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HAMILTON, Bermuda--The ACE Tempest Re Group at ACE Ltd. has created a Canadian subsidiary to write property/casualty reinsurance in Canada.
The Montreal-based unit, ACE Tempest Re Canada, was established to better serve the company's Canadian clients, the company said in a statement.
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 of London-approved coverholder and can offer its clients access to syndicate 2488, a wholly owned ACE syndicate also licensed and admitted in Canada.
Constantin Petalas has been appointed president of the new operation. He most recently served as chief executive officer and chief underwriting officer of AXA Re Canada.