationships with the Myanmar regulatory authorities, the country's business sector and other insurance market participants including insurance agents, brokers and other insurance and reinsurance companies. The office will also lead ACE's efforts to participate in and help build Myanmar's insurance sector.
According to Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited, “With ACE's experience in many emerging markets around the globe, we hope to contribute to the development of the insurance market and economy of Myanmar. The ongoing political reform process, encouraging demographics of a relatively young and growing population as well as the increased per-capita income make Myanmar an attractive market for the future. We look forward to the prospect of lending our expertise in helping to build a strong and efficient insurance market, and we are committed to growing our presence over time to serve the protection needs of the nation's citizens and businesses.”
The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life to a diverse range of customers. In Asia Pacific, ACE's operations include nearly 5,000 local underwriting, claims, marketing and other insurance professionals in over 100 offices in Australia, Hong Kong, Indonesia, Korea, Macau, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam, as well as a strategic partnership in China. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 Index. Visit www.acegroup.com for more details.
The ACE Group
Stephen Wasdick, 212-827-4444
Michele Anne Minjoot, +65 6398-8708