ACE expands its Surety Practice into Continental Europe; Appoints Luc Reuter as its Leader

ACE Group today announced the appointment of Luc Reuter as Senior Vice President and Head of Surety, Europe as it expands its international surety capabilities into its Continental Europe region.

Based in Frankfurt, Luc will develop and direct a surety practice serving clients across Europe with their domestic and international surety needs through ACE’s global network of operations in 53 countries. He will report directly to Joseph Clabby, Regional President, Continental Europe, based in Paris and Stephen Haney, President ACE Surety, based in Philadelphia. The appointment is effective 3 September 2012.

Designed to meet the needs of ACE’s European domestic and multinational clients, ACE will offer a range of surety products throughout the ACE Global network, including but not limited to:

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

Luc has extensive financial services experience including 12 years of underwriting Credit and Surety. He joins ACE from Zurich Insurance Group where he developed and directed the company’s European surety business as Head of Credit and Surety for Europe. Luc is also a former Chairman of the Surety Committee of the International Credit Insurance & Surety Association (“ICISA”).

Joseph Clabby, Regional President, Continental Europe at ACE said:

“Across Continental Europe, we are investing in a number of key business areas where we can leverage ACE’s global expertise and competitive strength to build local capability. Launching a surety practice is the latest exciting development in that strategy, helping us to deliver a superior range of risk solutions for our domestic and multinational European clients.”

Stephen Haney, President ACE Surety, added:

“Through its global partnership network, ACE has a proven ability to meet our clients’ surety needs, wherever they are in the world. I am therefore delighted that someone of Luc’s caliber and experience is joining us to expand our surety proposition for European companies beyond our successful UK operation. As a recognized global surety expert, his considerable knowledge and extensive market experience will be a real asset to our international offering.”

About ACE:

The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 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.

Contact:

Grayling
Louise Naqvi,
+44 (0)20 7592 7924
louise.naqvi@grayling.com