SINGAPORE--(BUSINESS WIRE)--ACE Group announced today the creation of a new business unit – ACE International Excess (AIE) – to provide commercial property insurance on an excess basis targeting large companies in the Asia Pacific region. The new business unit will be modelled after ACE Bermuda International, ACE Group’s existing high excess unit, and will provide coverage for exposures that are generally low in frequency and high in severity. AIE will offer excess property insurance in addition to the region’s existing capacity for its property book of business. AIE’s coverage highlights include:
- All-risk coverage on a follow form basis (Property Damage and Business Interruption);
- Natural catastrophe covers;
- Power Generation, On-shore Energy and Mining covers; and
- Engineering Insurances (Erection All Risk/Construction All Risk/Boiler & Machinery).
Leveraging ACE Group’s global network, innovation and depth of underwriting expertise, the new business unit will be backed by the financial strength of ACE Group’s operations in the Asia Pacific region. Those operations include ACE Insurance Limited (Singapore) which is rated AA-/Stable by Standard & Poor’s (as of March 2015).
Troy Sexton has been appointed as Regional Head, ACE International Excess, Asia Pacific and will be based in Singapore. With 18 years of experience in the corporate insurance industry, Mr. Sexton first joined ACE in 2002 as the company’s New Zealand Property Manager. Between 2006 and 2009, he had a successful time with ACE European Group based in London - first as ACE Emerging Markets Property Manager and later as Continental Europe and Central & Eastern Europe Property Manager. Since 2009, Mr. Sexton has had the role of Strategic Property Manager, Asia Pacific.
Mr. Sexton will report to Paul McNamee, Deputy Regional President and Regional Head of Property & Casualty, who commented, “With the Singapore market growing as the regional hub for Asia Pacific, this is an opportune time to have someone of Troy’s caliber in Singapore to lead this important initiative. We are particularly fortunate to have Troy in this role given the depth of his experience gained from both his stint in Europe and, more recently, his time as Strategic Property Manager, Asia Pacific.” As the global underwriting head of excess property, Rob Rebellato, Executive Vice President, ACE Bermuda, also added, “As ACE Group continues to expand its high excess property portfolio geographically, having an underwriting unit in the Asia Pacific region will improve our access to that growing market-place and enable us to service our clients and brokers more effectively.”
About ACE Group
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. ACE's core operating insurance companies are rated AA for financial strength by Standard & Poor’s and A++ by A.M. Best.
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