The ACE empire is to change into a structure with extra global reach once its $3.45 billion cash deal to buy US insurer CIGNA is finalised on July 1.

The reshuffle, needed to fully merge the international and domestic property and casualty insurance businesses of CIGNA Corporation into the ACE group, was unveiled yesterday.

And it centres around a handful of global insurance leaders -- all originally poached from one of the world's biggest insurers, American International Group.

CIGNA Europe chairman and CEO Gary Schmalzriedt will step into the position of president and CEO of ACE Bermuda -- formerly known as ACE Insurance -- and move his base from London to the Island.

Mr. Schmalzriedt joined CIGNA in 1991 after spending nearly 20 years in various positions within American International Group including assignments in the UK and South Africa.

ACE Bermuda's current president and CEO Dominic Frederico is set to become chairman, president and CEO of ACE INA Holdings Inc. -- the primary holding company of the acquired CIGNA group.

He will take the reins for domestic and international operations.

Mr. Frederico -- who cut a high-profile in Bermuda -- joined ACE Insurance in 1995 to establish the financial lines division. Before this he worked for 13 years in various subsidiaries of the American International Group.

Boss of the whole empire, ACE Limited chairman, president and CEO Brian Duperreault yesterday welcomed the changes afoot.

"It is my pleasure to announce the appointments of such talented and creative individuals,'' he said.

"Their collective wealth of international experience and reputation really enhances ACE's ability to become a global leader in insurance and reinsurance.'' ACE Group of Companies executive vice president Steve Schleisman will rise to become president and CEO of ACE Europe, which was previously known as CIGNA Europe.

He joined ACE last year as executive vice president after being wooed from a top spot at the healthcare services corporation, MMI Companies. Mr. Schleisman also spent 23 years with American International Group where his most recent position was president of American International Underwriters for North America.

ACE Europe will be one of the operating companies that will fall under ACE International which was formerly CIGNA International.

The current head of CIGNA International Kingsley Schubert will automatically assume the top role at ACE International.

All appointments will take effect on completion of the CIGNA deal.

Gary Schmalzriedt