In what it termed a “realignment of senior executive responsibilities,” Bermuda’s ACE Limited announced that its Board of Directors has elected Evan Greenberg to the position of President and Chief Operating Officer, effective immediately.
He will continue to head ACE Global Reinsurance and ACE Overseas General, and will also take responsibility for day-to-day operations of ACE Limited, the parent company. “His new duties include supervision of all ACE Limited administration functions and learning and development,” said the bulletin. It also indicated that the CFO and General Counsel “will continue to report to ACE Chairman and Chief Executive Officer Brian Duperreault.”
Along with naming Greenberg COO, ACE also said that Dominic Frederico will become Vice Chairman of ACE Limited, “with continued responsibility for ACE’s North American operations, which include ACE USA, ACE Westchester Specialty Group and ACE Bermuda, as well as for all of ACE’s financial lines of business.”
Duperreault commented: “We are fortunate to have such a young and highly qualified team available to head up ACE. This team has allowed us to sustain the amazing growth that ACE has achieved over its 18-year history, while responding to ever-changing industry conditions.
“For a number of years, ACE achieved growth through acquisitions, assembling a global platform that would be difficult to replicate in today’s business climate. For the last three years, however, ACE has outperformed its peers in achieving rapid growth through internal resources. For us to extend this track record, execution of business plans will be the key.
“Evan has an exceptional background in this regard, with considerable operational experience gained as the former President and Chief Operating Officer of American International Group. Even more impressive is the record he has compiled since joining ACE in November 2001. Under Evan’s management direction, ACE Tempest Re doubled in size, ACE Global Markets returned to underwriting profitability, and ACE Europe and our other international operations were set on a path of highly profitable growth.
“I am also pleased that the Board has appointed Dominic Frederico, one of our most valuable and experienced executives, to the position of Vice Chairman. Dominic has presided over nearly all of ACE’s important acquisitions, negotiating terms and conditions and implementing restructuring plans. He has brought ACE USA and ACE Westchester Specialty to unprecedented levels of profitability and will continue to devote his energy to leading ACE to exceptional performance.”
Both Frederico and Don Kramer, ACE’s Vice Chairmen, will report directly to Greenberg.
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