ACE Launches New Swiss Company

London — Following the redomestication of ACE Ltd.’s holding company to Zurich in July 2008, the ACE Group has now taken the additional step of founding a new Swiss insurance company. The new company—ACE Insurance (Switzerland) Ltd., a subsidiary of ACE Limited—will manage the insurance and reinsurance business of the Zurich branch with the goal of further strengthening ACE’s position in the Swiss market.

ACE has been active as a local insurer in Switzerland since the opening of the Zurich branch of ACE European Group Ltd., London, in 2003. In addition, ACE’s reinsurance activities in continental Europe were moved to Zurich in 2005. The business will now be written through ACE Insurance (Switzerland) Ltd.

“With the founding of this new company, ACE has demonstrated the strategic importance it attaches to Switzerland, and its long-term commitment to this market,” says Florian Müller, GM of ACE Insurance (Switzerland) Ltd. “Swiss companies and brokers will have direct local access to the global expertise and capabilities that make ACE one of the world’s leading insurers. Our highly skilled local teams are fully committed to delivering superior products and services tailored to the needs of Swiss clients.”

Source: Business Wire