An insurance company specialising in high payments but low payout frequencies has opened its European base in Dublin's International Financial Services Centre (IFSC).

ACE Insurance is primarily aimed at Fortune 500 companies, and, for example, is prepared to provide excess liability coverage of up to $200 million (£143 million) in a single contract. Its minimum liability coverage is $50 million (£35.7 million).

The company, which has subsidiaries in Bermuda, the US, and in Britain through Lloyds, aims at a wide spread of low risk premium to cushion large losses.

Mr Dominic Frederico, the president of ACE, said locating in the was part of a global expansion.