News Releases

LONDON--(BUSINESS WIRE)--ACE European Group has today announced some management and organisational changes with immediate effect.

Firstly, Richard Pryce, currently President of ACE Global Markets (AGM), ACE’s International and Specialty business, will assume additional responsibility for ACE’s UK Property and Casualty business (ACE Europe). The newly combined segment will be known as ACE UK. While maintaining the distinct brands of AGM and ACE Europe, complete with separate underwriting management, Richard will provide overall leadership for the new organisation.

Secondly, Michael Furgueson, who has until now led the UK & Ireland P&C operation, will be returning to the United States as Executive Vice President for ACE’s International Commercial and Multinational Lines business.

Finally, David Furby, President of ACE Continental Europe, assumes additional responsibility for Central and Eastern Europe, Russia and the Commonwealth of Independent States.

Commenting on the changes, Andrew Kendrick, Chairman and CEO of ACE European Group, said, “ACE has established two of the most successful and respected UK based insurance businesses. AGM is recognised throughout the world as a leading International and Specialty insurer, and the UK and Ireland P&C business is a successful retail entity which has seen exceptional growth and positioning over the last five years. Combining the leadership of both businesses under Richard Pryce within the newly created structure of ACE UK will enable both to work more closely together, to better leverage the synergies of both brands, to achieve greater efficiencies and more importantly, to further enhance ACE’s service proposition for both clients and brokers.”

“Michael Furgueson, who has done so much to build the UK and Ireland P&C business, will now work on a number of strategic initiatives to further improve ACE’s global positioning for growth. I would like to thank Michael and his team for their considerable contribution to the UK business.”

“In Continental Europe, David Furby will now lead all of ACE’s operations throughout our expanding geographical presence, enabling us to focus strategy and to drive our development throughout the entire economic area.”

Notes to editors:

ACE

ACE European Group has established branch offices in 16 countries across Europe, Freedom of Services permission to provide insurance services to clients in 27 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.

ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. 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 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. Additional information on ACE European Group can be found atwww.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