Ace Opens Ukraine Representative Office

Ace Group said has opened a representative office in Kiev, Ukraine, as part of its expansion effort across Europe.

The new location will act as a liaison office for Ace's multinational clients with a presence in Kiev, and will enable Ace to build its profile and relationships with the Ukraine insurance market locally for the first time, the group said. The office will also lead Ace's research as it considers opportunities to participate in Ukraine's property/casualty insurance sector.

Yuriy Shustyk was appointed to manage the Kiev office. He has 14 years of insurance industry experience and was executive director at Aon Risk Solutions in Ukraine before joining Ace.

"Ukraine's economy grew by almost 5% last year, and we are positive about the future," said Shustyk in a statement. "We are therefore delighted to have received approval to open a representative office for the first time. This marks the start of what I hope will be a long and successful relationship for Ace with the local market."

"Since 2005, we have expanded Ace's footprint in Europe from 16 to 22 territories," said Andrew Kendrick, chairman of Ace European Group, in a statement. "This latest step in our steady expansion underlines our long-term commitment to the region's emerging insurance markets. As a global insurer operating in 53 countries worldwide, it will also further enhance our ability to serve multinational clients in an increasingly connected world."

Ace European Group Ltd. and other Ace Ltd. subsidiaries currently have a Best's Financial Strength Rating of A+ (Superior).

(By David Pilla, international editor, BestWeek: [email protected])