ACE European Group (ACE) and has opened a new branch office in Kiev, Ukraine as part of expanding its operations across Europe as well as to build its profile and relationships with the Ukraine insurance market.

The new office will lead ACE’s research as it considers future opportunities to participate in Ukraine’s property and casualty insurance sector and will act as a liaison office for ACE’s multinational clients.

Yuriy Shustyk has been appointed as head of the new representative office.

Prior to ACE, Shustyk served as an executive director at Aon Risk Solutions.

Shustyk said that the economy of Ukraine has increased by almost 5% last year, and expects it to remain positive in future as well.

ACE European Group chairman Andrew Kendrick said that the firm had been steadily expanding its footprint in Europe from 16 to 22 territories since 2005.

"This latest step in its steady expansion underlines their long-term commitment to the region’s emerging insurance markets. As a global insurer operating in 53 countries worldwide, it will also further enhance our ability to serve multinational clients in an increasingly connected world," Kendrick added.