The board of directors of Bermudan insurer ACE Ltd. has elected its president, Evan G. Greenberg, to the additional post of CEO, effective May 27, 2004. Greenberg was formerly a top executive at American International Group and is the son of AIG CEO Hank Greenberg.
Until Greenberg takes over in May, Brian Duperreault, who has been chairman and CEO since 1994, will remain as chairman. Greenberg’s brother, Jeffrey, is CEO of brokerage giant Marsh & McLennan.
Greenberg’s career at ACE began when he joined the company in 2001 to run its reinsurance group. In 2002 he took over all of ACE’s international operations and has run the company on a day-to-day basis as chief operations officer since June 2003.
The ACE Group of Cos. conducts its business on a worldwide basis with operating subsidiaries in approximately 50 countries.