Bermuda-based ACE Limited announced that Brian Duperreault, currently Chairman of the Board, will retire from the Company, effective June 1. He will continue as a board member in the role of Non-Executive Chairman of the Board of Directors.
Duperreault, one of the best-known personalities in the insurance industry, orchestrated ACE’s development from a Bermuda start-up (after Hurricane Andrew) into a major international insurer. He joined ACE in 1994 as Chairman, President and CEO after more than 25 years of service with AIG. In May 2004, he presided over a successful management transition plan and became Chairman of the Company.
“In his 12 years with the Company, Mr. Duperreault directed a growth and diversification strategy marked by numerous acquisitions, including the 1999 acquisition of the global property and casualty operations of CIGNA Corporation,” the Company’s bulletin noted.
The expansion of ACE along with XL Capital Ltd. into major international insurers also played a key role in establishing Bermuda as a significant global insurance center, which has increasingly provided a base for numerous other companies.
Current ACE President and CEO Evan Greenberg commented: “It is with great emotion that we announce the retirement of Brian Duperreault. Brian transformed ACE from a Bermuda-based specialty writer into a global multi-line corporation. He leaves a legacy of extraordinary leadership and vision that is evidenced today by the company’s strength and vitality. On behalf of all our directors and employees, past and present, as well as all of our shareholders, I want to thank Brian for his enormous contribution to ACE.”
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