Bermuda’s ACE Limited announced that Evan G. Greenberg will join the ACE Group as Vice Chairman, and will become the CEO of its ACE Tempest Re subsidiary, assuming overall responsibility for the growth and development of ACE’s global reinsurance operations.
Greenberg, the younger son of AIG’s legendary boss Maurice “Hank” Greenberg, formerly served as President and COO of AIG until his resignation a year ago. He’ll be replacing John Engstrom at ACE Tempest Re, who’s retiring, and will report directly to ACE CEO Brian Duperrault, who said he was “delighted to welcome Evan to ACE.”
ACE Tempest Re has evolved since its founding in 1993 into a multi-line global reinsurer. It’s rated A+ by S&P, and has capital resources of $1.6 billion. Greenberg will be based in Bermuda and will oversee ACE’s worldwide reinsurance operations.