Duperreault, chairman and chief executive officer of ACE Limited (NYSE:ACL. BSX:ACL.BH), today announced a number of significant changes in
management responsibilities across the ACE Group of Companies.
Foremost among these changes is the broadening of responsibilities of two key executives Dominic Frederico and John Charman. As a result,
ACE will divide its operations into two sub groups each to be headed by a group president and chief executive officer.
Mr. Frederico, currently president and chief operating officer of ACE Limited, will also assume the title of group president and chief executive officer of the U.S. and Bermuda Group with responsibility for all ACE insurance, reinsurance and financial services operations in the United States and Bermuda.
Mr. Charman, chief executive officer of ACE Global Markets, will assume the title of group president and chief executive officer of the ACE International Group, which includes a combination of ACE Global Markets and ACE Europe, as well as the other international business segments, ACE Latin America, ACE Asia Pacific, and ACE Far East.
"Dominic Frederico has truly demonstrated his managerial skill through the successful integration and return to underwriting
profitability of the former CIGNA P&C operations," said Brian Duperreault, "while John Charman has successfully navigated ACE Global
Markets through Lloyd's turbulent times, creating one of the largest and most profitable syndicates in the London Market. The increased managerial responsibilities assigned to these two highly qualified executives is clear evidence of our corporate commitment to underwriting profitability and expense control."
Mr. Duperreault also outlined the following additional changes in the management structure of the ACE Group:
Gary Schmalzriedt, currently president of ACE Bermuda Insurance Ltd. (ACE Bermuda), will become president and chief executive officer of the combined operations of ACE Europe and ACE Global Markets and will be headquartered in London.
Mark Herman, senior vice president Casualty Division at ACE Bermuda, will become president and chief executive officer of ACE Bermuda with responsibility for all lines of business with the exception of ACE Financial Solutions nternational (FSI), which will continue to be headed by Pierre Samson, president and chief executive officer.
Kingsley Schubert, president of ACE International, will lead a strategic initiative to prepare ACE for its ultimate entry into the life insurance and related financial products markets. He will report directly to Brian Duperreault.
"Having successfully integrated the CIGNA P&C operations into the ACE Group of Companies, the time is right to focus on achieving global
operational efficiencies in order to maximize future profitability," said Mr. Duperreault. "These changes are also consistent with our philosophy of decentralization and local empowerment."
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.