ACE Approved to Establish Insurance Operations in Poland and Russia

    Business Editors

    NEW YORK--(BUSINESS WIRE)--March 24, 2005--The ACE Group of Companies announced today that it has received regulatory approvals to commence property and casualty insurance operations in Poland and Russia. The Financial Services Authority (U.K.) has authorized the opening of an ACE European Group Limited branch in Poland under the European Union Freedom of Establishment Directive. In addition, CSJC ACE Insurance Company, ACE's newly created insurance subsidiary in Russia, has received a license to begin operations from the Department for Insurance Supervision of the Russian Federation.
    "We are very pleased that ACE has been approved to conduct commercial property and casualty insurance business in Poland and Russia," said Evan Greenberg, President & Chief Executive Officer of ACE Limited. "We believe these two countries have demonstrated growing awareness for the need for insurance products and represent attractive opportunities for ACE long-term. Both our Warsaw and Moscow offices are now open for business."
    ACE applied to the FSA for permission to open a branch in Poland in November 2004. ACE opened a representative office in Moscow in January 2004, incorporated a subsidiary in October 2004, and formally submitted an application to obtain a license at that time.

    The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com

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CONTACT: The ACE Group of Companies Robert T. Grieves, 212-621-8684 robert.grieves@ace-ina.com

KEYWORD: NEW YORK POLAND RUSSIA INTERNATIONAL EUROPE INDUSTRY KEYWORD: INSURANCE ADVERTISING/MARKETING BANKING PRODUCT SOURCE: The ACE Group of Companies

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