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Press release from Business Wire

ACE Expands Surety Capabilities in Continental Europe, Joins International Credit Insurance and Surety Association

Thursday, June 13, 2013

ACE Expands Surety Capabilities in Continental Europe, Joins International Credit Insurance and Surety Association

10:48 EDT Thursday, June 13, 2013

PHILADELPHIA (Business Wire) -- The ACE Group today announced the expansion of its international surety capabilities in Continental Europe, by launching services in France and making a new executive appointment to lead this initiative. Aymeric Vinet Desrues joins ACE as Surety Underwriting Manager, France, where he will be responsible for the growth and development of ACE's surety capabilities in this important market. Mr. Vinet Desrues will be based in Paris and will report to Luc Reuter, Senior Vice President and Head of Surety for ACE's Europe, Middle East and Africa region.

“With continuing pressure on financial institutions throughout Continental Europe, we see particular opportunities in the surety market,” said Mr. Reuter. “The expansion of our offering has been welcomed by brokers and reinsurance partners, and the appointments of Aymeric in France and recently Eduardo Sacchi in Italy are extensions of the successful strategy we began last year. With the addition of their expertise to our team, we are well equipped to provide superior coverage to companies in both domestic and international markets.”

With more than 12 years of insurance industry experience, Mr. Vinet Desrues joins ACE from a global carrier, where he previously led efforts to launch the company's international surety team in Frankfurt, Germany, and launched and led its French surety operations in Paris, from 2007 until early 2013. He holds a Master's degree of Business Administration in Finance from Laval University in Quebec, and a Master's degree in Finance from the University of Lille in France.

In addition, ACE has been accepted into the International Credit Insurance and Surety Association (ICISA), which brings together the world's leading trade credit insurance and surety bond providers.

“Our acceptance and participation in ICISA, which plays a critical part in advising and educating international authorities and organizations on industry issues, underscores our commitment to providing valued and trusted services to the Continental Europe region,” said Stephen Haney, Chief Underwriting Officer, Global Surety, ACE Group. “ACE's AA- rating from Standard & Poor's, worldwide presence and underwriting expertise provide a strong platform to grow our offering, and also provide the security that is of real benefit to our clients.”

Supported by its global network, ACE offers a wide range of surety products, including:

  • Contract bid, advance payment, performance and maintenance bonds
  • VAT and custom bonds
  • Bonds to secure payment and legal/regulatory obligations, like environmental bonds
  • Bonds to appeal adverse tax related and civil judgments

With more than 200 dedicated surety experts in 11 countries, ACE assists local companies seeking surety bonds in their home market as well as multinational companies requiring bonds in multiple locations around the world. In addition to ICISA, ACE is a member of the Surety and Fidelity Association of America and the Pan America Surety Association.

The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. In the Europe, Middle East and Africa region, ACE's operations include more than 2,600 local underwriting, claims, marketing and other insurance professionals in 65 offices across 27 countries. 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. Additional information can be found at www.acegroup.com.

The ACE Group
Carla Ferrara
215-640-4744
carla.ferrara@acegroup.com
or
Juliet Tilley
+44 (0)20 7173 7793
juliet.tilley@acegroup.com

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