William dove started thinking about the benefits of a market for insurance risk back in 2005, when he headed structured products in the U.S. for Swiss insurance giant ACE. Zurich-based ACE had built a new credit-default-swap business, underwriting credit protection so it could better hedge its insurance risk and create more-predictable revenue. But Dove convinced his bosses to put the CDS business on hold and start liquidating the insurer's $100 million portfolio.
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