Bermuda reinsurer, A.C.E. Capital Re Ltd., specialising primarily in financial risks.

ACE Capital Re will write both traditional and custom-designed programmes covering financial guaranty, mortgage guaranty and a broad range of financial risks. It is a successor company to Capital Global Underwriters Ltd.

ACE and Capital Re each have 50 percent interest in the new firm, which will have operations underwritten and managed in Bermuda by a joint venture managing agency, ACE Capital Re Managers Ltd.

In welcoming the opportunity to partner with Capital Re, ACE chairman, president and CEO, Brian Duperreault said, "This joint venture represents a collaboration between two companies with specific strengths in financial risks.

"Capital Re's track record in providing innovative financial guaranty products complements ACE's experience with highly sophisticated, custom-designed programmes. This joint venture will enable both of us to meet an even broader range of customer needs.'' Capital Re Corp. chairman, president and CEO, Michael E. Satz, said, "The joint venture with ACE provides Capital Re with the capability to utilise a non-consolidated vehicle to optimise its core businesses and facilitate Capital Re's further expansion into financial lines.

"This will be accomplished in partnership with a highly regarded company whose underwriting expertise and technical skills are complementary to those of Capital Re.'' Capital Re Corp. is a specialty reinsurance company providing value-added solutions to problems of risk and financial management. Through various operating subsidiaries, the firm is engaged in financial guaranty, mortgage guaranty, title, financial, credit and specialty reinsurance, and specialty insurance through its participation in Lloyd's.