LONDON--()--ACE Group today announced that it has begun underwriting energy risks through Syndicate 2488 at Lloyd’s of London as part of its growing global portfolio.
ACE will write offshore risks on a global basis and will write onshore risks on a global basis excluding North America. The new Lloyd’s offering will complement ACE’s existing energy portfolio, which is written in the London company market and worldwide. The initiative is part of ACE’s commitment to extending its presence in this sector, particularly in the oil and gas markets.
Matthew Shaw, President, ACE Global Markets and Active Underwriter for Syndicate 2488, said:
“ACE is one of the few truly global players, and one of the largest capacity providers, in the energy market. Adding the Lloyd’s platform enables us to offer Lloyd’s brokers a comprehensive solution to clients with large, complex and multinational risks. It also gives us access to new markets that can benefit from our underwriting skills and specialist engineering teams.”
Mairead Dawson, Underwriting Manager, Global Energy, at ACE, said:
“A vast array of energy infrastructure projects have recently come to fruition. The sheer scale of the energy risks created, particularly in emerging markets in South America, Asia and West Africa, has brought a requirement for new expertise and capacity. Our robust underwriting platform and the strength of the global Lloyd’s franchise brings us the opportunity to lead and innovate in these carefully selected markets.”
ACE’s global energy team writes business in North America, South America, Europe, Asia, the Middle East and Africa.
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.