Press release from Business Wire
ACE Establishes $95 Million Special Purpose Vehicle, Altair Re II
Monday, January 06, 2014
ACE Establishes $95 Million Special Purpose Vehicle, Altair Re II16:05 EST Monday, January 06, 2014
ZURICH (Business Wire) -- ACE Limited (NYSE: ACE) announced today that it has established Altair Re II, a $95 million special purpose vehicle to provide additional collateralized capacity for its global reinsurance business. Altair Re II is the second Altair Re transaction, following its predecessor established in April 2013. The capital from Altair Re II will be used to support ACE Tempest Re's global property catastrophe reinsurance portfolio.
“Similar to our first Altair Re vehicle, Altair Re II gives us additional quota share capacity to meet the diversified property catastrophe needs of our insurance and reinsurance company clients,” said Jacques Q. Bonneau, Chairman of ACE Tempest Re Group. “Capital markets investors continue to benefit from ACE Tempest Re's track record of conservative underwriting and consistent profitability, and our desire to partner with these investors for both the short and long term.”
Willis Capital Markets & Advisory acted as structuring and placement agent on the transaction.
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 establishment of Altair Re II 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 from those set forth in these statements. For example, ACE's forward-looking statements related to its future business activities supported by Altair Re II could prove incorrect based on market conditions. 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. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Helen M. Wilson, 441-299-9283
Arnella J. Forde, 212-703-7066