ACE Group

Founded less than 30 years ago, Ace group started out with just six employees, all of whom working in its first office in Hamilton. It is thanks to a series of takeovers and mergers that the group has become one of the global insurance leaders. ACE, which is active in 170 countries, has currently 19 000 employees, more than fifty companies and regional offices in 54 countries.

It all started in 1985, when ACE Limited and its subsidiary “ACE Bermuda” were set up in Hamilton (Bermuda) by a consortium of 34 companies. Initially, the group had as main objective to fill in the lack of capacity in third party liability insurance, particularly the one applying to directors and officers.
Starting out as a simple mono-line insurer, ACE managed in less than three decades to undergo successive periods of consolidation and expansion, becoming a market’s giant.

Evan Greenberg John Keogh
Chairman and CEOVice-chairman

ACE Group in 2012

32.600 billion USD
21.593 billion USD
Total assets
92.545 billion USD
Shareholder's equity
27.531 billion USD
6th global insurer for P&C insurance
Net profit
2.706 billion USD
Combined ratio
Number of subsidiaries & representation offices
Number of employees
19 000
Territorial scope
170 countries


Chairman and CEO
Evan Greenberg
Vice chairman, Chief Operating Officer & chairman of Overseas General insurance segment
John Keogh
Chairman of North America insurance segment
John Lupica
Chairman of the Reinsurance segment
(ACE Tempest Re Group)
Jacques Bonneau
Chairman of ACE Life
Russell Bundschuh
Chairman of the Life segment & executive vice- president of Accident & Health and Life
Edward Clancy

Main shareholders

BlackRock, Inc.
Capital World Investors
Wellington Management Company

ACE Group: main highlights

Various steps and acquisitions have marked this exceptional course.

Establishment of ACE, Hamilton (Bermuda). ACE Bermuda underwrote its first policy.
Opening of the first office in Hamilton with six employees.
Getting listed in the New York Stock Exchange.
Purchase of Corporate Officers & Directors Assurance (CODA).
Acquisition of the reinsurer Tempest Re (Bermuda) and two management agencies  belonging to  Lloyd's : Ockham Worldwide and Methuen Underwriting.
Establishment of Sovereign Risk Insurance, which specializes in underwriting political risks
 Ace began started operating in Europe from Ireland.
Acquisition of Westchester Fire Insurance Company (United States), CAT Limited (United States) and Tarquin Ltd ( United Kingdom). Establishment of ACE Global Markets.
Acquisition of CIGNA (United States) for 3.45 billion USD and Capital Re (United States).
Purchase of 51% of Egyptian American Insurance Company (EAIC)’s capital. 
Strategic partnership with China's Huatai Insurance Company.
Establishment of ACE European Group headquarters in London.
Establishment of ACE Captive Solutions, ACE Risk Management International, ACE Financial Solutions Europe and ACE Financial Reinsurance Europe.
License granted to market life insurance in China, Vietnam and
non-life insurance in Russia and Poland.
Opening of an office in South Africa and the acquisition of Hart Life Insurance (U.S.A).
Opening of a branch in Vietnam and Hungary and the Czech Republic.
Starting ofinsurance operations in Bahrain.
Transfer of ACE headquarters to Zurich (Switzerland).
Takeover of Combined Insurance Company of America.
Opening of an office in Turkey.
Acquisition of Rain and Hail Insurance Services, Jerneh Insurance Berhad (Malaysia).
Purchase of the life portfolio of New York Life in Korea and Hong Kong.
Acquisition of Penn Millers (American insurer specializing in agriculture) and Rio Guayas (Ecuador). Opening of a representation office in Dubai International Financial Centre. 
Acquisition of 80% stake in Asuransi Jaya Proteksi (Indonesia).
Opening of an office in Ukraine.
Acquisition of two Mexican insurers ABA Seguros and Fianzas Monterrey.
Opening of an office in Tunis (Tunisia).


Standard & Poor’s
AA- Positive
A.M. Best
Fitch Ratings
Aa3, A1Stable

Group’s structure

Ace provides a variety of insurance and reinsurance products and a range of services across various operating units.

The group's activity is centered around four poles.

  • Insurance - North America: The North American segment gathers the companies ACE USA, ACE Agriculture, ACE Westchester, ACE Bermuda, ACE Private Risk Services and ACE Commercial Risk Services.
  • Insurance - Overseas: entity entrusted with the marketing of a wide range of non-life products designed for corporate and individuals in more than 50 countries outside North America. This pole consists of three entities:
    • ACE International which is organized around four areas: Pacific Asia, Latin America, the Far East and EMEA (Europe, Middle East and Africa).
    • Combined Insurance, a member company of the group since 2008, provides additional and customized insurance products designed for middle income consumers in Europe, Latin America and Pacific Asia.
    • ACE Global Markets, an entity which provides additional capacity for non-life, accident and health business from the London market. It operates through ACE Underwriting Agencies (Lloyd's Syndicate 2488) and ACE European Group.
  • Reinsurance: The reinsurance activity is provided by ACE Tempest Re, a unit that includes four entities: ACE Tempest Re Bermuda, ACE Tempest Re USA, ACE Tempest Re Canada and ACE Tempest Re International which includes non-life reinsurance (Property & Casualty) operations based in London, Sao Paulo and Zurich. Ace Tempest Re is also present in Brazil and China through Lloyd's.
  • Life, through ACE Life, an entity in charge of the management and marketing of life business which consists of two companies: ACE Life for direct insurance and Ace Tempest Life Re, providing life reinsurance solutions.

ACE in the Middle East and Africa

The Middle East and Africa portfolio is managed by ACE European Group. Based in London, this entity employs 2 600 people and operates in 28 countries including five in the Middle East (Bahrain, Egypt, Saudi Arabia, Pakistan and the United Arab Emirates) and two in Africa (South Africa and Tunisia). Established in 2008 in Bahrain, the ACE MENA regional office coordinates the non-life activity in the Middle East and North Africa while providing technical assistance services. This office is headed by Steve Dixon who is in charge of the Middle East and Africa region.

Presence of ACE in Africa

The group’s presence in Africa dates back to 1999, when the South African portfolio of the American insurer, CIGNA, was acquired. The establishment of ACE South Africa has been in effect since July 2006.

In September 2013, a new branch was opened in Africa. Based in Tunis (Tunisia), this 54 th regional entity covers all the Maghreb countries and underwrites a wide range of reinsurance facultative risks. It is run by Kamal Kaabi.

Presence of ACE in the Middle East and Africa
CountryCompany or subsidiary nameDate of establishment
ACE American Insurance Company Bahrain Branch
Creation in  2008  
ACE Insurance Company Egypt
Creation in 2001 CEO: Ghassan Wazen
ACE Insurance Limited
Purchase in 1999 of the company CIGNA
Saudi Arabia
ACE Arabia Cooperative Insurance Company
Purchase in 1999 of the company CIGNA
Dubai, U.A.E
ACE Insurance Management (DIFC)
Establishment in 2011 of a representation office in Dubai International Financial Centre
South Africa
ACE South Africa 
Creation in 2006
ACE American Insurance Company Tunisia Branch
Creation in 2013 Manager: Kamal Kaabi
Main technical higlights: 2008 - 2012

in millions USD

Gross written premiums
19 24219 16419 51120 83121 593
Written premiums net of reinsurance
13 08013 29913 70815 37216 075
Net earned premiums
13 20313 24013 50415 38715 677
Net incurred losses
7 6037 4227 5799 5209 653
Management expenses
1 7371 8111 8732 0682 096
2 1352 1302 3452 4722 446
Management expenses ratio
Commission ratio
Net loss ratio
Combined ratio
Net investment income
2 0622 0312 0702 2422 181
Net result
1 1972 5493 0851 5402 706
Evolution of premiums, losses and results

in millions USD

Evolution of ratios

Breakdown of net earned premiums per class of business: 2008-2012

in millions USD

Property damage & others
3 9544 0233 5003 7704 10126.2%8.8%
--3981 9421 87211.9%-3.6%
5 8385 5875 7525 3405 29233.8%-0.9%
Total non life
9 792 9 610 9 650 11 052 11 265 71.9% 1.9%
Personal accident & health
2 9493 1033 2433 4713 49922.3%0.8%
Total life
3 411 3 630 3 854 4 335 4 412 28.1% 1.8%
Grand total
13 20313 24013 50415 38715 677100%1.9%
Breakdown of net earned premiums per class of business in 2012

Breakdown of gross written premiums per region in 2012

Breakdown of premiums per segment of activity and per class of business in 2012

in millions USD

 North America%Overseas insurance%Life 1%Reinsurance%Group’s total%
Property damage & others
3 24254.3%2 23637.4%--4958.3%5 973100%
3 40664.4%1 37926.1%--5079.5%5 292100%
3718.4%2 12548.2%1 91643.4%-0.0%4 412100%
7 019 44.8% 5 740 36.6% 1 916 12.2% 1 002 6.4% 15 677 100%

1 including life, accident and health.

Main indicators per segment of activity in 2012

in millions USD

 North America%Overseas insurance%Life 1%Reinsurance%Corporate & others%Group’s total%
Written premiums  net of reinsurance
7 20844.8%5 86336.5%1 97912.3%1 0256.4%--16 075100%
Net earnedpremiums
7 01944.8%5 74036.6%1 91612.2%1 0026.4%--15 677100%
Incurred losses
5 62658.3%2 86229.6%6116.3%5535.7%10.1%9 653100%
60128.7%93544.6%32815.6%512.4%1818.6%2 096100%
58624.0%1 35355.3%33413.6%1727.0%10.1%2 446100%
Managementexpenses ratio
8.3%-15.9%-16.6%-5.0%-  13.0% 
Commission ratio
8.1%-23.1%-16.9%-16.8%-  15.2% 
Net loss ratio
80.2%-49.9%-31.9%-55.2%-  61.6% 
Combined ratio
96.6%-88.9%-65.3%-76.9%-  89.8% 
Net investment income
1 09150.0%52123.9%25111.5%29013.3%281.3%2 181100%
Net result
1 13642.0%1 07339.7%2358.7%51819.1%-256-9.5%2 706100%


Bärengasse 32, 8001 Zurich, Switzerland
(+41) 0 43 456 7600

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