ACE Global Markets announced today that, subject to Lloyd's approval, Mr. John Green will be promoted to the position of Active Underwriter, Syndicate 960. Mr. Green has been Senior Deputy Underwriter of Syndicate 960 since the operations of Syndicates 48 and 960 were combined in the latter part of 1997. Prior to that date, he was the Deputy Underwriter of Syndicate 48 (the Ariel Syndicate) from 1987 to 1997. Mr. Green has worked in the Lloyd's market for over 30 years.
ACE has also announced that Mr. Peter Williams has agreed to step down as Active Underwriter Syndicate 960 with immediate effect and will leave the group shortly.
John Charman, Chief Executive Officer, ACE Global Markets, said, "John's promotion is well deserved and signals our further determination to strategically position ACE Global Markets' aviation business for the 21st Century. This completes the radical re-engineering of ACE Global Markets' underwriting strategy which has been taking place over the last six months. The fundamental changes we have implemented are dedicated to enhancing our product lines and service capabilities to our valued clients. I believe we are now well equipped to deal with the extreme challenges currently facing insurers within the fiercely competitive international marketplace.
"I would like to thank Peter Williams for his contribution and commitment to ACE over the years and wish him the very best for the future."
The ACE Group of Companies provides insurance and reinsurance to a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At September 30, 1998, ACE Limited had approximately £5.3 billion in assets and approximately £2.2 billion in shareholders' equity. ACE Limited is traded on the New York Stock Exchange under the ticker symbol ACL.