New Bermuda Insurer Launched

NU Online News Service, June 4, 4:00 p.m.EST?-ACE Bermuda Insurance Ltd., a subsidiary of ACE Ltd.,announced today they will join forces with another Bermuda company,Freisenbruch-Meyer Group, to create a new local insurancecompany--Freisenbruch-Meyer Insurance Ltd.

Hamilton-based ACE Bermuda is taking a 40 percent equity holdingin the new venture, which will write insurance coverage for thedomestic Bermuda market.

Additionally, ACE Bermuda is taking a 40 percent equity holdingin the managing agency Freisenbruch-Meyer Insurance Services Ltd.,which will provide the underwriting, claims and administrationservices for the new carrier, to be known as FMIL.

ACE Bermuda will also act as the principal reinsurer for FMIL,"providing the company with sound reinsurance protection," thecarrier said.

"We are delighted to have established this partnership with alocally based company of ACE Bermuda's caliber," said MichaelFreisenbruch, president of Freisenbruch-Meyer Group. "ACE Bermuda'sinvestment in FMISL will allow us to grow our current lines ofbusiness in Bermuda as well as expanding the company to develop newproducts to meet the needs of our customers."

ACE Bermuda President and Chief Executive Officer Mark Hermansaid that his company is "committed to Bermuda for the long term,so it was a natural progression for us to partner withlong-established local company Freisenbruch-Meyer Group.

Mr. Herman said Freisenbruch-Meyer has well-respected managementand underwriting teams, and "we are delighted that we can assistthem in meeting their vision of becoming a preeminent force in thelocal Bermuda insurance market."

ACE Bermuda is a subsidiary of ACE Ltd. that offers insuranceproducts and services through Bermuda and non-U.S. basedintermediaries. The ACE Group of Companies provides insurance andreinsurance for a diverse group of clients around the world.

Freisenbruch-Meyer Group, founded in 1980 by MichaelFreisenbruch and Meyer Agencies Ltd., comprises a Bermudian groupof companies formed to provide comprehensive insurance management,broking and agency services to the international and domesticBermudian insurance markets.