Ace has launched a new company, Ace Corporate Risks, in a bid to expand its global share of the directors' and officers' (D&O) insurance market.
Ace holds 51% of the shares, while the remaining stake is held by R Kilpatrick Holdings, owned by Russel Kilpatrick, managing director of Ace Corporate Risks.
Ace Corporate Risks will be based in London and will underwrite on behalf of Lloyd's syndicate Ace Global Markets and Ace Europe.
The company is developing an internet-based underwriting system to capture business on a global scale, which will allow selected brokers to access D&O products over the internet.
Kilpatrick said: “Although Ace Corporate Risks will accept London Market risks along traditional lines, we recognise that the internet provides us with an ideal platform to take advantage of the enhanced efficiencies associated with transacting business online.
“We intend to target small and medium-sized businesses on a global scale, using a number of selected brokers.”
Gary Schmalzreidt, president and CEO of Ace Europe and Ace Global Markets, said: “Our clients expect innovation to satisfy their needs.
“The venture adds an exciting dimension for both Ace Europe and Ace Global Markets to establish a firm foothold in the global D&O market.”
The Ace group of companies provides insurance and reinsurance on a global basis, with subsidiaries in nearly 50 countries.