ACE Announces Executive Changes in Europe, Bermuda

November 16, 2004

Bermuda’s ACE Limited has announced several executive appointments, as follows:
— Andrew Kendrick, currently president and CEO of ACE Bermuda, has been named chairman and CEO of ACE European Group.
— Keith White, presently chief administration officer of ACE Limited, has been appointed executive officer, Bermuda Companies.
— Rees Fletcher, senior vice president, ACE Bermuda, has been appointed the new president and CEO of ACE Bermuda.
— Judith Gonsalves, vice president, ACE Bermuda, has been promoted to senior vice president.

“These senior management appointments reflect the strategic importance we assign to Europe, which represents a core part of the ACE Group, and Bermuda, a home market and the location of our global headquarters,” stated President and CEO Evan Greenberg. “The executives we have selected for these assignments possess considerable business experience, outstanding leadership skills, and substantial knowledge of their markets.”

Kendrick will report to Gary Schmalzriedt, chairman and CEO of ACE Overseas General. He will be responsible for all of ACE’s insurance operations across Europe.

Headquartered in London, ACE European Group underwrites insurance business in 27 European countries and underwrites reinsurance in most countries around the world. The Group includes: ACE Europe, the company’s retail property and casualty company; ACE Global Markets, the company’s excess and surplus lines operation, including Lloyd’s Syndicate 2488; and ACE Tempest Re Europe, the company’s reinsurance business.

“We are delighted that Andrew is returning to London to run our European franchise,” Schmalzriedt commented. “Andrew successfully ran our ACE Global Markets business prior to his appointment at ACE Bermuda, and he is now looking forward to taking on the leadership challenge of our European operations. The ACE European Group represents nearly 25 percent of the ACE Group’s gross written premiums and serves some of the world’s most prestigious multinational companies.”

The bulletin said that “Mr. White will now assume executive officer responsibilities for ACE’s Bermuda-based operations, which include ACE Bermuda, the ACE Group’s low frequency, high severity provider of excess liability, professional lines and property insurance; ACE Tempest Re, the company’s Bermuda-based reinsurance company; and ACE Financial Solutions International, a leading provider of non-traditional insurance, reinsurance and retrocessional solutions for international companies.” He will also take on “administrative oversight responsibilities” related to ACE Limited operations based in Bermuda.

Fletcher and Andreas Lewin, president of ACE Tempest Re, will report to White, but Lewin will also continue to report to David Furby, president and CEO of ACE Global Re, the global reinsurance operating division of ACE. Judith Gonsalves will replace Fletcher in his former role as vice president, Excess Liability.

“With more than 20 years of industry experience, Rees has a
keen understanding of the Bermuda market and enviable underwriting expertise. He has a demonstrated track record of business development and leadership skills with his people,” White commented. “We are looking forward to Rees taking command of the ACE Group’s original flagship company, and a skilled executive like Judy providing leadership to the excess liability team.”

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