News Releases

NEW YORK--(BUSINESS WIRE)--Jan. 18, 2005--ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today announced that Michael Canter has been appointed President, ACE Principal Finance. 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. Mr. Canter holds a bachelor of arts degree in economics and math from Northwestern University and earned a Ph.D. in finance from Columbia University Graduate School of Business.

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 three types of products:

-- Structured products - Prospective programs providing stable capacity over a multi-year period (three to five years typically), which can cover various types of underlying exposures.

-- Principal Finance - Programs for assuming portfolios of credit risk (collateralized debt obligations) related to corporate credits, asset backed and mortgage backed securities.

-- 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 (NYSE:ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.