MONTPELIER - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has announced the opening of its new ACE Captive Solutions office in Burlington. It is the first reinsurance risk company to establish a presence in Vermont specializing in the alternative risk market. The office will specialize in providing alternative risk-taking and financing structures to customers worldwide.

The new ACE Captive Solutions office will utilize the expertise and resources of two ACE business units. ACE Tempest Re USA, based in Stamford, Ct, will make traditional and structured reinsurance products and services available through its underwriting companies. In addition, ACE Risk Management, based in New York City, will provide comprehensive risk management programs and services, which are uniquely designed and customized to assist companies in any industry deal with the significant costs of financing and managing risk.

In making the announcement, the company stated, 'Vermont is internationally recognized as offering one of the greatest values and most appealing environments for those considering formation of captives.' Jacques Bonneau, Chief Executive Office, ACE Tempest Re USA added, 'The opening of our Burlington office reflects ACE's commitment to growth in the alternative risk marketplace through traditional and specialized structured risk reinsurance products.'

'ACE's announcement is a recognition of Vermont's expanding role in the global captive insurance industry. Our captive industry infrastructure is a major reason for the success of Vermont and is often cited as a critical factor for companies choosing Vermont as a domicile', said Vermont Governor Jim Douglas. 'We are delighted to welcome them and look forward to helping the industry take note of this new addition to the world-class professional support services available in Vermont.'