ACE Bermuda will also act as the principal reinsurer for FMIL, "providing the company with sound reinsurance protection," the carrier said.

"We are delighted to have established this partnership with a locally based company of ACE Bermuda's caliber," said Michael Freisenbruch, president of Freisenbruch-Meyer Group. "ACE Bermuda's investment in FMISL will allow us to grow our current lines of business in Bermuda as well as expanding the company to develop new products to meet the needs of our customers."

ACE Bermuda President and Chief Executive Officer Mark Herman said that his company is "committed to Bermuda for the long term, so it was a natural progression for us to partner with long-established local company Freisenbruch-Meyer Group.

Mr. Herman said Freisenbruch-Meyer has well-respected management and underwriting teams, and "we are delighted that we can assist them in meeting their vision of becoming a preeminent force in the local Bermuda insurance market."

ACE Bermuda is a subsidiary of ACE Ltd. that offers insurance products and services through Bermuda and non-U.S. based intermediaries. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.

Freisenbruch-Meyer Group, founded in 1980 by Michael Freisenbruch and Meyer Agencies Ltd., comprises a Bermudian group of companies formed to provide comprehensive insurance management, broking and agency services to the international and domestic Bermudian insurance markets.