HAMILTON, Bermuda, July 17, 2003 - President and Chief Operating Officer of ACE Limited (NYSE: ACE) Evan Greenberg announced today that Jaime Paredes will join the ACE Group of Companies next month as Chairman and Chief Executive Officer of ACE Latin America. Mr. Paredes will report to Gary Schmalzriedt, Chairman and Chief Executive Officer of ACE Overseas General.
Mr. Greenberg also announced that Klaus Gebhardt, currently Executive Vice President, Global Property at ACE Bermuda, has been appointed to the position of Chief Underwriting Officer, ACE Latin America.
"We are delighted to welcome Jaime to ACE," said Mr. Greenberg. "His strong background and experience in Latin America make him an ideal choice to lead our strategic expansion plans in the region."
Mr. Paredes joins ACE from Skandia, where he served for 23 years in various leadership positions, including most recently as President and Chief Operating Officer of Skandia Latin America. He holds a number of advanced degrees, including a master's degree in economics from the University of Glasgow. Mr. Paredes will be based in Miami.
Acacio Queiroz, President of ACE Latin America, will take on the additional role of Chief Operating Officer for the region, reporting to Mr. Paredes. Mr. Queiroz will also retain the title of President of the Administration Council of ACE Seguradora S.A., ACE's Brazilian company.
"Under Acacio's leadership, our Latin American business has grown and we have developed a strong team," Mr. Greenberg commented. "Acacio will continue to focus on the day-to-day operations of the region to further enhance operational effectiveness."
Mr Gebhardt joined ACE Bermuda in June 1999 as Senior Vice President, Property. He came to ACE from Arkwright Mutual Insurance Company where he held the position of Senior Vice President and Chief Underwriting officer and was responsible for the management of the company's underwriting and claims functions. Prior to that, Mr. Gebhardt worked with Allianz Insurance Company in the United States and Germany, managing the company's International Property Department and writing global property business for Fortune 500 companies. Mr. Gebhardt's exceptional contribution to ACE's global property business was recognized earlier this year when he was promoted to the position of Executive Vice President, Global Property.
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.