ACE

Investment Date: March 1993

ACE is a major property & casualty insurance/reinsurance holding company based in Bermuda.

While at Marsh & McLennan, Mr. Schnitzer was a co- founder of ACE in 1984-1985. In 1992, Wand’s capital partner, S.G. Warburg was chosen as the co-manager of the initial public offering of ACE. Through Warburg, Wand was able to acquire ACE warrants from one of the founding shareholders.

ACE matured into a leader of the Bermuda insurance market. Wand sold its position in ACE in 1995 in an open market transaction.