A management shift at Bermuda-based insurance giant ACE Limited has positioned two of its senior executives at the helm of ACE Overseas General - a division comprising its operations in Latin American, Europe, the Far East and in the Asia Pacific region.

In the move, Gary Schmalzriedt has been named chairman and CEO, ACE Overseas General. He takes up the reins for the international insurance operations from Evan Greenberg who was named president and chief operating officer of ACE Limited last month.

Mr. Schmalzriedt, who previously held the position of president and CEO of ACE European Group, will report directly to Mr. Greenberg. Mr. Schmalzriedt was based in Bermuda from 1999 to 2001 when he held the position of president and CEO, ACE Bermuda.

Also announced this week was the appointment of Ed Clancy, currently president of Global Accident and Health, an operating unit of ACE INA, to the post of president and chief operating officer, ACE Overseas General. Mr. Clancy will report directly to Mr. Schmalzriedt.

Both Mr. Schmalzriedt and Mr. Clancy have been with ACE since 1999. Mr. Schmalzriedt, an insurance industry veteran with some 35 years of experience in international insurance management, joined ACE as part of its acquisition of Cigna's international property and casualty (P&C) operations. Prior to joining Cigna P&C, Mr. Schmalzriedt was underwriting officer for AIU, the international property casualty operation of rival insurance company American International Group (AIG). Mr. Clancy came to ACE after 20 years with AIG.

In a press release issued by the company this week, Mr. Greenberg said of the appointments: "We are delighted to have an executive of Gary's calibre and experience at the helm of ACE Overseas General.

"(He) has produced excellent results during his four-year tenure with the company. Most significantly, the ACE European Group has been restored to profitability under Gary's stewardship."

Mr. Greenberg continued: "Gary and Ed will make a strong management team. 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."