HAMILTON, Bermuda--(BUSINESS WIRE)--ACE Limited (NYSE:ACE) announced today that the Board of Directors of ACE Limited has elected the Chief Executive Officer of the Company, Evan G. Greenberg, to the position of Chairman of the Board of Directors, effective at the time of the Annual General Meeting in May 2007. Mr. Greenberg will succeed Brian Duperreault at the expiration of his term in that position. Mr. Duperreault will remain on the ACE Board.
Mr. Duperreault commented on the planned transition: “Evan has proven his leadership through the performance of our Company in a period marked by natural catastrophes and widespread industry investigations. ACE has been a leader in risk management, underwriting and industry reform since he became our CEO and I expect that to continue. I am proud to again pass the reins to a proven industry leader who will continue to serve our shareholders well in the years to come.”
Robert Hernandez will remain as Lead Director of a Board comprised primarily of independent Directors. He said, “Evan has earned the trust and confidence of our Board through three years of transition, industry change and team-building. The Company’s performance has been extraordinary. His election as Chairman reflects our confidence in Evan and his management team to lead the Company through the challenges and opportunities in the years to come.”
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, 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.