ACE Tempest Re Opens Underwriting Operation in Canada

Constantin Petalas Named President

HAMILTON, BERMUDA, January 8, 2006 – The ACE Tempest Re Group at ACE Limited today announced the establishment of ACE Tempest Re Canada, a wholly owned managing underwriter that will write all lines of property and casualty reinsurance for the Canadian market. In addition, Constantin Petalas has been appointed President of the Montreal-based operation with responsibility for leading ACE Tempest Re Canada’s development and growth.

“The establishment of ACE Tempest Re Canada recognizes ACE’s goal to better serve the Canadian insurance market and offer Canadian clients the products and services they require to address their business needs,” said Jacques Bonneau, President & Chief Executive Officer, ACE Tempest Re Group. “We are delighted to have Constantin joining us to head up the new operation. His leadership and market experience will be a great asset in leading our business development efforts.”

ACE Tempest Re Canada is authorized to write reinsurance on behalf of ACE’s licensed and admitted Canadian insurance companies. In addition, ACE Tempest Re Canada is a Lloyd’s approved coverholder and can offer its clients access to Syndicate 2488, a wholly owned ACE syndicate, also licensed and admitted in Canada.

Mr. Petalas brings to ACE over 25 years of diverse experience in the reinsurance arena. He most recently served as Chief Executive Officer and Chief Underwriting Officer of Axa Re, Canada. Prior roles include chief executive positions at Axa Corporate Solutions Assurance Canada and Axa Re Latin America. Mr. Petalas, a Canadian citizen, received a bachelor’s degree in economics and an MBA from McGill University. He is a member of the Canadian Securities Institute and has served as Executive Director of the Reinsurance Research Council of Canada.

John A. Rausch, formerly Senior Vice President Property at ACE Tempest Re USA has provided interim leadership for ACE Tempest Re Canada’s establishment since October 2006 and will continue to support Mr. Petalas for the short-term as he transitions into his new role.

“John has made a major contribution to the Canadian operations and has done an outstanding job of spearheading the development of the ACE Tempest Re Canada office,” said Mr. Bonneau. “He will continue in his role for an interim period and assist with the continuing development of the Canadian reinsurance portfolio.”

About ACE Tempest Re

The ACE Tempest Re Group at ACE Limited is headquartered in Bermuda and oversees the reinsurance operations within the ACE Group of Companies. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. The ACE Group conducts its business on a worldwide basis through operating subsidiaries in approximately 50 countries. Additional information about the ACE Tempest Re Group can be found at