News Releases

MADRID--(BUSINESS WIRE)--ACE Group today announced the launch of a suite of surety products for the Iberian market and the appointment of Javier Torrevejano as Surety Underwriting Manager, Iberia, as it continues to expand its international surety capabilities in its Continental Europe region.

Supported by its global network, ACE will offer a range of surety products for Spanish and Portuguese clients, including:

• Contract bid, performance and advance payment bonds
• Customs bonds
• Bonds to secure legal/regulatory obligations
• Bonds to appeal adverse tax-related and civil judgments

Javier Torrevejano will be responsible for the growth and development of ACE’s surety capabilities in Iberia and support the continued development of ACE’s European surety offering. Javier has over 15 years of experience in the banking and surety industry and joins ACE from a global carrier, where he headed the Spanish surety team in Madrid. He holds a financial management masters degree from Instituto de Empresa and a double degree in business administration andlLaw from Universidad Pontificia Comillas-ICADE. He takes up this newly-created role with immediate effect and will be based in Madrid, reporting to Luc Reuter, Senior Vice President and Head of Surety, Europe.

Luc Reuter, Senior Vice President and Head of Surety, Europe at ACE, said:

“With continuing pressure on financial institutions throughout Continental Europe, we see particular opportunities in the surety market and the expansion of our offering has been welcomed by brokers and reinsurance partners. Our move in to Iberia is a natural extension of the successful strategy we began in 2012, and addresses the rising needs of successful companies exporting abroad. ACE’s AA- rating, worldwide presence and underwriting expertise gives us a strong platform to grow our offering and also provides the security that is of real benefit to our clients.”

Serge Osouf, Interim Country President, Iberia, at ACE, said:

“The addition of surety to our portfolio underlines our commitment to providing a broad proposition for our most significant clients. As one of the most experienced surety underwriters in this marketplace, Javier is well-equipped to help us provide superior cover to large Spanish and Portuguese companies operating in both domestic and international markets “

About ACE:

The 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 the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.

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