ACE executive Evan Greenberg officially took up the reins for the global insurance giant from outgoing CEO Brian Duperreault yesterday.

The move, which was announced in March, was made following the company?s annual general meeting.

Mr. Duperreault, a Bermudian who will remain on as chairman of the leading insurer, had really become the face of the organisation during his decade-long tenure as CEO of ACE.

But he said earlier this year that it was time for him to hand it on to another.

Mr. Greenberg, the son of industry legend and AIG CEO Maurice ?Hank? Greenberg, joined the company in 2001 after he abruptly quit AIG the year before.

He had been widely touted as his father?s successor at AIG until the split.

Speaking with The Royal Gazette from Philadelphia when the announcement was made earlier this year, Mr. Greenberg and Mr. Duperreault said the change at the top would not spell significant change for the organisation.

ACE Limited was set up on the Island 19 years ago, but underwent rapid change in the 1990s largely through strategic acquisitions growing the company from a relatively small insurance venture to a global powerhouse operating in 50 countries around the world.

Mr. Duperreault spearheaded that growth from the time he joined the company in 1994 through the company?s most significant acquisition in July, 1999, when ACE bought up Cigna?s property & casualty (P&C) business.

Mr. Greenberg, a 28-year veteran of the industry, initially joined ACE as vice-chairman CEO of reinsurance arm, ACE Tempest Re. He was promoted to the position of president and COO last June.

In addition to becoming CEO, he retains the president post but relinquishes the COO role although it was not clear if anyone is to be named chief operations officer.

Meanwhile, ACE also announced that it would increase its quarterly dividend to 21 cents a share from 19 cents with investors as of June 30 due to receive their payment on July 14.

ACE said it had increased its dividend every year since 1994 and as a result, has one of the highest dividend growth rates associated with any company listed on the S&P 500.

The Board of Directors also declared a dividend of $4.875 on its Series C 7.80 percent cumulative redeemable preferred shares to be paid on June 1 to to shareholders of record at the close of business on May 31, 2004. A press statement said this dividend broke down to 48.75 cents per depository share.