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February 09, 2016 9:09 AM ET


Company Overview of ACE Bermuda Insurance Ltd.

Company Overview

ACE Bermuda Insurance Ltd. offers a range of insurance and reinsurance products and services for businesses. The company provides excess liability, professional liability, political risk, and property insurance products through Bermuda and non-the U.S. based intermediaries; and casualty, property catastrophe, and specialty reinsurance for risks worldwide. It focuses on serving Fortune 1000 companies. ACE Bermuda Insurance Ltd. has strategic partnerships with XL Insurance Company, Ltd. and Risk Capital Re. The company was founded in 1985 and is based in Hamilton, Bermuda with operations in Dublin and London. ACE Bermuda Insurance Ltd. operates as a subsidiary of ACE Group Management and Holdi...

ACE Building

17 Woodbourne Avenue

Hamilton,  HM08


Founded in 1985





Key Executives for ACE Bermuda Insurance Ltd.

Chief Financial Officer
Chief Operations Officer and Regional Executive
Chairman of ACE Limited and Chief Executive Officer of ACE Limited
Age: 60
President of Sovereign Risk Insurance Ltd
President of ACE Tempest Re Group and Senior Vice President of ACE Group
Compensation as of Fiscal Year 2015.

ACE Bermuda Insurance Ltd. Key Developments

ACE Limited, ACE Bermuda Insurance Ltd., ACE Tempest Life Reinsurance Ltd., ACE Tempest Reinsurance Ltd. and ACE INA Holdings Inc. Enter into Commitment Increase Agreement to Increase Letter of Credit Capacity With a Group Of Lenders And Wells Fargo Bank, National Association

On December 11, 2015, ACE Limited, ACE Bermuda Insurance Ltd., ACE Tempest Life Reinsurance Ltd., ACE Tempest Reinsurance Ltd. and ACE INA Holdings Inc. (borrowers) entered into a Commitment Increase Agreement to increase the letter of credit capacity under its syndicated credit agreement, originally entered into on November 6, 2012, with a group of lenders and Wells Fargo Bank, National Association, as administrative agent. Pursuant to the Increase Agreement, the amount of the commitments under the Credit Agreement increased from $1,000,000,000 to $1,500,000,000, all of which may be used for the issuance of letters of credit and up to $300,000,000 of which may be used for revolving loans. The Increase Agreement did not change any other terms of the Credit Agreement, which is scheduled to mature in November 2017.

ACE Bermuda Insurance Ltd. Announces Executive Appointments

ACE Group announced several key executive appointments in its ACE Bermuda business: Rees Fletcher has been named Chairman of ACE Bermuda. Mr. Fletcher joined ACE Bermuda 26 years ago, rising to the position of Senior Vice President, Excess Liability in January 2000. He was promoted to Division President of ACE Bermuda in 2004, and has shaped the business into one of the most reputable large capacity insurers in the world. As Chairman of ACE Bermuda, Mr. Fletcher will provide business development guidance and risk management oversight, and will ensure the continuity of strategic relationships in the Bermuda market. Joseph Clabby has been named Division President of ACE Bermuda. In this role, Mr. Clabby will direct the company's underwriting, distribution and marketing of high-level excess liability, professional liability, political risk, and property insurance coverage through non-U.S.-based brokers. Mr. Clabby will succeed Rees Fletcher. His appointment and relocation to Bermuda are subject To Approve the Bermuda Department of Immigration. Mr. Clabby will continue to serve as Division President of ACE Global Accounts, integrating his two roles to develop ACE's multinational business. Global Accounts customers will benefit from Mr. Clabby's direct role in Bermuda, one of ACE's key global underwriting centers. Judy Gonsalves has been promoted to Chief Underwriting Officer of ACE Bermuda. In this role, she will be responsible for ACE Bermuda's and ACE Bermuda International's books of business. Ms. Gonsalves will continue to focus on applying ACE's quality capacity in Excess Liability, Property, and Professional Risk on behalf of global customers. Mr. Clabby and Mr. Fletcher will report to Mr. Lupica. Ms. Gonsalves will report to Mr. Clabby.

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