The ACE Group of Companies announced the retirement of Gary Schmalzriedt as CEO of ACE Overseas General, the company’s international property and casualty insurance organization, and the appointment of John Keogh, formerly a top executive at AIG, to replace him, when he officially steps down October 1.
The bulletin notes that “ACE Overseas General is one of ACE’s principal divisions, and comprises two companies, ACE International and ACE Global Markets. ACE International includes four regional operating units, ACE European Group, ACE Asia Pacific, ACE Latin America and ACE Far East, while ACE Global Markets is the company’s London-based international excess and surplus lines business.”
Keogh was with AIG for more than 20 years, most recently as Senior VP, Domestic General Insurance, and President and CEO of National Union Fire Insurance Company, AIG’s member company that specializes in directors and officers liability and fiduciary liability coverages. He joined AIG in 1986, and has served in a number of senior positions, including as Executive VP of AIG’s Domestic Brokerage Group, and as President and CEO of AIG’s Lexington Insurance Company unit.
“We welcome John to the ACE organization,” commented ACE President and CEO Evan Greenberg. “John brings substantial management and underwriting expertise gained through his many years in the industry. We have a strong, internationally experienced management team globally that will complement John’s leadership skills. More than half of ACE’s property and casualty business comes from outside the United States, and John will be responsible for this valuable international franchise that is a major factor in distinguishing our company.”
Commenting on Schmalzriedt’s retirement, Greenberg stated: “On behalf of all my ACE colleagues and our Board of Directors, I want to extend our sincere appreciation to Gary Schmalzriedt, who helped ACE become the successful company it is today. Gary is a highly experienced insurance professional and trusted executive, whose wisdom and character have contributed greatly to the foundation of our company.”