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ACE: Latin Premiums Jump

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Latin America is the fastest-growing region worldwide for ACE thanks to strong growth in Brazil and Mexico.

BY JOACHIM BAMRUD

Swiss-based ACE Ltd, one of the world's largest insurers, released its 2008 results earlier this month, but not Latin America details. They are expected to be released this week. However, ACE Chairman Evan G. Greenberg told analysts on February 4 that the company's Latin America property and casualty (P+C) and accident and health (A+H) net written premiums in U.S. dollars had double digit growth last year. That compares with a 9.2 percent increase worldwide in net premiums written. Latin America also posted the strongest growth compared to other world regions, company officials say.

“It was a good year overall,” says Jorge Luis Cazar, President & Chief Executive Officer, ACE Latin America. “We are happy, but always want more.”

DOUBLE-DIGIT GROWTH

In 2007, ACE wrote net premiums for $633 million in Latin America, a 21.5 percent increase from 2006. That followed a 25.2 percent expansion in net premiums in the region. Latin America has increasingly become more and more important for ACE overall, accounting for 14 percent of net premiums in 2007 versus 10 percent in 2005. “Our participation has been growing,” says Cazar. “ACE Latin America is in good shape and in a good position.”

ACE has been growing strongly in Latin America this decade thanks to a combination of factors, including...



Keywords: Argentina, Brazil, Chile, Colombia, Mexico

 

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