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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DBA Chubb Limited | NYSE:CB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 248.64 | 100,013 | 12:00:00 |
By Lisa Beilfuss
Ace Ltd. (ACE) and BlackRock Inc. (BLK) on Wednesday launched a joint-venture, ABR Reinsurance Ltd., after raising $800 million through a private placement.
Ace and a BlackRock affiliate have minority stakes in the parent company, ABR Reinsurance Capital Holdings Ltd.
William O'Donnell, formerly senior vice president of distribution management at Ace Group, has been named chief executive of the venture.
Ace Group will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock will be ABR Re's exclusive investment management service provider, the companies said in a statement.
ABR Re will underwrite a portion of the reinsurance treaties that ACE places with the traditional reinsurance market, and will invest its assets in a portfolio managed by BlackRock.=
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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