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Combined Insurance has recently become a division of ACE Insurance in Australia. While Combined and ACE will retain their own distribution models and brand, the change will see back-office functions integrated during late 2010 and into 2011.
All 132 existing employees of Combined have now become ACE employees.
“The integration of Combined Insurance with ACE in Australia will bring increased diversity and efficiency to our operations. The Combined brand fits well within our strategy to provide superior accident and health products and market leading customer service distributed via multiple channels, “ explained Giles Ward, Chief Executive Officer, ACE Australia & New Zealand.
“The operations of Combined and ACE in Australia are highly complementary. Our accident & health capability and direct distribution capacity has been significantly strengthened through the integration with Combined. At the same time we will continue to apply ACE risk management acumen and underwriting leadership in the corporate sector for our market leading property & casualty insurance business,” he said.
Headed by ACE Limited, a New York Stock Exchange listed company, the ACE Group completed the worldwide acquisition of Combined Insurance for US$2.56 billion in April 2008. This acquisition meant the ACE Group had two separate General Insurance operations active in the Australian market.
The ACE Group consolidated its General Insurance businesses in Australia by effecting a scheme for the transfer of Combined’s Australian branch insurance business to the ACE Group’s locally incorporated, locally regulated and locally rated Australian general insurance subsidiary, ACE Insurance Limited.
The transfer was approved by the Federal Court of Australia, as required by the Insurance Act 1973, and has taken effect on 1 October 2010. From now on, Combined’s Australian general insurance policies will be underwritten by ACE Insurance.