ACE Opens Offices In Poland And Russia
NU Online News Service, March 25, 10:20 a.m. EST?The ACE Group of Companies said it was granted approval to open property-casualty insurance operations in Poland and Russia.[@@]
The Bermuda-based insurer said its ACE European Group Limited branch received permission from the Financial Services Authority, based in the United Kingdom, to operate in Poland under the European Union Freedom of Establishment Directive.
In Russia, CSJC ACE Insurance Company, ACE's newly created insurance subsidiary in Russia, received a license to begin operations from the Department for Insurance Supervision of the Russian Federation.
"We believe these two countries have demonstrated growing awareness for the need for insurance products and represent attractive opportunities for ACE long-term," said Evan Greenberg, president and chief executive officer of ACE. "Both our Warsaw and Moscow offices are now open for business."
ACE applied to the FSA for permission to open a branch in Poland in November 2004. ACE opened a representative office in Moscow in January 2004, incorporated a subsidiary in October 2004, and formally submitted an application to obtain a license at that time.
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