ACE Limited history, company profile (overview) and corporate video
ACE Limited was an insurance holding company headquartered in Zurich, Switzerland. It provided commercial property and casualty insurance and reinsurance products and services.
HISTORY
ACE Limited was established in 1985 in response to an availability crisis in the U.S. insurance marketplace for excess liability and directors and officers insurance coverage. It was founded by a group of 34 blue-chip companies from a broad range of industries, including health care, pharmaceuticals, manufacturing, transportation, utilities, oil and gas, banking, and the automotive industry.
In 1986, ACE opened its first office in Hamilton, Bermuda.
In 1993, ACE Limited was listed on the New York Stock Exchange (NYSE).
In 1993, ACE Bermuda’s product lines were also expanded with the acuiring of Corporate Officers & Directors Assurance Ltd. (CODA), a specialist D&O underwriter.
In 1996, ACE acquired the Bermuda-based catastrophe reinsurance company, Tempest Re, the London-based Lloyd’s managing agency Ockham Worldwide and the balance of Methuen Underwriting.
In 1997, ACE Bermuda formed Sovereign Risk Insurance Ltd. a specialized Bermuda-based political risk insurance and reinsurance underwriter, with strategic partners XL Insurance Company and Risk Capital Re.
In 1998, ACE acquired the U.S.-based Westchester Fire Insurance Company; ACE USA is formed. It also acquired CAT Limited, a property catastrophe reinsurance concern, and integrateed it as part of ACE Tempest Re.
In 1998, ACE Global Markets also acquired the Lloyd’s-based Tarquin Limited. ACE Global Markets was also formed in London from ACE’s existing operations at Lloyd’s.
In 1999, ACE Limited acquired the Insurance Company of North America (INA), then the global property and casualty business of Cigna Corporation. It also acquired Capital Re Corporation, a company providing specialty reinsurance for financial guaranty insurance and other financial risks.
In 2000, ACE International acquired a 51 percent shareholding in Egyptian American Insurance Company (EAIC) in a partnership with Egypt-based Commercial International Investment Company (CIIC).
In 2003, ACE Captive Solutions and ACE Risk Management were formed.
In 2006, ACE entered the U.S. life reinsurance market with the acquisition of Hart Life Insurance Company.
In 2010, the company acquired Jerneh Insurance Berhad, a provider of comprehensive general insurance in Malaysia. It also acquired the crop insurance provider Rain and Hail Insurance Service, Inc.
In 2011, ACE acquired New York Life’s Korea and Hong Kong operations, the agribusiness insurer Penn Millers, and the general insurer Rio Guayas in Ecuador.
In 2012, the company acquired 80% of general and personal lines insurer Asuransi Jaya Proteksi in Indonesia.
In 2013, the company acquired the Mexican personal lines insurer ABA Seguros and the Mexican surety lines company Fianzas Monterrey.
In 2016, ACE Limited acquired the Chubb Corporation, and adopted the name Chubb Limited.
*Information from Forbes.com, Wikipedia.org, and acelimited.com.
**Video published on YouTube by “rung2517“