|[December 05, 2012]
ACE USA Restructures Global Property Division
PHILADELPHIA --(Business Wire)--
ACE USA, the U.S.-based retail operating division of The ACE Group,
today announced a reorganization within the company's Global Property
division. The division will now include three property insurance units
designed to serve the needs of domestic and multinational businesses.
The Commercial Property, Specialty Catastrophe, and Complex
Multinational Property units report directly to Paul McNamee, Division
President, ACE Property and Specialty, North America.
The Commercial Property unit focuses on the risk transfer needs of
domestic and multinational clients nationwide. Through nine regional
offices across the United States, this group provides significant risk
and catastrophe capacity to a broad range of clients in both industry
and scale. This unit focuses on the distribution of our core property
products through our retail distribution partners across the country.
Brian Church, Senior Vice President, has been promoted to lead the
Division's Commercial Property Unit on a nationwide basis.
ACE's Specialty Catastrophe unit focuses on solutions for clients where
traditional property insurance doesn't match their unique needs or where
deductibles levels have exceeded the client's appetite for risk, often
brought about through significant losses or changes in industry models.
Using innovative design to maximize catastrophe protection and minimize
the impact of market cycles for customers, products are developed with a
client focus. These products range from flood reinstatement protection
to named storm deductible buy downs, multi-year agreements, and
parametric triggered coverage for concentrated catastrophe exposure.
Jeremiah Konz, Senior Vice President, will lead the Specialty
Catastrophe group, in addition to his current role as Senior Vice
President, Ceded Reinsurance, where he is the lead buyer of reinsurance
for ACE's Property and Specialty division in North America.
The Complex Multinational Propert unit provides specialized fronting
and captive solutions to large multinational customers and offers an
experienced team of professionals with multinational expertise, superior
technical program design, competitive fronting service fees, and
competitive credit terms where applicable. ACE's secure, web-based
WorldviewSM client portal is used to implement, service, and
manage multinational programs across a global network of owned offices
in 54 countries and partner companies in 126 countries. Eric Stoer,
Senior Vice President, will continue to head the Complex Multinational
"The restructuring of the property division into these three units
underscores ACE's commitment to provide customers and brokers with a
broad range of specialty products and services. Brian, Jeremiah and Eric
have been instrumental in the development and execution of our property
strategies across North America, and are well positioned to bring all of
ACE's resources to bear for customers and brokers through this new
structure," said Mr. McNamee.
In his eight years with ACE, Mr. Church has held various positions of
increasing responsibility in underwriting and executive management. Most
recently he was responsible for overseeing the Eastern Zone Property
operations encompassing the Northeast, New York, Mid-Atlantic, and
Southeast regions. Prior to joining ACE, he held underwriting positions
with other large global carriers. Mr. Church will continue to be based
in New York City.
Mr. Konz joined ACE in June 2012. With 13 years of technical property
catastrophe expertise, he is able to utilize his analytics background in
reinsurance to lead the underwriting and new product development in the
Specialty Catastrophe Unit. Mr. Konz will be based in Eden Prairie, Minn.
Mr. Stoer has more than 16 years of experience in the global property
and marine arena, having joined ACE in 2006. Prior to his current role,
he most recently served as Vice President, Global Account Manager for
ACE USA Property and Specialty Lines. Prior to joining ACE, Mr. Stoer
focused on global and national business for retail and wholesale brokers
in his role as an underwriting team manager for a global insurance
company, and as global property & foreign casualty broker and account
manager for a global broker, based in New York City. He also served as
an account team manager at a national marine claims adjusting company.
Mr. Stoer will continue to be based in New York City.
ACE Property and Specialty Lines Division, part of North America
Property, offers comprehensive management solutions for the property,
marine, inland marine, energy and aviation insurance needs of U.S.-based
companies, ranging from mid-size domestic to large multinational, as
well as provide customized fee-for-service engineering consulting for
long-term client loss control solutions. North America Property &
Specialty is comprised of ACE's property-related products and services
cross the company's North American franchises: ACE USA, ACE Canada and
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 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. Additional information can be found at: www.acegroup.com.
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