ACE Announces Japan, N.Z. Management Changes

August 31, 2004

ACE Overseas General, the non-U.S. insurance operations of The ACE Group of Companies, announced from Bermuda that Neil C. Smith has been appointed as President of ACE Far East. He succeeds Scott Pickering, who has been appointed Country Manager, ACE New Zealand. Both appointments are effective November 2004.

Smith will be based in Japan and will report to Ed Clancy, President and CFO of ACE Overseas General. He will be responsible for the growth and development of ACE’s business in Japan, including the property and casualty, auto, personal lines and accident and health divisions.

Based in New Zealand, Pickering will be responsible for expanding the ACE New Zealand business and “will remain involved in the management and development of many of the Asian businesses he has helped grow for the Company,” said the announcement. It also noted that the two men “will work together in Japan throughout November to effect a smooth management transition.”

“We’re delighted that Neil has agreed to take on this role, to continue building our important business in Japan,” Clancy commented. “Neil worked in Japan throughout the mid-90’s and is looking forward to re-establishing links with his former colleagues, and with the Japanese business community. Scott, together with his Japan management group, has made excellent progress in building a solid foundation for our Japanese business. We look forward to his on-going contribution within our Asia-Pacific businesses as he returns to his home in New Zealand.”

Smith is currently Sr. VP of the ACE European Group. He joined ACE in July 1999 when ACE Limited acquired the global property and casualty operations of CIGNA. He has been responsible for the accident and health and personal lines businesses throughout ACE’s European operations. While with CIGNA, Smith held various senior appointments in North America, Europe and Asia, working within the property and casualty, personal lines and accident and health divisions.

Pickering also joined ACE in 1999 through the CIGNA acquisition. Prior to being appointed President of ACE Far East in January 2003, he held a number of senior posts with ACE in the Asia Pacific region. While with CIGNA, he held various underwriting and management positions in Indonesia, Hong Kong, Thailand, Philippines, Australia and New Zealand.

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