Brian Duperreault, chairman and chief executive officer of ACE Limited, said, "This development occurred as a result of differences between us over personnel matters."
Mr. Duperreault said that with the departure of Mr. Charman, the president and chief executive officer of each of the business units comprising the ACE International Group will report directly to him. They are ACE Global Markets and ACE Europe, ACE Far East, ACE Asia Pacific and ACE Latin America. "One of the many characteristics that differentiates ACE is the depth and strength of the management leading our operating units. Since each of these units is semi-autonomous and staffed with a highly qualified chief executive, I have no doubt our regional operations won't miss a beat in staying focused on their business goals," said Mr. Duperreault.
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.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995:
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 momentum may be affected by market competition. ACE's forward-looking statements could be affected by the levels of new and renewal business achieved, market acceptance of ACE's diversification and initiatives and market conditions affecting ACE's investments. Also, competition in the industry, the frequency of unpredictable catastrophic events, and economic, 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 could affect the forward-looking statements contained in this press release. 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.
CONTACT: ACE Limited, Hamilton
Investor Contact:
Helen M. Wilson, 441/299-9283
or
Media Contact:
Wendy Davis Johnson, 441/299-9347