ACE USA, the U.S.-based retail operating division of The ACE Group, today announced a reorganization within the company’s Global Property division. The division will now include three property insurance units designed to serve the needs of domestic and multinational businesses. The Commercial Property, Specialty Catastrophe, and Complex Multinational Property units report directly to Paul McNamee, Division President, ACE Property and Specialty, North America.
The Commercial Property unit focuses on the risk transfer needs of domestic and multinational clients nationwide. Through nine regional offices across the United States, this group provides significant risk and catastrophe capacity to a broad range of clients in both industry and scale. This unit focuses on the distribution of our core property products through our retail distribution partners across the country. Brian Church, Senior Vice President, has been promoted to lead the Division’s Commercial Property Unit on a nationwide basis.
ACE’s Specialty Catastrophe unit focuses on solutions for clients where traditional property insurance doesn’t match their unique needs or where deductibles levels have exceeded the client’s appetite for risk, often brought about through significant losses or changes in industry models. Using innovative design to maximize catastrophe protection and minimize the impact of market cycles for customers, products are developed with a client focus. These products range from flood reinstatement protection to named storm deductible buy downs, multi-year agreements, and parametric triggered coverage for concentrated catastrophe exposure. Jeremiah Konz, Senior Vice President, will lead the Specialty Catastrophe group, in addition to his current role as Senior Vice President, Ceded Reinsurance, where he is the lead buyer of reinsurance for ACE’s Property and Specialty division in North America.
The Complex Multinational Property unit provides specialized fronting and captive solutions to large multinational customers and offers an experienced team of professionals with multinational expertise, superior technical program design, competitive fronting service fees, and competitive credit terms where applicable. ACE’s secure, web-based Worldview SM client portal is used to implement, service, and manage multinational programs across a global network of owned offices in 54 countries and partner companies in 126 countries. Eric Stoer, Senior Vice President, will continue to head the Complex Multinational Property Unit.“The restructuring of the property division into these three units underscores ACE’s commitment to provide customers and brokers with a broad range of specialty products and services. Brian, Jeremiah and Eric have been instrumental in the development and execution of our property strategies across North America, and are well positioned to bring all of ACE’s resources to bear for customers and brokers through this new structure,” said Mr. McNamee.