The chairman of Chubb’s Bermudian-based insurance operations is to retire at the end of the month.

Rees Fletcher joined the former Ace 27 years ago as an underwriter and is one of longest serving staff members.

The merger between Ace and Chubb Bermuda is expected to be finalised in the second quarter of this year, with the new firm trading as Chubb Bermuda.

Joseph Clabby will continue to serve as division president Bermuda and global accounts.

John Lupica, vice-chairman of Chubb and president of North America major accounts, said: “Rees has, in effect, matured and grown along with the Bermuda insurance market that he knows so well and has worked tirelessly to help build over the past 30 years.

“We thank him for the tremendous contributions he has made to Chubb and the Bermuda community.”

Mr Clabby added: “He leaves behind a dedicated and skilful team of underwriters and other professionals at Chubb and in Bermuda, many of whose careers he helped to propel through his commitment to expanding educational and professional development opportunities.”

Mr Fletcher, who was employee number 21 at Ace, joined the company four years after it was formed.

Before joining, he worked at Bermuda Fire & Marine as controller in commercial lines with underwriting responsibilities for commercial property and casualty accounts before moving from the local market to corporate insurance for the US.

He became the first Bermudian to be appointed president of Ace Bermuda in 2004 and became chairman in April last year.