HAMILTON, Bermuda - August 8, 2002 - ACE Asset Management, Inc. (a subsidiary of ACE Limited, NYSE: ACE) announced today that Donald Watson has joined the Company as Vice President Enterprise Risk Management. Mr. Watson will be based in New York and his principal focus will be on the identification and coordination of risk management across asset, liability and operational lines.
"I consider Don to be one of the premier insurance analysts in the business," commented Brian Duperreault, Chairman and Chief Executive Officer of ACE Limited. "His extensive background in insurance rating and analysis make him ideally suited to help us deal with the complex multitude of interrelated risks that we face in our global operations."
Previously, Mr. Watson spent twelve years at Standard & Poor's, most recently as Managing Director in The North American Insurance Practice. Mr. Watson has an MBA from Duke University and a BA in Economics and Political Science from Illinois State University.
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.ace-ina.com.