Bermuda insurance giant ACE Limited has received high praise from two leading business publications this month with the company placing as a leading global company in two lists.

ACE placed alongside 19 of its peers when 20 Island-based companies made leading business magazine Forbes 2000 list (April 12 edition) of biggest global companies.

In addition, ACE ranked number six in a top 50 ranking of companies compiled by Business Week (April 5 edition). ACE was the only Bermuda based company to make the list.

The Forbes list aimed to list the world's biggest companies (based on various financial figures including profits in the last fiscal year as well as market capitalisation), BusinessWeek took a different tack.

It said the firms making its roundup were there because they "rose above their rivals, often learning to think like their customers".

"From its base in Bermuda, this property and casualty insurance and reinsurance company reaches around the world to diversify risks and business opportunities.

"ACE finds half its premiums overseas and half in North America, where it has built on business it bought from CIGNA Corp. in 1999.

"Its global range gives ACE flexibility to emphasise regions and product categories when they are strong, and then shift elsewhere once they weaken.

"That should help ACE continue to increase earnings across the ups and downs of pricing cycles.

"Indeed, ACE is known for its underwriting discipline, thanks to (CEO Brian) Duperreault, a former American International Group Inc. executive.

"Still, the 2003 results ? 1,740 percent higher profits ? were helped a lot by big 2002 investment losses and a charge to build reserves against asbestos claims.

"In May, the job of keeping up that performance falls to Evan Greenberg, son of AIG founder Maurice R. (Hank) Greenberg, as he is promoted from president of ACE to CEO. Mr. Duperreault will remain as chairman."