This ACE aims to provide a full house of insurance services. Through subsidiaries, ACE Limited sells property/casualty insurance, life insurance, and reinsurance through subsidiaries around the globe. It primarily provides property/casualty insurance to commercial and personal customers. Policies offered include general liability, homeowners, auto, accident, workers' compensation, and specialty crop and marine coverage. The company's ACE Tempest Re businesses provide reinsurance to property/casualty insurers in North America and Europe. ACE's life insurance and life reinsurance operations are focused in the US and other select markets. Products are primarily marketed through independent brokers.
The North American insurance segment, which includes property/casualty subsidiaries ACE USA, ACE Bermuda, and ACE Canada, is ACE's largest business segment accounting for about 40% of revenue. The company's ACE International and ACE Global Markets property/casualty insurance units reach into the rest of the world, while its smaller ACE Life insurance division primarily operates in emerging markets in Asia, Europe, and the Americas. ACE Private Risk Services is a property/casualty division catering to high-net-worth individuals
With its operating subsidiaries located in more than 50 countries, ACE serves customers in more than 170 nations.
ACE moved its place of incorporation home from the Caymans to Switzerland in 2008. It kept executive offices in Bermuda and New York.
ACE regularly looks to expand its product offerings and geographical presence through acquisitions and organic measures.
To expand in high-growth geographic markets, it established new offices in Turkey and Panama in 2009 and 2008. Then, in early 2012, the company opened a representative office in Kiev that will allow it to directly engage in the Ukraine insurance market.
Mergers and Acquisitions
In recent years ACE has focused its geographic expansion on smaller acquisitions in emerging global marketplaces. In 2011 ACE entered two new markets for life insurance in North Asia after acquiring New York Life's life insurance operations in Hong Kong and Korea for about $425 million.
In 2012 ACE acquired Indonesian general insurance firm Asuransi Jaya Proteksi for some $130 million. It closed its purchase of Mexican surety insurer Fianzas Monterrey from New York Life for $285 million in 2013, as well as its purchase of another Mexican insurance firm, ABA Seguros, from Ally Financial for $865 million.
In 2015 the company acquired the Fireman's Fund US personal lines business catering to high-net-worth customers. The deal, valued at $365 million and providing access to more than 120,000 premier personal lines customers, expanded ACE's position as one of the largest personal lines insurers catering to wealthy individuals.
Later that year, ACE announced a much larger deal with plans to acquire insurer Chubb, which specializes in serving wealthy clients, for $28.3 million. The combined company, which will operate under the Chubb name, will be one of the world's largest property/casualty firms. ACE shareholders will own 70% of the new company.