Posted on Jan 28, 2011 by Sergio Ulloa
Multi-national insurer, the ACE Group, has announced the appointment of Jeffery Hager as the new Regional President for ACE Far East. Mr Hager will be responsible for ACE's property and casualty (P&C) and accident and health (A&H) insurance businesses in Japan.
The post is based in Tokyo with Mr Hager reporting to ACE's Vice Chairman, ACE Limited, and Chairman Insurance Overseas - General: Mr John Keogh. The new appointment will see Mr Hager taking over from Neil Smith, who moves to head ACE's P&C and A&H insurance businesses in Thailand.
The new Regional President joins ACE from Dallas based Fireman's Fund Insurance Company, where he has been National Sales Leader since 2009. Jeffrey Hager previously held the position of Executive Vice President with AIU, with responsibility for this company's P&C and A&H activities in Japan.
"Jeff has an extensive and varied insurance background, ranging from country management responsibility in Asia to management of an agency sales force in Japan to marketing and front-line claims experience. I'm confident that his unique combination of experience and proven leadership of the P&C and A&H businesses in Japan will serve him well in guiding ACE's continued success in the Japanese market." Mr. Keogh said on the Mr. Hager's new appointment to ACE.
ACE's new head of Japanese property and casualty (P&C) and accident and health (A&H) insurance businesses brings 20 years of insurance industry experience holding functional positions in sales, distribution, marketing and claims in a number of countries including the USA, Korea and Japan.
The ACE Group is a leading global insurer and specialist in commercial property and casualty insurance. In 2009, it held assets valued at US$78 billion with gross written premiums amounting to US$19 billion. The US based insurer has a global presence with more than 50 offices worldwide and clients in over 170 countries. It offers property, casualty, automobile, life, personal, accident and health insurance products along with umbrella insurance coverage.
ACE has a strong foothold in the Asia-Pacific region with activities in Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Macao, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, Thailand and Vietnam. The insurer reported net income of US$675 million in the third quarter 2010 reflecting a 37 percent year-on-year increase for the group.
As the new regional president of ACE Far East business, Mr Hager will be responsible for overseeing a region which is experiencing mixed trading conditions. While China is at the forefront of economic growth, and the Chinese insurance industry is emerging as a pivotal market for global insurers, the position for insurers in Japan is one of stagnation in line with the sluggish state of the economy.
The ACE Group has 90 years experience in the Japanese insurance business and has established a sound status in the insurance market in the country; the company had a capital valuation of ¥8.15 billion (US$98.52 million) in March 2010.
Although the Japanese economy, and its insurance sector, has been static compared to other countries in the Asian-Pacific region, overall the ACE Group's operations in the region are expected to continue to be buoyant during 2011 reflecting the insurers well developed Asian network and wide range of savings and protection products offered.
Insurance Company Mentioned:
The ACE Group was founded in Switzerland in 1985 and is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries and commercial and individual customers in more than 170 countries. The company operates through four segments: Insurance-North American, Insurance-Overseas General, Global Reinsurance, and Life.