News Releases

LONDON--(BUSINESS WIRE)--July 7, 2005--ACE European Group (NYSE:ACE) today announced that Michael Furgueson has been appointed President of ACE's business operations in the United Kingdom and Ireland. Mr. Furgueson succeeds Carl Bach, who is moving to a new posting with ACE USA, which will involve managing ACE's global product and service offerings for US-based multinational companies, as well as enhancing the coordination of global programs with ACE Overseas General. 
 

Reporting to Andrew Kendrick, Chairman and CEO of ACE European Group, Mr. Furgueson now assumes management responsibility for all property and casualty insurance business in the U.K. and Ireland.

Mr. Furgueson joined ACE in 2002 as Executive Vice President, Financial Lines. In May 2004, he assumed the position of President and Chief Operating Officer, ACE Europe, during which time he oversaw the expansion of ACE into new territories, including Switzerland and Poland, and the introduction of new products throughout the European region. Mr. Furgueson has over twenty years experience in the insurance industry, including fifteen years with Chubb, where he held a number of US and international postings, including London.

Andrew Kendrick said:

"In March 2005, we created three new business units to target growth opportunities in the property and casualty business in the U.K. and Ireland. The objective was to further improve ACE's service and product offerings to brokers and clients in the regions. Michael has been at the forefront of recent efforts to further grow ACE's European product and geographical offering. He is therefore well placed to take advantage of the growth opportunities now present in the U.K and Ireland markets and to ensure that our infrastructure is responsive to the needs of regional brokers and clients.

"We want to also wish Carl Bach best wishes as he leaves ACE European Group and takes on an exciting new assignment with our company in the U.S. His contribution to our growth is widely recognised."

Notes to Editors:

1. The ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re (Europe). With an established presence in 16 countries across Europe and Freedom of Services permissions to operate in 27 European countries, ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE's specialty international business, underwriting through ACE's Lloyd's Syndicate 2488 and UK registered company ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. ACE Tempest Re (Europe) is a division of ACE Global Re's worldwide reinsurance business. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.

The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com