(NYSE:ACE, BSX:ACL.BH) announced today that Evan G. Greenberg will join the ACE Group of Companies as Vice Chairman, ACE Limited, with responsibility
for the growth and development of its global reinsurance operations.
Mr. Greenberg will also assume the position of chief executive officer of ACE Tempest Re reporting directly to Brian Duperreault. He
succeeds John Engestrom, who is retiring after leading ACE Tempest Re through a critical transformation to become a broad based reinsurer.
Mr. Greenberg will be based in Bermuda and will oversee ACE's reinsurance operations worldwide.
ACE Tempest Re, which began operations in 1993 as a mono-line catastrophe reinsurer, has grown into a multi-line global reinsurer with capital resources of $1.6 billion and an A+ claims paying rating from Standard & Poor's. The company believes that ACE Tempest Re is currently the ninth largest reinsurer in the world based on equity capital.
"I am delighted to welcome Evan to ACE," Brian Duperreault, chairman and chief executive officer of ACE Limited, said. "His vast and diversified experience in the industry and his international
perspective make him the ideal person to spearhead our growth in the reinsurance arena."
Dominic Frederico, president and chief operating officer of ACE Limited, noted: "I had the great pleasure of working with Evan for more than 13 years at American International Group (AIG) and I have seen first hand how effective he is. I have every confidence that Evan will deliver on his mandate to build ACE Tempest Re into the world's
foremost reinsurer."
"I'm pleased to be joining the ACE organization," Mr. Greenberg said. "I look forward to working with my colleagues at ACE Tempest Re and ACE Limited, as we strive to capitalize on the many growth opportunities available to us now and in the future."
Evan Greenberg was most recently president and chief operating officer of AIG, a position he held from 1997 until 2000. From 1975 until 1997, Mr. Greenberg held a variety of senior management positions at AIG, including chief operating officer of AIG Companies in Japan and Korea, president and chief operating officer of AIU,
AIG's Foreign General Insurance organization, and president and chief executive officer of AIU.
Mr. Greenberg is a member of the Council on Foreign Relations, the Asia Society, the Nixon Center for Peace and Freedom and the Japan
Society. Mr. Greenberg serves as a trustee on the Boards of The Lauder Institute, The Boys and Girls Club of Westchester, New York, The South
Street Seaport Museum and The Rippowam Cisqua School.