Hamilton, Bermuda-based insurer ACE Limited said the ACE Tempest Re Group has established ACE Tempest Re Canada. The wholly owned managing underwriter will write all lines of property-casualty reinsurance for the Canadian market.
ACE said it established the new insurer to better serve the Canadian insurance market with products and services for their business needs.
ACE Tempest Re Canada is authorized to write reinsurance on behalf of ACE's licensed and admitted Canadian insurance companies.
In addition, ACE Tempest Re Canada is a Lloyd's approved coverholder, an issuer of contracts for a Lloyd's syndicate, and can offer its clients access to Syndicate 2488, a wholly owned ACE syndicate, also licensed and admitted in Canada.
ACE also announced that Constantin Petalas was named president of the Montreal-based operation.
Mr. Petalas brings to ACE over 25 years of diverse experience in the reinsurance arena. He most recently served as chief executive officer and chief underwriting officer of Axa Re, Canada.
The ACE Tempest Re Group oversees the reinsurance operations within the ACE Group of Companies.
Additional information about the ACE Tempest Re Group can be found at www.acetempestre.com.
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