Dominic Frederico will become chairman, president and chief executive officer of ACE INA Holdings Inc., which is the primary holding company of the companies acquired in the acquisition of CIGNA's P&C operations. In his new capacity, Mr. Frederico will be responsible for domestic and international operations. Currently Mr. Frederico is president and chief executive officer of ACE Bermuda.
Gary Schmalzriedt will join ACE to become president and chief executive officer of ACE Bermuda. Mr. Schmalzriedt is currently in charge of CIGNA Europe.
Steve Schleisman will become president and chief executive officer of ACE Europe, formerly known as CIGNA Europe. Mr. Schleisman is currently executive vice president for the ACE Group of Companies. ACE Europe will be one of the operating companies that will come under ACE International, previously named CIGNA International. ACE International will be headed by Kingsley Schubert, who is currently president of CIGNA International.
Brian Duperreault, chairman, president and chief executive officer of ACE Limited said, "It is my pleasure to announce the appointments of such talented and creative individuals. Their collective wealth of international experience and reputation greatly enhances ACE's ability to become a global leader in insurance and reinsurance."
Dominic Frederico joined ACE Bermuda, formerly named ACE Insurance, in 1995 to establish the financial lines division. In 1996 he was promoted to executive vice president, underwriting at ACE Insurance and was appointed president and chief executive officer in 1997. Mr. Frederico worked for 13 years in various subsidiaries of the American International Group in both the international and domestic operations. He holds a Master's degree in Business Administration from Drexel University and is a Certified Public Accountant.
Gary Schmalzriedt joined CIGNA in 1991 as senior vice president, property underwriting and later became responsible for managing CIGNA International's P&C related businesses. In 1998, he was promoted to chairman and chief executive officer of CIGNA Europe. Previously he spent nearly 20 years in various positions of increasing responsibility within American International Group, including assignments in the U.K. and South Africa and most recently, senior vice president and senior underwriting officer of American International Underwriters, where he managed their foreign operations. Mr. Schmalzriedt holds a Bachelor of Arts degree from Rutgers University and is a Chartered Property & Casualty Underwriter.
Steve Schleisman joined ACE in 1998 as executive vice president. Mr. Schleisman came to ACE from MMI Companies, a healthcare services corporation, where he was executive vice president and president of the MMI Insurance Group from 1995 - 1998. Before MMI, Mr. Schleisman spent 23 years with American International Group where his most recent position was president, American International Underwriters, North America. Mr. Schleisman has a Master's degree from the American Graduate School of International Management in Glendale, Arizona and a Bachelor of Science degree from Iowa State University.
On January 12, 1999, ACE Limited announced it had agreed to acquire the international and domestic property and casualty insurance businesses of CIGNA Corporation for $3.45 billion in cash. The transaction, which is subject to receipt of necessary regulatory approval and other customary closing conditions, is expected to be completed on or about July 1, 1999.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At March 31, 1999, ACE Limited had approximately $8.9 billion in assets and $4.0 billion in shareholders' equity.