Well-known ACE executive Don Kramer ? a reinsurance veteran joining ACE Limited nearly a decade ago when a property catastrophe reinsurer he headed was acquired into the then burgeoning insurer?s stable of companies ? retired on Friday, according to a company announcement. Mr. Kramer, 67, most recently held the position of executive to the office of ACE Limited?s president and CEO, Evan Greenberg.

He assumed that post a year ago when he stepped down from ACE?s board having served as ACE vice-chairman from the time he joined the company in 1996. He came to ACE after the company won a bidding battle (IPC Re was the other lead contender for the going concern) for Tempest Reinsurance Ltd. (now ACE Tempest Re) ? one of a number of insurance companies set up on the Island in 1993 after devastating Hurricane Andrew?s billion dollar swipe on property catastrophe reinsurance capacity the previous year. Mr. Kramer, a New York native, was founder chairman and CEO of Tempest. Prior to that he ran his own firm, Kramer Capital Corporation and was founder and chairman of NAC Re Corporation. In his time with ACE, Mr. Kramer has seen the Bermuda-based company expand into selling insurance in 50 countries around the globe while securing the rank of tenth largest US commercial insurer largely through its 1999 acquisition of Cigna?s P&C business.

?In his latest role, Don has served as an effective ambassador for ACE, and a trusted advisor and confidante to me. During his tenure, Don played a prominent role in the growth of our organisation,? Mr. Greenberg said.

He thanked Mr. Kramer and said he would continue to serve ACE in an advisory capacity.

Two years ago ACE threw a surprise tribute party for Mr. Kramer when he turned 65 ? a bash at which recently retired CEO and current ACE chairman Brian Duperreault praised Mr. Kramer for helping keep ACE innovative. ?As a company we have a number of attributes. We are strong, agile, intelligent, ethical and we are creative ... and all of those attributes also describe you, Don ? but none more than creativity.? He said that Mr. Kramer was in charge of ?dreaming? and that his ?unconventional thoughts force you to see the world...He has the ideas and he is a communicator ? not only can he see it, he can explain it.?

In tribute ACE created the ?Don Kramer Award for Creativity? now awarded annually to an ACE staff member in recognition of ?originality and creativity in implementing solutions that lead to significant contributions toward the achievement of ACE?s business objectives [and should] be measurably cost effective, measurably improve company earnings and enhance ACE?s reputation within the community?.