ACE Limited SuccessStory
A Brief Profile
Incorporated in Zurich, Switzerland, ACE limited is the parent company of the infamous and global insurance provider the ACE Group. Founded in the year 1985 in Hamilton Bermuda ACE Limited has its headquarters located in Zurich.
ACE provides its insurance policies across the world. Operating in over 54 countries, ACE’s insurance products cover life insurance, property, reinsurance, casualty and accident.
Majority of the clientage of the ACE group consists of insurers seeking reinsurance coverage, multinational corporations, individuals and local businesses. With close to 21000 employees, ACE is a component of the S&P 500 and is also listed on the New York Stock Exchange.
Established in the year 1985, and financed by a group consisting of over 34 companies from the United States, ACE’s first ever headquarter was set up in Hamilton Bermuda. It was in the Hamilton headquarters that the then president and CEO of the company John Cox, wrote its first insurance policy.
In the year 1990, ACE was presided over by Walter Scott who also played the role of chairman of the company. By 1993 ACE was listed on the New York Stock Exchange. In the year 1994, the company went through a series of diversifications and acquisitions under the presidency of Brian Duperreault.
It was through these acquisitions and diversifications that ACE acquired its global status. Cigna Corporation was one of the multiple acquisitions that were made by ACE for a whooping US$ 3.45 billion. For the most part it was the casualty business and the global property of Cigna that was acquired by ACE.
ACE further went on to purchase the Combine Insurance Company of America from in the year 2004. The Combine Insurance Company was a heath insurance and accident insurance provider and prior to this purchase by ACE belonged to the Aon Corporation.
BP hired ACE in the year 2010 for the purpose of investigation of claims made by victims who were severely affected by the horrifying Deepwater Horizon oil spill. That same year ACE purchased yet another insurance giant and industry leader Rain and Hail Insurance Service. Rain and Hail Insurance Services provided crop insurance to farmers across the United States.
Besides these acquisitions, ACE has also acquired the life insurance operations of New York Life that were based in Hong Kong and Korea. The company has purchased an insurance company based in Indonesia called Asuransi Jaya Proteksi. The most recent announcement of ACE was its acquisition of Chubb Corporation for a whooping US$ 23.8 billion.
P&C and Life reinsurance are provided by ACE to brokers across the globe that in turn sell the policies to their customers and clients.
ACE is not currently involved in any social work.
With the ratings of A++ from A.M Best and AA for its immense financial strength by Standard & Poor, ACE is a trustworthy, reliable and globally renowned insurance firm. ACE provides a wide range of insurance policies to its customers and is an insurance company that clients can completely depend on.