ACE's Europe-based arm, ACE European Markets announced the launch of two new divisions on Monday.

ACE Financial Solutions Europe will be based in London and ACE European Markets Reinsurance Limited will be located in the growing Dublin market.

The new divisions will provide customised, non-traditional insurance products in the complex area known as finite insurance.

This is the area associated with their Bermuda-based sister company, ACE Financial Solutions International Limited. There appears to be a growing demand for finite risk which is sometimes described as blurring the line between insurance and corporate finance.

"The establishment of these two divisions is another step in ACE Financial Solutions International's drive to make its non-traditional finite insurance and reinsurance products available to buyers globally," said the head of ACE Financial Solutions International, Pierre Samson.

Guy Swayne, who joined ACE Group in January 2000, will be president of the new divisions and will now be responsible for the development of ACE's financial solutions business in Europe.