ACE Global Markets Appoints Claims Director
HAMILTON, Bermuda,
February 24, 1999
ACE Global Markets Limited, a subsidiary of ACE Limited (NYSE:ACL), announced today that Mr. Peter Murray has been appointed to the position of Claims Director. Mr. Murray’s appointment will be effective as of 10th May, 1999.
Peter Murray joins ACE from the Lloyd’s Claims Office (LCO) where he was Head of Non-Marine Claims, a position he had held for the last two years. Prior to that appointment, Mr. Murray was Manager and Adjuster Liability Claims at the LCO, having worked in the Lloyd’s insurance market for over 20 years.
John Charman, Chief Executive Officer, ACE Global Markets, said, "We are delighted to have attracted someone of Peter’s reputation and experience to lead our integrated claims function. He brings with him the requisite skill sets to complement our underwriting expertise. This appointment reaffirms ACE’s commitment to provide the highest possible level of service to our clients through the promotion and recruitment of top calibre individuals."
ACE Global Markets manages one of the largest managing agency groups at Lloyd’s with approximately £635 million of capacity.
On January 12, 1999, ACE Limited agreed to acquire the international and domestic property and casualty businesses of CIGNA Corporation (NYSE:CI) for US$3.45 billion in cash. The transaction, which is subject to receipt of necessary regulatory approvals and other customary closing conditions, is expected to be completed by the end of ACE’s fiscal 1999 third quarter.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd’s) and the Republic of Ireland. At December 31st 1998, ACE Limited had approximately $8.8 billion in assets and $3.9 billion in shareholders’ equity.
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