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Ace fourth-quarter income drops on variable annuity reinsurance accounting

By: Matthew Lerner

Published January 28, 2015 - 10:32am CST

Ace Ltd.'s fourth quarter 2014 net income dropped 44.4% from the same period a year earlier to $555.0 million as earnings were hit by, among other factors, accounting charges related to the company's variable annuity reinsurance business that also hit yearly profits, the company said Tuesday.

The 2015 Innovation Awards winners
are …

Published January 23, 2015 - 3:14pm CST

Business Insurance on Friday announced 10 winners of the 2015 Innovation Awards, the publication's recognition program for products and services designed for use by professional risk managers.

Ace buying Fireman's Fund high-net-worth business for $365 million

By: Shelby Livingston

Published December 18, 2014 - 3:19pm CST

Ace Ltd. on Thursday announced it has signed an agreement to acquire the Fireman's Fund Insurance Co.'s U.S. high-net-worth personal lines insurance business from Munich-based Allianz S.E. for $365 million.

Corporate culture key to workplace gender equality, diversity: Speakers

By: Matt Dunning

Published December 10, 2014 - 9:19am CST

NEW YORK — As companies formulate strategies for promoting gender equality and diversity in the workplace, it is critical that the programs they put in place to achieve that end match their overall corporate culture, a panel of experts said on Tuesday.

Insurers, U.K. government working to improve cyber security

By: Sarah Veysey

Published November 05, 2014 - 10:02am CST

LONDON — The U.K. government and a group of leading insurers pledged Wednesday to work together to find ways to better improve cyber security and to develop cyber insurance products and services available for businesses.

Ace reports lower net income in third quarter

By: Matthew Lerner

Published October 22, 2014 - 9:11am CST

Ace Ltd. reported third quarter net income of $785.0 million, down 14.2% from the same period last year as adjusted net realized losses of $106 million blunted gains in premiums and investments, the company announced Tuesday.

Ace excludes Ebola claims for some new and renewal general liability policies

By: Douglas McLeod

Published October 21, 2014 - 2:55pm CST

Ace USA confirmed Tuesday that it will exclude coverage for Ebola claims under new and renewal general liability polices issued to companies that have exposures to certain African countries.

Multinational insurance programs attracting European risk managers: Study

By: Sarah Veysey

Published September 24, 2014 - 9:27am CST

LONDON — A majority of European risk managers expect their use of multinational insurance programs to increase over the next three years, according to a study by Ace European Group Ltd.

Fitch downgrades Ace Russia's insurer financial strength rating

By: Mark A. Hofmann

Published August 04, 2014 - 12:31pm CST

Fitch Ratings has downgraded Moscow-based Ace Insurance Co. CJSC's insurer financial strength rating to “BBB” from “BBB+” with a negative outlook, London-based Fitch Ratings Ltd. said Monday.

Property/casualty insurers held strong reserves in first quarter: Report

By: Matthew Lerner

Published July 30, 2014 - 12:47pm CST

Property and casualty insurers continued to show favorable reserve development during the first quarter of 2014, according to an analysis of statutory data by SNL Financial L.C., the company said in a statement Wednesday.

Ace net income down 12.5% in 2nd quarter

By: Matthew Lerner

Published July 22, 2014 - 4:29pm CST

Net income declined 12.5% to $779.0 million at Zurich-based Ace Ltd. as the company's agriculture activities weighed upon results.

Insurers need to adapt to buyers' changing needs: IIS speakers

By: Gavin Souter

Published June 23, 2014 - 2:50pm CST

LONDON — The insurance industry needs to evolve to remain relevant to risk managers and their corporations, a group of industry executives said.

Ace offers global executive risk coverage for multinational firms

By: Kate Shepherd

Published June 12, 2014 - 4:44pm CST

Ace Ltd. has launched a global directors and officers liability insurance proposition for multinational organizations.

Ace's first quarter net income down 23% from same time in 2013

By: Mark A. Hofmann

Published April 29, 2014 - 4:05pm CST

Ace Ltd.'s net income for the first quarter of this year dropped 23.0% over that of the first quarter of 2013 to $734 million, Ace reported Tuesday.

Ace launches global cyber risk practice led by Toby Merrill

By: Kate Shepherd

Published April 04, 2014 - 1:38pm CST

Ace Ltd. has launched its global cyber risk practice, naming Toby Merrill as its leader, the insurer said Friday.

Ace unit ordered to pay $11.3M in environmental liability case defense

By: Judy Greenwald

Published March 28, 2014 - 1:33pm CST

A federal judge in Louisiana has ordered an Ace Ltd. unit to pay an energy company $11.3 million in defense costs and attorneys fees, stemming from an environmental liability policy dispute.

Ace expands environmental crisis management coverage in Europe

By: Kate Shepherd

Published March 18, 2014 - 2:28pm CST

Ace Ltd. has expanded its environmental risk insurance program to add crisis management coverage, the insurer said Tuesday.

Ace USA launches catastrophe liability policy for construction

By: Kate Shepherd

Published February 24, 2014 - 2:50pm CST

Ace USA, a unit of Ace Ltd., has launched the Ace catastrophe liability plus policy for the construction industry, the insurer said Monday.

Ace reports sharp increase in fourth-quarter profit

By: Mark A. Hofmann

Published January 28, 2014 - 4:58pm CST

Ace Ltd. posted fourth-quarter net income of $998 million, up 30.5% from the same period last year, the Zurich-based insurer said Tuesday.

Target has $100M of cyber insurance, $65M of D&O cover: Sources

By: Judy Greenwald

Published January 14, 2014 - 3:05pm CST

Target Corp. has at least $100 million of cyber insurance, including self-insured retentions, and $65 million of directors and officers liability coverage, according to insurance industry sources.

Sandy Weill, ex-Citigroup CEO, tapped to chair Bermuda reinsurer

By: Mark A. Hofmann

Published January 09, 2014 - 4:29pm CST

Sanford I. “Sandy” Weill, former CEO and chairman of Citigroup Inc., has been named chairman of Hamilton Insurance Group Ltd.'s board of directors, Hamilton said Thursday.

Lack of settlement consent relieves Ace in construction claims dispute

By: Judy Greenwald

Published December 17, 2013 - 1:33pm CST

A construction joint venture is not entitled to liability coverage under its Ace American Insurance Co. policies because it failed to first obtain the insurer's consent before settling litigation, as required under those policies, says an appellate court.

Ace launches construction catastrophe claims services

By: Kate Shepherd

Published December 13, 2013 - 2:06pm CST

Ace USA has launched catastrophe claims services designed for the construction industry, the insurer said Friday.

Former Marsh CEO re-emerging to run Bermuda reinsurer

By: Matthew Lerner

Published December 10, 2013 - 12:05pm CST

Brian Duperreault, the high-profile insurance industry leader who led the turnaround of Marsh & McLennan Cos. Inc., is coming out of retirement to run a Bermuda reinsurance firm.

Workplace diversity leads to overall success: Women to Watch panel

By: Matt Dunning

Published December 03, 2013 - 2:57pm CST

NEW YORK — In addition to full-throated support at the top rungs of the corporate ladder, success in promoting workforce diversity requires a companywide culture of inclusiveness and formalized program structuring, according to a panel of senior insurance executives.

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