ACE Establishes New Business Region, Eurasia &
Named Regional President to Lead Operations
NEW YORK--(BUSINESS WIRE)--ACE Group announced today that it has established a new business region, Eurasia & Africa, as part of its Overseas General division, which is the general insurance operations of the company outside North America. With regional headquarters to be based initially in London, the new region includes ACE’s existing operations in nine countries – Russia, Turkey, Bahrain, Egypt, Saudi Arabia, United Arab Emirates, Pakistan, Tunisia and South Africa – and will encompass future expansion in a broad swath of territory that stretches from the Black Sea to the Middle East to the African continent.
“The developing and emerging nations of the Eurasia & Africa region represent a potentially significant long-term growth opportunity for ACE”
To lead the new region, Giles Ward has been appointed Regional President, Eurasia & Africa, effective April 15. Currently Country President for ACE in Australia & New Zealand, Mr. Ward will be responsible for the management and business development of ACE’s commercial property and casualty, accident and health and personal lines operations in the region. Mr. Ward will report to John Keogh, Vice Chairman and Chief Operating Officer, ACE Limited, and Chairman, Insurance – Overseas General.
“The developing and emerging nations of the Eurasia & Africa region represent a potentially significant long-term growth opportunity for ACE,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited. “We are optimistic about the long-term future of these vast and varied areas of the world because their economies are growing at twice the GDP rate of developed markets while insurance penetration in these countries is less than half of the world average. Over time, we plan to make the right, appropriate commitment of resources to the countries in this part of the world, and we will leverage our global talent, product expertise and infrastructure to take advantage of opportunities created by their emerging middle class populations and growing commercial exposures.”
“We are pleased to have a proven leader in Giles to head our business in this region,” said Mr. Keogh. “With over 25 years of industry experience, Giles has held senior management roles across the Asia Pacific and Middle East regions. He has demonstrated a keen ability to build strong, sustainable insurance businesses, in both emerging and developed markets, and he is a seasoned executive who knows the ACE model well including our culture, focus on underwriting discipline, risk management acumen and excellence in claims.”
Mr. Ward joined ACE in 2006 to lead the company’s business in the Middle East and North Africa after 17 years in the insurance industry. In 2010 he was appointed to his current role as Country President of Australia and New Zealand. Prior to joining ACE, Mr. Ward held various country and senior leadership positions for AXA Insurance in Malaysia, and for Guardian Insurance in Thailand, the Philippines and Indonesia.
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. 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 the Eurasia & Africa business region, 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 potential growth of the Eurasia & Africa business could prove incorrect if market conditions change or do not develop as anticipated. 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.