London-based global risk management and insurance intermediary, have announced the launch of a strategic partnership based on the establishment of an ACE-owned Protected Cell Company (PCC) in Guernsey, writes Roger Crombie .

Called ACE PCC Insurance Ltd. (ACE PCC), the company will write a wide range of alternative risk financing products which, when combined with the security benefits provided by PCCs, will create substantial new capacity for non-traditional exposures.

ACE PCC is owned 100 percent by ACE Bermuda. It will be operated under a partnership with Willis, who will provide management and marketing input. With the backing of the resources of the ACE Group, ACE PCC will offer a wide range of specialist financial solutions backed by substantial net capacity of up to US$200 million.

Mark Kealy, underwriting manager at ACE European Markets Insurance Ltd., Dublin will be the primary contact in ACE for the PCC and will work with Willis to implement a marketing strategy for the venture.

Gary Schmalzriedt, chief executive officer of ACE Bermuda, said: "We are delighted that Willis chose ACE as their preferred partner for this exciting new venture.

"I look forward to developing innovative risk finance solutions with them through this new Guernsey company.'' Christine Douse, mmanaging principal of Willis Risk Solutions, said: "ACE is the ideal company for us to have as a partner as we enhance our ability to provide risk financing solutions tailored to the increasingly sophisticated demands of our client base.

"Their capacity and expertise will be allied to our global network to create exciting new opportunities for both companies.''