Hamilton, Bermuda - September 25, 2003 - ACE Limited (NYSE:ACE) President and Chief Operating Officer Evan Greenberg today announced the following executive appointments in the Company's North American and Overseas General financial segments:
Effective January 1, 2004:
--Mark Herman has been appointed to President, ACE Global Professional Lines
--Andrew Kendrick has been appointed to President and Chief Executive Officer, ACE Bermuda, subject to approval by the Bermuda Department of Labour and Immigration,
Effective immediately:
--Pierre Samson has been appointed to President, ACE Global Financial Solutions
--Richard Pryce has been appointed to President, ACE Global Markets and becomes a Director of ACE INA UK Limited and ACE Underwriting Agencies Limited
"These management changes are intended to continue to focus our key management talent on the important areas of opportunity we see globally," said Mr. Greenberg.
Mark Herman, currently President and Chief Executive Officer of ACE Bermuda, has been appointed to the position of President of the newly-created ACE Global Professional Lines, effective January 1, 2004. Mr. Herman will be based in the United States and Bermuda and will report to Chairman of ACE INA Holdings Dominic Frederico and President and Chief Executive Officer of ACE Overseas General Gary Schmalzriedt.
Mr. Herman joined ACE from Chubb in May 1995, bringing with him significant underwriting and managerial experience. Following four years as head of ACE Bermuda's Professional Lines Division, Mr. Herman assumed responsibility for the Excess Liability Division. He was appointed President and Chief Executive Officer, ACE Bermuda, in February 2001.
"ACE is a major player globally in the D&O and E&O arena and the establishment of this division will allow us to bring enhanced focus and attention to two of our core lines of business," commented Mr. Greenberg. "As head of ACE Global Professional Lines, Mark will have executive responsibility for the strategies and profit and loss of our worldwide professional lines business. Additionally, the underwriting managers of the various ACE professional lines businesses will now have a direct reporting line to Mark.
"His stellar track record as an underwriter in this sector of our industry and the breadth of his management experience make Mark's appointment to this new position a natural choice."
Pierre Samson, currently President and Chief Executive Officer of ACE Financial Solutions International (ACE FSI) has been appointed President of the newly-created division ACE Global Financial Solutions. This unit comprises ACE Financial Solutions US, headed by Robert Omahne, as well as ACE FSI. Mr. Samson will oversee all aspects of the ACE Group's U.S. and international financial lines business. He will continue to report to Dominic Frederico.
"As with the establishment of the Global Professional Lines division, the ACE Global Financial Solutions unit will enable us to maximize ACE's global assets to the benefit of our customers and producers. At the same time, we will be able to foster greater coordination and collaboration across the ACE Group.
"Under Pierre's leadership, ACE FSI has developed into a highly-respected international provider of non-traditional insurance and finance-related solutions. Now he will have the opportunity to oversee the continued growth of the US and international financial solutions business, leveraging ACE's unique global platform."
Mr.. Samson joined ACE in March 1997 as Finite Risk Underwriter and Actuary in the Financial Lines Division of ACE Bermuda. Later that year, he was promoted to the position of Senior Vice President, Financial Lines and in June 2000 was asked to head ACE FSI. He came to ACE after eight years with a leading actuarial firm in Bermuda and London focusing on pricing and loss reserving with captives, reinsurance companies and Lloyd's syndicates.
Andrew Kendrick, currently President ACE Global Markets and a Director of ACE INA UK Limited and ACE Underwriting Services Limited, has been appointed President and Chief Executive Officer of ACE Bermuda, reporting to Dominic Frederico, Chairman, ACE INA Holdings, Inc. Mr. Kendrick's appointment is effective January 1, 2004 and is subject to approval from the Bermuda Department of Labour and Immigration. In the interim, Mr. Kendrick will assist with the transition of his leadership role at ACE European Group and will undertake a number of special projects reporting directly to Mr. Greenberg.
"Andy has over 25 years' experience in the Lloyd's market, beginning his career in 1978 at Sturge Syndicate 210," said Mr. Greenberg. "His focus on underwriting discipline and his pivotal role on the management team at ACE Global Markets have played a significant role in returning this operating unit to profitability."
Mr. Kendrick joined ACE Global Markets in 1996 when ACE Limited purchased Ockham Underwriting Agency (previously known as Sturge Underwriting Agency).
Richard Pryce, currently Director, Financial Lines, ACE Global Markets and Senior Vice President, Financial Lines, ACE Overseas General, becomes President of ACE Global Markets and a Director of ACE INA UK Limited and ACE Underwriting Agencies Limited. In addition, Mr. Pryce will become Active Underwriter for Syndicate 2488, subject to approval from Lloyd's.
Mr. Pryce has some 20 years' experience in the London market, having joined Sturge & Co in 1981. Since joining ACE, he has undertaken a number of claims and underwriting management roles with Ockham, ACE London Services and ACE Global Markets.
Summarizing the implications of these appointments, Mr. Greenberg concluded: "Each of these senior insurance professionals brings a wealth of experience and talent to ACE's management team at a time when we are experiencing near-unprecedented opportunity for growth. I have no doubt that their contribution to our continued success with be considerable."
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at:
www.acelimited.com.