NEW YORK – October 18, 2005 – The ACE Group of Companies announced today that Bill O'Farrell, Senior Vice President, Reinsurance Recoverables, will assume the post of Chief Reinsurance Officer.
Reporting to Brian Dowd, Chairman & Chief Executive Officer of ACE USA and Chairman of ACE Westchester Specialty Group, Mr. O’Farrell will be responsible for overseeing corporate reinsurance programs for the ACE Group. He will work with each of ACE’s operating divisions around the world in the design and purchase of reinsurance, and will have overall responsibility for the company's relationships with reinsurers.
“Bill has served ACE well in his management of ACE's global reinsurance recoverable operations,” said Evan Greenberg, President & Chief Executive Officer of ACE Limited. “His industry expertise and strong relationships with the reinsurance community make him an ideal choice to lead our corporate reinsurance activities.”
In his new position, which is effective immediately, Mr. O’Farrell will continue his responsibility for reinsurance recoverables and for managing the orderly disposition of the company’s Brandywine run-off operations. Additionally, the ceded reinsurance officers of each ACE operating division will have a reporting relationship to Mr. O’Farrell.
Mr. O’Farrell joined ACE in 2003 from the Berkshire Hathaway Group, where he served as Vice President and Legal Counsel for their reinsurance division. His prior experience includes the administration and oversight of reinsurance recoverables for a number of Berkshire companies.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com
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