Shakeup in ACE U.S.A. Management – Rivera Resigns; Dowd New CEO; Lupica, Crosby Named to Key Posts

January 6, 2005

ACE Limited announced from its Bermuda headquarters a $298 million reserve strengthening (See related article in “International” section) and some major management changes in its U.S. operations.

Brian E. Dowd, currently president and CEO of ACE Westchester Specialty, has been appointed as the new Chairman and CEO of ACE USA, the U.S.-based property and casualty retail brokerage division of The ACE Group of Companies.

He succeeds Susan Rivera, who resigned her post after having served less than three years. The company made no comment on speculation that Rivera’s decision was connected with the investigations into ACE’s operations being conducted by New York Attorney General Eliot Spitzer. The announcement said only: “ACE USA appreciates her three years of service to the Company.”

Dowd was also appointed Chairman of ACE Westchester Specialty, ACE’s U.S.-based excess and surplus wholesale brokerage operation, and President of ACE INA Holdings, an insurance holding company that encompasses many of the organization’s U.S.-based service and support functions. “In his new role, Mr. Dowd will be responsible for all of ACE’s retail and wholesale property and casualty insurance business in the United States and Canada – an operation that has generated over $3 billion in net earned premiums for the first nine months of this year and has more than 4,000 employees,” said the bulletin.

It also noted that John Lupica has been appointed president and COO of ACE USA, and Dennis Crosby has been named president & CEO of ACE Westchester Specialty. Both men will report directly to Dowd.

Lupica was President of ACE Professional Risk and ACE USA Regional Operations, and Crosby was ACE USA Sr. VP and regional executive, Southeast Region.

“I am delighted to appoint Brian Dowd to this new executive assignment heading our entire U.S. insurance franchise,” commented President and CEO Evan Greenberg. “His proven leadership skills and vast industry experience make him an outstanding choice to run our largest and most complex insurance operation. All of us look forward to Brian and his team building the ACE presence in the United States and Canada to one of unparalleled market leadership and profitability.

“John Lupica is the architect of our strong regional network that now so successfully serves our corporate customers and brokers and has been a major factor in ACE USA’s growth momentum,” he continued. “While relatively new to the organization, Dennis Crosby also possesses considerable industry experience and knowledge.

“This team of executives demonstrates our company’s deep pool of talent. The promotions reflect their outstanding personal performance and our utmost confidence in their skills. I wish them well in their new assignments.”

Dowd joined ACE in 1995 as Sr. VP, ACE Bermuda Property Division. After four years, he was promoted to executive VP, ACE USA Property Division, a post he remained in until 2001, when he was appointed president, Specialty P&C Group. He became President of ACE Westchester Specialty in February 2002 and added the title of CEO in December 2003. Also in December 2003, Dowd joined the Office of the Chairman of ACE INA Holdings, which provides governance for ACE INA Holdings and its operations.

Before joining ACE, he was a senior underwriting officer for Arkwright Mutual Insurance Company from 1988 to 1995. He is a Chartered Property Casualty Underwriter (CPCU) and has a bachelor’s degree in finance from Northern Illinois University.

Lupica joined ACE USA in 2000 as Executive VP – Diversified Risk, from American Reinsurance Company, where he was the Sr. VP of the professional liability group. Prior to that, he was with American International Group for eight years, where he held a number of roles including Vice President of the company’s directors and officers and errors and omissions lines. He holds a bachelor’s degree in economics from Hobart College and a CPCU designation.

Crosby joined ACE USA in April 2004 after 23 years at The St. Paul Companies, where he held a variety of roles, the most recent of which was president – Commercial Middle Market. He holds a bachelor’s degree in business administration from Appalachian State University.

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