ACE Establishes Special Purpose Vehicle, Altair Re

Mon Apr 15, 2013 4:51pm EDT

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130415:nBw156624a

ZURICH--(Business Wire)--
ACE Limited announced today that it has established a $95 million special
purpose vehicle, Altair Re, to provide additional collateralized capacity for
its global reinsurance business. The capital will be used to broadly support ACE
Tempest Re`s global property catastrophe reinsurance portfolio. 

"Altair Re gives us additional 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
will benefit from ACE Tempest Re`s proven track record of conservative
underwriting and consistent profitability, while the additional capital will
enable us to take advantage of opportunities we see in the global property
catastrophe market." 

Willis Capital Markets & Advisory acted as structuring and placement agent on
the transaction. 

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 and supplemental health
insurance, reinsurance and life insurance to a diverse group of clients. 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. 

Cautionary Statement Regarding Forward-Looking Statements:

All forward-looking statements made in this press release, related to the
establishment of Altair Re 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 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.

ACE Limited
Investor Contact:
Helen M. Wilson, 441-299-9283
helen.wilson@acegroup.com
or
Media Contact:
Stephen M. Wasdick, 212-827-4444
stephen.wasdick@acegroup.com

Copyright Business Wire 2013

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.