The redomestication of Ace Ltd.'s holding company to Switzerland will change nothing as regards the company's operations in Bermuda, the company's chief executive officer Evan Greenberg said yesterday.

Ace Ltd. has its roots in Bermuda and has long been regarded as a Bermuda company, but from its beginnings in the mid-1980s, its holding company has actually been based in the Cayman Islands.

However, the global insurance giant's headquarters is on Woodbourne Avenue, Hamilton, the address given in the corporate facts section of the company's website.

In March, Ace announced that it planned to redomesticate its holding company from the Caymans to Zurich.

So, assuming shareholders approve the redomestication in July, will Ace Ltd.'s global headquarters continue to be in Bermuda?

Mr. Greenberg told the Gazette in an impromptu interview at the Ace Building yesterday: "These are Ace Ltd.'s principal executive offices," he said. "Ace is a truly global company and has other executive offices elsewhere. Ace Group Holdings' executive offices are in New York, for example.

"The global headquarters of our holding company will be in Zurich, Switzerland. This will not diminish our presence in Bermuda, it only diminishes our presence in Cayman.

"This will enhance our company overall, including our operations in Bermuda."

At the time of the redomestication announcement two months ago, Mr. Greenberg said: "We believe that this change in our corporate residency will provide us with better strategic flexibility, a solid legal and regulatory environment, and improved ability to manage our capital and our businesses."

Added advantages included the formation of a corporate holding company office in Europe, where Ace conducts some 25 percent of its business, as well as the security afforded by Switzerland's network of tax treaties.