Bermuda-based ACE Tempest Re has set up a new underwriter in Montreal to write all lines of property and casualty reinsurance for the Canadian market.

At the helm of ACE Tempest Re Canada will be Constantin Petalas, the former chief executive officer and chief underwriting officer of Axa Re Canada, who will have responsibility for the new operation's development and growth.

“The establishment of ACE Tempest Re Canada recognises ACE's goal to better serve the Canadian insurance market and offer Canadian clients the products and services they require to address their business needs,” said Jacques Bonneau, president and chief executive officer of the ACE Tempest Re Group.

“We are delighted to have Constantin joining us to head up the new operation. His leadership and market experience will be a great asset in leading our business development efforts.”

ACE Tempest Re Canada is authorized to write reinsurance on behalf of ACE's licensed and admitted Canadian insurance companies. In addition, ACE Tempest Re Canada is a Lloyd's approved coverholder and can offer its clients access to Syndicate 2488, a wholly owned ACE syndicate, also licensed and admitted in Canada.

Mr. Petalas brings to ACE over 25 years of diverse experience in the reinsurance arena. Before his leading role at Axa Re Canada, he held chief executive positions at Axa Corporate Solutions Assurance Canada and Axa Re Latin America.

Mr. Petalas, a Canadian citizen, received a bachelor's degree in economics and an MBA from McGill University. He is a member of the Canadian Securities Institute and has served as executive director of the Reinsurance Research Council of Canada.

John A. Rausch, formerly senior vice-president, property at ACE Tempest Re USA has provided interim leadership for ACE Tempest Re Canada's establishment since October 2006 and will continue to support Mr. Petalas for the short-term as he transitions into his new role.

“John has made a major contribution to the Canadian operations and has done an outstanding job of spearheading the development of the ACE Tempest Re Canada office,” said Mr. Bonneau. “He will continue in his role for an interim period and assist with the continuing development of the Canadian reinsurance portfolio.”