ZURICH--Apr. 1, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) today announced it has completed the acquisition of the Fireman’s Fund high net worth personal lines insurance business in the United States. The acquisition, announced in December 2014 and valued at $365 million, expands ACE’s position as one of the largest high net worth personal lines insurers in the U.S.
The Fireman’s Fund business is being integrated into ACE’s existing high net worth personal lines business, ACE Private Risk Services, which offers a broad range of coverage including homeowners, automobile, umbrella and excess liability, collectibles and yachts. The acquisition brings to ACE Private Risk Services access to more than 120,000 premier personal lines customers; over 500 talented claims, underwriting, actuarial, operations and sales and marketing professionals; and relationships with 1,500 brokers and agents.
“All of us at ACE, including our new colleagues who join us today from Fireman’s Fund, are excited to complete this acquisition and focus our combined experience, capabilities and relationships on helping high net worth individuals and families protect their assets and enhance their security,” said Juan Andrade, Executive Vice President, ACE Group, and Chief Operating Officer of ACE Overseas General. “We believe we have created the finest high net worth personal lines insurer, with superior service standards, talented professionals and increasing global reach. Together, and in partnership with independent agents and brokers, our team is working to provide an even higher level of service to meet the sophisticated insurance needs of clients, wherever they might be around the world.”
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 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 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.
Cautionary Statement Regarding Forward-Looking Statements:
All forward-looking statements made in this press release, related to the acquisition of the Fireman’s Fund high net worth personal lines business, post-acquisition integration or performance, or otherwise, reflect ACE’s current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially. These statements could prove incorrect if the acquired business were to perform differently than currently expected by ACE or if anticipated expense-related efficiencies and other integration objectives are not realized. More generally, the businesses of ACE could be affected by competition, pricing and policy provision trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors.