ACE Limited Announces Executive Appointments

July 18, 2003

Bermuda-based ACE Limited announced that Jaime Paredes will join the ACE Group of Companies next month as chairman and CEO of ACE Latin America. Klaus Gebhardt, currently executive vice president, Global Property at ACE Bermuda, has been appointed to the position of chief underwriting officer, ACE Latin America.

Paredes joins ACE from Skandia, where he served for 23 years in various leadership positions, including most recently as president and COO of Skandia Latin America.

Acacio Queiroz, president of ACE Latin America, will take on the additional role of COO for the region. Queiroz will also retain the title of president of the Administration Council of ACE Seguradora S.A., ACE’s Brazilian company.

Gebhardt joined ACE Bermuda in June 1999 as senior vice president, Property. He came to ACE from Arkwright Mutual Insurance Company where he held the position of senior vice president and chief underwriting officer and was responsible for the management of the company’s underwriting and claims functions. Prior to that, Gebhardt worked with Allianz Insurance Company in the United States and Germany, managing the company’s International Property Department and writing global property business for Fortune 500 companies. Gebhardt’s exceptional contribution to ACE’s global property business was recognized earlier this year when he was promoted to the position of executive vice president, Global Property.

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