Multiline property and casualty insurer ACE Group has launched a new business unit, ACE International Excess (AIE), for Asia Pacific region.
The new business unit was developed based on ACE Bermuda International, and will provide commercial property insurance on an excess basis for large firms in the Asia Pacific region.
AIE will be supported by the financial strength of Singapore-based ACE Insurance. Troy Sexton will act as regional head of the new business unit and report to deputy regional president and property and casualty regional head Paul McNamee.
McNamee said: "With the Singapore market growing as the regional hub for Asia Pacific, this is an opportune time to have someone of Troy’s caliber in Singapore to lead this important initiative.
"We are particularly fortunate to have Troy in this role given the depth of his experience gained from both his stint in Europe and, more recently, his time as strategic property manager, Asia Pacific."
The new unit will provide all-risk coverage on a follow form basis, including property damage and business interruption, as well as natural catastrophe covers.
It will also provide power generation, on-shore energy and mining covers, in addition to engineering insurances such as erection all risk, construction all risk and boiler and machinery.
ACE Bermuda executive vice-president Rob Rebellato said: "As ACE Group continues to expand its high excess property portfolio geographically, having an underwriting unit in the Asia Pacific region will improve our access to that growing market-place and enable us to service our clients and brokers more effectively."
Image: ACE North American headquarters at Philadelphia. Photo: courtesy of William Taufic 2010.