ACE Limited President and COO Evan Greenberg announced that, effective January 1, 2004, Mark Herman has been appointed as President, ACE Global Professional Lines and Andrew Kendrick has been appointed as President and CEO of ACE Bermuda, subject to approval by the Bermuda Department of Labour and Immigration.
He also announced that, effective immediately, Pierre Samson has been appointed to President, ACE Global Financial Solutions and Richard Pryce has been appointed as President, ACE Global Markets and a Director of ACE INA UK Limited and ACE Underwriting Agencies Limited.
“These management changes are intended to continue to focus our key management talent on the important areas of opportunity we see globally,” Greenberg stated.
Herman currently serves as President and CEO of ACE Bermuda, and will take over as President of the newly-created ACE Global Professional Lines in January. He will be based in the United States and Bermuda and will report to Chairman of ACE INA Holdings, Dominic Frederico and President and CEO of ACE Overseas General, Gary Schmalzriedt.
“Mr. Herman joined ACE from Chubb in May 1995, bringing with him significant underwriting and managerial experience. Following four years as head of ACE Bermuda’s Professional Lines Division, Mr. Herman assumed responsibility for the Excess Liability Division. He was appointed President and Chief Executive Officer, ACE Bermuda, in February 2001,” said the bulletin.
“ACE is a major player globally in the D&O and E&O arena and the establishment of this division will allow us to bring enhanced focus and attention to two of our core lines of business,” Greenberg commented. “As head of ACE Global Professional Lines, Mark will have executive responsibility for our strategies and profit and loss of our worldwide professional lines business. Additionally, the underwriting managers of the various ACE professional lines businesses will now have a direct reporting line to Mark. His stellar track record as an underwriter in this sector of our industry and the breadth of his management experience make Mark’s appointment to this new position a natural choice.”
Pierre Samson, currently President and CEO of ACE Financial Solutions International, will head the newly-created division, ACE Global Financial Solutions. “This unit comprises ACE Financial Solutions US, headed by Robert Omahne, as well as ACE FSI. Mr. Samson will oversee all aspects of the ACE Group’s U.S. and international financial solutions business. He will continue to report to Dominic Frederico,” said the announcement.
Greenberg indicated, “As with the establishment of the Global Professional Lines division, the ACE Global Financial Solutions unit will enable us to maximize ACE’s global assets to the benefit of our customers and producers. At the same time, we will be able to foster greater coordination and collaboration across the ACE Group.
“Under Pierre’s leadership, ACE FSI has developed into a highly-respected international provider of non-traditional insurance and finance-related solutions. Now he will have the opportunity to oversee the continued growth of the US and international financial solutions business, leveraging ACE’s unique global platform.”
The announcement noted that Samson joined ACE in March 1995 as Finite Risk Underwriter and Actuary in the Financial Lines Division of ACE Bermuda. In 1997, he was promoted to the position of Senior VP, Financial Lines, and in June 2000 was asked to head ACE FSI. He came to ACE after eight years with a leading actuarial firm in Bermuda and London focusing on pricing and loss reserving with captives, reinsurance companies and Lloyd’s syndicates.
Andrew Kendrick, currently President ACE Global Markets and a Director of ACE INA UK Limited and ACE Underwriting Services Limited, will take over as the new head of ACE Bermuda, reporting to Dominic Frederico, Chairman, ACE INA Holdings, Inc. His appointment is subject to approval from the Bermuda Department of Labour and Immigration. The bulletin noted that pending this approval he will “assist with the transition of his leadership role at ACE European Group and will undertake a number of special projects reporting directly to Mr. Greenberg.”
Commenting on Kendrick’s new role Greenberg stated, “Andy has over 25 years’ experience in the Lloyd’s market, beginning his career in 1978 at Sturge Syndicate 210. His focus on underwriting discipline and his pivotal role on the management team at ACE Global Markets have played a significant role in returning this operating unit to profitability.” Kendrick joined ACE Global Markets in 1996 when ACE Limited purchased Ockham Underwriting Agency (previously known as Sturge Underwriting Agency). He is also a Director of ACE INA UK.
“Richard Pryce, currently Director, Financial Lines, ACE Global Markets and Senior Vice President, Financial Lines, ACE Overseas General, becomes President of ACE Global Markets and a Director of ACE INA UK Limited and ACE Underwriting Agencies Limited. In addition, Mr. Pryce will become Active Underwriter for Syndicate 2488, subject to approval from Lloyd’s,” said the announcement. He has “some 20 years’ experience in the London market, having joined Sturge & Co in 1981. Since joining ACE, he has undertaken a number of claims and underwriting management roles with Ockham, ACE London Services and ACE Global Markets.”
Summarizing the implications of these appointments, Greenberg concluded: “Each of these senior insurance professionals brings a wealth of experience and talent to ACE’s management team at a time when we are experiencing near-unprecedented opportunity for growth. I have no doubt that their contribution to our continued success will be considerable.”
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