Ace Appoints Canter To Non-Traditional Unit
NU Online News Service, Jan. 18, 2:24 p.m. EST?ACE USA today announced that Michael Canter has been appointed president for ACE Principal Finance, part of a unit providing non-traditional insurance.[@@]
The company said Mr. Canter will lead a unit that underwrites portfolios of credit risk and assists ACE in hedging the financial and credit risks that arise from its insurance operations. ACE Principal Finance will remain a part of ACE Financial Solutions.
"Mike has made significant contributions to the results of ACE's Financial Services segment, and I'm pleased to recognize his achievements with this new position," said William Dove, president, ACE Financial Solutions.
Mr. Canter most recently served as executive vice president and managing director for ACE Financial Solutions.
Prior to joining ACE in 2000, he was a senior vice president at AIG Risk Finance.
ACE Principal Finance is part of ACE Financial Solutions, a unit within ACE USA that provides non-traditional insurance and risk financing solutions for companies facing complex risk management issues.
ACE Financial Solutions offers structured products?prospective programs providing stable capacity over a multiyear period (three-to-five years typically), which can cover various types of underlying exposures.
It also provides principal finance programs for assuming portfolios of credit risk (collateralized debt obligations) related to corporate credits, asset-backed and mortgage-backed securities.
ACE Financial Solutions also offers loss portfolio transfers?retrospective programs transferring uncertain future payment obligations related to past liabilities.
ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited based in Bermuda.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.
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