ACE Limited, incorporated in Zurich, Switzerland, is the parent company of the ACE Group, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance. ACE operates in 53 countries and territories and in the Lloyd’s insurance market in London. Clients of the ACE Group consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage.
In 2012, the group had $92.5 billion in assets, nearly $21.6 billion of gross written premiums and more than 17,000 employees. ACE trades on the NYSE and is a component of the S&P 500 index. Its core operating insurance companies are rated “AA-” (Very Strong) for financial strength by Standard & Poor’s and “A+” (Superior) by A. M. Best with positive outlooks from both agencies. Fitch rates ACE Limited and its subsidiaries “AA” (Very Strong) for financial strength, “AA-” for issuer default and “A+” for senior debt. Moody’s rates the U.S. companies “A1” and the unsecured loan notes “A3”.
ACE USA provides commercial property insurance and casualty (P&C), risk management and accident and health (A&H) coverages through retail brokers. ACE Agriculture offers crop, farm and agribusiness P&C coverages through agents and brokers. ACE Westchester offers commercial P&C excess and surplus lines through wholesale brokers. ACE Bermuda provides liability, property, political risk coverages and captive programs through large international brokers. ACE Private Risk Services offers high-value personal lines coverages through independent agents and brokers. ACE Commercial Risk Services provides specialty small business coverages through agents and brokers.
ACE International provides commercial P&C, A&H, and traditional and specialty personal lines through retail brokers, agents and other channels in 50 countries outside North America. ACE Global Markets offers commercial P&C excess and surplus lines and A&H sold by wholesale brokers and through Lloyd’s.
ACE Tempest Re offers P&C and life reinsurance sold worldwide by reinsurance brokers.
ACE Life provides protection and savings products through agents, bank assurance and other channels in Asia, Latin America, and the Middle East. Combined Insurance offers personal accident and supplemental health coverages sold by captive agents in North America.
ACE Limited was established in 1985, funded by a group of 34 U.S. companies seeking difficult to obtain excess liability and directors and officers insurance coverage. That year, ACE and its Bermuda subsidiary, incorporated in the Cayman Islands and headquartered in Hamilton, Bermuda, wrote its first insurance policy with John Cox as its President and CEO. In 1987 the company assumed management of Corporate Officers & Directors Assurance Limited (CODA), expanding ACE Bermuda’s product line.
Walter Scott became Chairman, President, and CEO of ACE in 1990 and saw the company listed on the New York Stock Exchange in 1993. Brian Duperreault succeeded Scott in 1994 as Chairman, President & CEO and worked for the next ten years as ACE went through a series of acquisitions and a diversification process that brought the ACE Group of Companies global status. One of the multiple acquisitions made during this time was the global property and casualty business of Cigna Corporation, formerly the Insurance Company of North America, or INA, which was purchased for $3.45 billion in 1999.
In 2004 Evan G. Greenberg became President and CEO of ACE Ltd. In 2004 ACE was also investigated by NY Attorney General Eliot Spitzer for participating in a bid rigging and price fixing scheme with insurance broker Marsh & McLennan.
In 2008, ACE purchased the accident and health insurance provider Combined Insurance Company of America (founded by W. Clement Stone in 1919) from Aon Corporation for $2.56 billion and the high net worth personal lines business of the Atlantic Companies.
Also in 2008, ACE relocated from the Cayman Islands to Zurich, Switzerland. Evan Greenberg described the move as a “natural progression” that would provide ACE with a “better strategic flexibility…and a solid legal and regulatory environment…” The re-domestication was completed in July that year.
In 2010 the ACE company ESIS Inc. was hired by BP to process claims made by the victims of the Deepwater Horizon oil spill.
In 2010, ACE Limited purchased Rain and Hail, LLC for $1.1 billion. Rain and Hail Insurance Service, headquartered in Johnston, Iowa, is an industry leader in crop insurance in the United States.
In 2011, ACE Limited purchased agribusiness insurer Penn Millers.
During 2012, they purchased Indonesian insurer Asuransi Jaya Proteksi.
During 2013, they purchased Mexican Surety Lines Company Fianzas Monterrey and Mexican Personal Lines Insurer ABA Seguros.
ACE donates to Nonprofit organization. ACE INA believes its employees should positively influence the communities in which they work and live. ACE INA will actively support community, environmental, health, human services, educational and cultural nonprofit organizations or institutions in which our employees have an active interest. The Matching Gifts Program is designed to direct a significant segment of Foundation giving by matching individual’s contributions from a $25.00 minimum to a $5,000 maximum.
Donor and recipient eligibility requirements are listed below:
Donor Eligibility: All current full-time US based employees of ACE are eligible to participate in this program. All employees MUST have been with ACE or a predecessor company for at least 6 months at the time of their donation.
Matching Gift Limits: The ACE INA Foundation will match at 100% individual employee charitable contributions to environmental, health, human services, educational and cultural organizations/institutions from a minimum of $25 to an aggregate maximum of $5,000 per calendar year. Both the individual gift and the Foundation gift must be used for the sole benefit of the eligible organization/institution. There is no limit to the number of organizations/institutions for which an employee can request a match. The $25.00 minimum donation applies to the tax-deductible portion only.
Exclusions: Among those organizations or institutions excluded from the Matching Gift Program are: social/fraternal organizations, political/advocacy organizations, religious organizations (however, social services affiliated with religious organizations are eligible), payments for which a benefit is received by the donor (such as tuition payment, fees, membership dues), contributions made in installments, gifts of personal property (except publicly traded securities), fees for publications or ticket payments.
Recipient Eligibility: Institutions must be recognized by the US Treasury Department as nonprofit organizations located in the US and tax exempt under 501 (c)(3) of the Internal Revenue Code to be eligible for consideration under the Matching Gifts Program.
Disbursements: The Matching Gifts Program disbursement schedule consists of two semi-annual periods ending June 30 and December 31 with disbursements paid within three months thereafter.
The ACE INA Foundation reserves the right to make final determination as to the eligibility of all matching gifts, donors and recipients.
