Hamilton, Bermuda -- March 11, 2004 -- Brian Duperreault, Chairman of ACE Limited (NYSE: ACE announced today that the Board of Directors has elected Evan G. Greenberg, President of ACE Limited, to the additional position of Chief Executive Officer, effective on the date of the ACE annual meeting, May 27, 2004.
Mr. Duperreault, who has been Chairman and Chief Executive Officer since 1994, will remain as Chairman.
The Board is implementing an orderly succession plan for ACE Limited, consistent with Brian Duperreault's desire to reduce his executive responsibilities.
Mr. Duperreault commented, "Evan has truly earned the right to run ACE during this next phase of its growth and development. He distinguished himself very quickly when he assumed the leadership of our global reinsurance operations in November 2001 and brought that company to record profitability. Evan did it again in early 2002 when his executive responsibility was expanded to include all of ACE's international operations and, finally, Evan has done an outstanding job running ACE on a day to day basis as its Chief Operating Officer since June of 2003. Evan works harder, longer and more effectively than almost any man I know. He is the right person to lead ACE in the next generation."
Robert M. Hernandez, Chairman of the Nominating and Governance Committee, speaking on behalf of the Board of Directors said, "During Brian's ten-year tenure as CEO, ACE has evolved from a specialty property and casualty insurance company writing $386 million in net premiums annually to a globally diversified insurance and reinsurance group writing over $10 billion in premiums. Brian presided over eight successful acquisitions and as a result of subsequent organic growth, ACE was able to double its net premiums written over the most recent three-year period. ACE Limited recently reported record net income of $1.4 billion for the year ended December 31, 2003. For these formidable achievements, we want to thank Brian for his outstanding leadership."
ACE Limited (NYSE: ACE) will host a conference call and webcast to discuss this succession plan on Thursday, March 11, 2004 beginning at 3:00 p.m. EST. The call will be available via live and archived webcast at www.acelimited.com or by dialing 1-973-582-2745. Please refer to our website in the "Investor Information, Calendar of Events" for details. A replay of the call will be available from Thursday, March 11, 2004 until Thursday, March 25, 2004 at 5:00 p.m. EST. To listen to the replay, dial: 1-877-519-4471 (in the United States) or 1-973-341-3080 (international); passcode 4597886.
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 approximately 50 countries. Additional information can be found at: www.acelimited.com.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those, set forth in these statements. For example, the Company's forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, planned public offerings, judicial and legislative developments, litigation tactics, the amount and timing of reinsurance recoverable, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as management's response to these factors, and other factors identified in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.