ACE Limited (NYSE: ACE) today announced the appointment of Gary Schmalzriedt, currently President and Chief Executive Officer of ACE European Group, to the position of Chairman and Chief Executive Officer of ACE Overseas General. In addition, Ed Clancy, currently President of Global Accident and Health (A&H), an operating unit of ACE INA, has been named President and Chief Operating Officer of ACE Overseas General. ACE Overseas General comprises the insurance operations of ACE Latin America, ACE European Group, ACE Far East and ACE Asia Pacific.
"We are delighted to have an executive of Gary’s caliber and experience at the helm of ACE Overseas General," said Evan Greenberg, President and Chief Operating Officer of ACE Limited. "Gary has produced excellent results during his 4-year tenure with the company. Most significantly, the ACE European Group has been restored to profitability under Gary’s stewardship.
"Gary and Ed will make a strong management team," Mr. Greenberg continued. "They bring a wealth of experience and talent to the management of ACE Overseas General at a time when we are experiencing near unprecedented opportunity for growth."
Mr. Schmalzriedt, who will report to Mr. Greenberg, has 35 years of experience in international insurance management, including his service as President and Chief Executive Officer, ACE Bermuda, as senior executive in charge of CIGNA’s international property casualty business, and as former Underwriting Officer for AIU, the international property casualty operation of American International Group (AIG).
Mr. Clancy, who will report to Mr. Schmalzriedt, has been with ACE since 1999. During that time, he has served as Senior Vice President in charge of International Accident & Health and President of the Global Accident & Health business (including, since the end of 2002, executive management of operations in Japan). Prior to joining ACE, Mr. Clancy spent 20 years with AIG in various management positions including Regional Vice President of A&H for AIG Far East.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients ACE Group conducts its business on a global basis, with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com .