The start of the Ace story in Bermuda has been marked with a special plaque at the Hamilton Princess.

The founding chairman of the firm John Cox wrote the company’s first insurance policy in room 348 at the hotel in 1985.

Ace, now Chubb, has since grown to be the largest publicly traded property and casualty insurance company in the world.

Executives from the hotel and Chubb unveiled the plaque on Wednesday.

Guests included Eric Dibkin, director of insurance and risk management at Merck & Co, a US pharmaceutical company, which held Ace’s first policy, which was numbered 348 after the room number.

Joseph Clabby, division president of Chubb Bermuda, said: “Room 348 of the Hamilton Princess has always held a special place in our company’s history as our first, albeit temporary, headquarters.

“We are honoured to be joined here again by our first policyholder, many of our earliest employees and colleagues from the broking community to commemorate John Cox, his vision and achievements.”

Mr Cox died in February aged 84 and is regarded as a giant in the property and casualty insurance industry.

A company spokeswoman said: “Not only did he shape Ace in its formative years, he also helped to establish Bermuda’s leading role in the international insurance and reinsurance industry.”

Allan Federer, general manager of the Hamilton Princess, said: “We are pleased to commemorate the room where Ace wrote its first policy, a legacy that will always be an important part of Bermuda’s history.”