Ace Malaysia Appoints New Chief Financial Officer

Mon. October 19, 2009; Posted: 10:44 AM

KUALA LUMPUR, Malaysia, Oct 19, 2009 (A. M. Best via COMTEX) -- ACE | Quote | Chart | News | PowerRating -- Ace Synergy Insurance Berhad (Ace Malaysia) [89102], a 51%-49% joint venture between global insurer and reinsurer Ace Ltd. [58303] and the Bursa Malaysia-listed company Advance Synergy Capital, said it has appointed Lim Joo Leong as its new chief financial officer.

According to Ace Malaysia, Lim has 11 years of experience in the insurance industry prior to joining the company. He will be responsible for corporate finance, taxation, treasury and investments of Ace Malaysia.

Operating in Malaysia since 1948, Ace Synergy Insurance, formerly known as Perdana Cigna Insurance and prior to that, as Insurance Company of North America INA, is now part of the Switzerland-based Ace Group of Cos. [85875], offering property/casualty insurance, as well as accident and health insurance through agents, brokers, direct marketing and telemarketing.

Ace Malaysia also underwrites large and specialized risks in commercial and industrial projects in the country. For the financial year ended Dec. 31, 2008, Ace Malaysia recorded total gross written premiums of 188.8 million Malaysia ringgit (US$56.8 million).

In the Asia-Pacific region, Ace has operations in Australia, Hong Kong, India, Indonesia, Macau, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. It also formed a strategic partnership with Huatai Insurance Co. in China.

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)

For full details on ACE Limited (ACE) click here. ACE Limited (ACE) has Short Term PowerRatings of 6. Details on ACE Limited (ACE) Short Term PowerRatings is available at This Link.

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