HAMILTON, Bermuda, February 9, 2004 - Evan Greenberg, President and Chief Operating Officer of ACE Limited (NYSE:ACE), today announced organizational and managerial changes in the Company's U.S. and international financial solutions operations, which are those divisions that provide non-traditional insurance, reinsurance and risk financing solutions for companies facing complex risk management issues.
Simon Burton, currently Executive Vice President, ACE Financial Solutions International (ACE FSI), has been promoted to the position of President, ACE FSI. Mr. Burton's appointment is effective immediately, subject to approval from the Bermuda Government's Department of Labour and Immigration.
Mr. Burton, who has been with ACE since 1996, will report to President and Chief Executive Officer of ACE Bermuda, Andrew Kendrick. Mr. Burton will have responsibility for all aspects of ACE's international financial solutions business.
"Simon's in-depth knowledge of and his eight years' experience in the international portfolio of this line of business make him ideally suited for his new role," said Mr. Greenberg. " I know he will lead his team in providing a wide variety of financial, finite risk and alternative risk transfer products to FSI's worldwide client base."
Mr. Burton joined ACE in March 1996 as Finite Risk Underwriter and Actuary of ACE Bermuda's Financial Lines division. He was promoted to Senior Vice President, ACE FSI, in 2001 and to Executive Vice President of this unit in 2003. He holds a Bachelor of Science degree in Mathematics from Imperial College, London and a Diploma of Actuarial Techniques from the U.K. Institute of Actuaries.
Mr. Greenberg said that ACE Financial Solutions US, the U.S. book of the Company's financial solutions operations which is headed by Robert Omahne, will now report to President and Chief Executive Officer of ACE USA Susan Rivera.
"We have every confidence in the future of our financial solutions business and know that under Simon and Bob's able leadership, its continued growth and development are assured," said Mr. Greenberg.
The changes in ACE's financial solutions operations follow the Company's earlier announcement that President and Chief Executive Officer of ACE Global Financial Solutions, Pierre Samson, has joined ACE's wholly-owned subsidiary, AGC Holdings Limited. Mr. Samson has accepted the positions of Chief Actuary, AGC Holdings Limited. and Chief Underwriting Officer of AGC International Ltd. AGC Holdings will be the subject of an initial public offering that is expected to be completed during the first half of this year. ACE will retain approximately 25%- 35% ownership in AGC Holdings.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard & Poor's 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: http://www.acelimited.com