The Bermuda-based ACE Tempest Re Group, an independent division of ACE Limited, announced the establishment of ACE Tempest Re Canada, a wholly owned managing underwriter that will write all lines of property and casualty reinsurance for the Canadian market. The Montreal-based operation will be headed by President Constantin Petalas with responsibility for leading ACE Tempest Re Canada’s development and growth.
“The establishment of ACE Tempest Re Canada recognizes ACE’s goal to better serve the Canadian insurance market and offer Canadian clients the products and services they require to address their business needs,” stated Jacques Bonneau, ACE Tempest Re’s President & CEO.
“We are delighted to have Constantin joining us to head up the new operation,” he continued. “His leadership and market experience will be a great asset in leading our business development
Petalas brings to ACE over 25 years of diverse experience in the reinsurance arena. He most recently served as CEO and Chief Underwriting Officer of Axa Re, Canada. Prior roles include chief executive positions at Axa Corporate Solutions Assurance Canada and Axa Re Latin America. He is a Canadian citizen, with a bachelor’s degree in economics and an MBA from McGill University.
ACE Tempest Re Canada is authorized to write reinsurance on behalf of ACE’s licensed and admitted Canadian insurance companies. In addition, ACE Tempest Re Canada is a Lloyd’s approved coverholder and can offer its clients access to Syndicate 2488, a wholly owned ACE syndicate, also licensed and admitted in Canada.
The bulletin also noted that John A. Rausch, formerly Senior VP-Property at ACE Tempest Re USA, provided interim leadership for ACE Tempest Re Canada’s establishment since October 2006. He will continue to support Petalas for the short-term as he transitions into his new role.
“John has made a major contribution to the Canadian operations and has done an outstanding job of spearheading the development of the ACE Tempest Re Canada office,” Bonneau stated. “He will continue in his role for an interim period and assist with the continuing development of the Canadian reinsurance portfolio.”
Was this article valuable?
Here are more articles you may enjoy.