ACE Tempest Re Canada opens in Montreal

The ACE Tempest Re Group has expanded into Canadian markets with the establishment of ACE Tempest Re Canada. The Montreal-based, wholly-owned managing underwriter will write all lines of property and casualty reinsurance for the Canadian market.

Constantin Petalas has been appointed president of the operation and is charged with the responsibility of leading ACE Tempest Re Canada’s development and growth, says a company release.

Petalas brings more than 25 years of reinsurance market experience, having most recently served as CEO and chief underwriting officer of Axa Re, Canada.

The new division of the company is authorized to write reinsurance on behalf of ACE’s licensed and admitted Canadian insurance companies.

John A. Rausch, formerly senior vice president property at ACE Tempest Re USA, has provided interim leadership for ACE Tempest Re Canada’s establishment since October 2006. He “will continue to support Mr. Petalas for the short term as he transitions into his new role,” the group announced in a press release.

The ACE Tempest Re Group is headquartered in Bermuda and oversees the reinsurance operations within the ACE Group of Companies.