ACE has named Evan Greenberg president and chief operating officer, replacing Dominic Frederico who was named vice chairman.

In a press release yesterday, the Bermuda insurance giant said Greenberg would continue to head the company's global reinsurance and overseas general operations.

Mr. Greenberg is the son of American International Group Inc. (AIG) Chairman Maurice R. Greenberg and joined ACE Ltd. in November 2001 as head of development of global reinsurance operations.

Mr. Frederico will continue responsibility for ACE Ltd.'s North American operations and financial lines of business and Don Kramer will remain the company's other vice chairman.

“We are fortunate to have such a young and highly qualified team available to head up ACE,” said Brian Duperreault, chief executive officer and chairman of ACE.

“This team has allowed us to sustain the amazing growth that ACE has achieved over its 18-year history, while responding to ever-changing industry conditions.”

He went on to say that for years, ACE had achieved growth through acquisitions, assembling a global platform “that would be difficult to replicate in today's business climate”.

But he said that for the last three years, however, ACE has outperformed its peers in achieving rapid growth through internal resources. Mr. Duperreault added: “For us to extend this track record, execution of business plans will be the key. Evan has an exceptional background in this regard, with considerable operational experience gained as the former president and chief operating officer of American International Group.

“Even more impressive is the record he has compiled since joining Ace in November 2001. Under Evan's management direction, ACE Tempest Re doubled in size, ACE Global Markets returned to underwriting profitability, and ACE Europe and our other international operations were set on a path of highly profitable growth.”

Mr. Duperreault added that he was pleased the board of directors had appointed Mr. Frederico to vice chairman, calling him “one of our most valuable and experienced executives”.

“Dominic has presided over nearly all of ACE's important acquisitions, negotiating terms and conditions and implementing restructuring plans. He has brought ACE USA and ACE Westchester Specialty to unprecedented levels of profitability and will continue to devote his energy to leading ACE to exceptional performance.”

Both Mr. Frederico and Mr. Kramer, ACE's vice chairmen, will report directly to Mr. Greenberg.

Three years ago Greenberg left AIG after being groomed as the heir apparent for the US insurance giant by his father, veteran chairman and chief executive officer Maurice Greenberg.

His two sons were pencilled in as successors, at different times, but both left to work for other insurance groups with Evan going to ACE.

The US company has been in search of a successor ever since to fill the shoes of Mr. Greenberg Sr. when he retires or dies. AIG has been heavily criticised for its lack of succession planning.

AIG, which has been led almost single-handedly for the past 35 years by Mr. Greenberg Sr., who is now 78. Press reports say that Mr. Greenberg Sr. has announced no intention of retiring.