News Releases

LONDON--(BUSINESS WIRE)--Third graph, first sentence of release dated June 7, 2012, job title should be Commercial Underwriting Manager of ACE Arabia Cooperative Insurance Company (sted Commercial Underwriting Manager for ACE Group).

The corrected release reads:

ACE ANNOUNCES MANAGEMENT APPOINTMENTS IN MENA REGION

***Vijay Raghaven promoted to CEO, ACE Arabia***

*** Ian Morrison promoted to Chief Underwriting Officer, ACE Arabia ***

***John Ambrose appointed to newly created role of Construction Manager, MENA***

ACE Group today announced several appointments within its Middle East and North Africa (MENA) region, as it continues to strengthen its management and underwriting teams across those emerging insurance markets of strategic importance to its Europe, Middle East and Africa (EMEA) business.

Vijay Raghaven has been promoted to CEO of ACE’s joint venture operation in Saudi Arabia, ACE Arabia Cooperative Insurance Company. With over 30 years of underwriting and insurance industry experience, Vijay joined ACE in 1994 and has served the business in a number of key roles in that country. He has been Interim CEO of the joint venture company since December 2011.

At the same time, Ian Morrison, Commercial Underwriting Manager of ACE Arabia Cooperative Insurance Company, has been promoted to the position of Chief Underwriting Officer of ACE Arabia Cooperative Insurance Company. Ian has been with ACE for the past 12 months of a career which spans almost 30 years in the insurance industry and includes experience on both the underwriting and brokerage sides of the business. He joined the company from RSA, where he was a Technical Lines underwriter for five years.

These changes take place with immediate effect.

In addition, John Ambrose has been appointed to the newly created role of Construction Manager for MENA as ACE further strengthens its expertise in this sector. John will be based with the ACE team at the Dubai International Financial Centre (DIFC). He joins ACE from Liberty where he was Senior Manager Construction at the DIFC, having moved to Dubai from India to join Allianz in 1999. He will report to David Walters, Head of International Construction, ACE Overseas General and to Steve Dixon. This appointment takes effect immediately.

Steve Dixon, Regional Managing Director, MENA, said:

“We expect MENA’s insurance markets to grow strongly in the years ahead and these appointments will support ACE’s strategy for growth. Vijay Raghaven and Ian Morrison are insurance industry professionals of the highest calibre and, under their leadership, ACE Arabia will be in extremely capable hands and well placed for further expansion.”

“Across MENA more generally, we believe construction will be one of the insurance market’s fastest growth segments, driven by the huge investment in infrastructure projected across much of the region. John Ambrose’s deep experience in construction insurance will be invaluable as we further build on ACE’s expertise and reputation in this key sector for the future.”

About ACE:

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.

Visit http://www.acegroup.com/eu for further information.