ACE to acquire majority stake in Siam Commercial Samaggi Insurance in Thailand ACE Limited announced that the company and its local partner have reached a conditional agreement to purchase a 60.9% stake in The Siam Commercial Samaggi Insurance PCL, a general insurance company in Thailand, from Siam Commercial Bank. The transaction is expected to be completed in Q2 and is subject to due diligence by ACE and customary closing conditions including Siam Commercial Bank shareholder approval. On closing of this transaction, in compliance with Thai regulations, ACE and its local Thai partner will make a mandatory tender offer for the remaining 39.1% of Siam Commercial Samaggi Insurance. The total transaction is valued at approximately $185M.
ACE Limited appoints Rees Fletcher Chairman Rees Fletcher has been named Chairman of ACE Bermuda. Fletcher joined ACE Bermuda 26 years ago, rising to the position of Senior Vice President, Excess Liability.