ACE INA UK Announces 2003 Half-Year Results

July 22, 2003

ACE’s creation of a unique London-based trading floor is paying considerable dividends for ACE INA UK Limited, the newly re-authorised business of the ACE European Group.

Results for the first six months of trading reveal that ACE INA UK Limited has written over $175 million of gross written premium income, an impressive performance for a start up company.

“In only six months, the combination of ACE’s underwriting expertise and the unique Leadenhall Street trading floor, with its state of the art technology, have proved popular with brokers. ACE has brought a fresh, innovative approach to the industry, that is unrivalled by our competitors,” Gary Schmalzriedt, president and CEO of the ACE European Group said.

With an A+ rating from Standard & Poor’s, and regulated by the FSA, the re-authorisation of ACE INA UK Limited forms a central part of the ACE Group’s long-term strategy to strengthen its London-based European platform.

“ACE already has a significant presence in the London market thanks to its established Lloyds syndicate 2488 (ACE Global Markets) and ACE Europe. However, ACE INA UK is now the preferred provider for UK and Continental based insurance risks and global reinsurance risks currently written through ACE Global markets. The establishment of ACE INA UK provides the ideal platform from which we can further grow our European business,” Schmalzriedt continued.

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