Investment analysts and Bermuda business leaders yesterday reacted favourably to the announcement that ACE CEO Brian Duperreault was handing off the CEO reins to industry veteran Evan Greenberg, while staying on as chairman.

Chairman of the Association of Bermuda International Companies (ABIC) David Ezekiel said he was not surprised by the news, but saw it as positive.

?The change has been mooted for the last four months.? Mr. Ezekiel said taking on the role of CEO from Mr. Duperreault was a ?tough spot to fill, given where Brian has taken ACE during his tenure. But all indications are that Evan, once settled in, will be an impressive successor?.

Allied World Assurance Company CEO Scott Carmilani said he knew Mr. Greenberg to be a stellar insurance executive having worked under Mr. Greenberg at AIG.

?This is an excellent move for ACE. Evan has great discipline, is a great leader and a great successor. I wish him well.?

Mr. Carmilani said he worked under Mr. Greenberg about five years ago, shortly before Mr. Greenberg left AIG: ?I think Evan is an excellent student of business, as well as teacher.?

Jim Bryce, CEO of IPC Re, an insurance veteran who also put in his time at AIG before being tapped by AIG boss Maurice Greenberg to run IPC, said he and Mr. Greenberg had celebrated their 25 years with the company at the same time.

?He is a solid citizen and comes from a solid foundation,? Mr. Bryce said, adding that Mr. Greenberg had a good platform to build on.

?I wish Evan all the best and Brian will be there to assist him. Even though they are competitors, I respect them.?

Forbes magazine insurance writer Carrie Coolidge, who has covered ACE for the magazine through the years including a feature article with Brian Duperreault after the company?s 1999 acquisition of Cigna P&C, said yesterday that she was not surprised by the announcement but Mr. Greenberg was a good choice.

?Evan has an incredible amount of experience. He is a great asset to the company. It is a good move, especially with Brian staying on as chairman. He is much too young to retire.?

Meanwhile, a UBS investment research report following the announcement saw Mr. Greenberg?s appointment as a further step on from Mr. Duperreault having built up over the last decade ?a global platform for ACE that is ?AIG-esque? in scope?.

The report added: ?Evan Greenberg has demonstrated his capabilities at AIG and by his adept leadership of ACE?s global reinsurance and international insurance operations. What remains to be seen is how his vision for ACE differs, at least at the margins, from Brian Duperreault?s.?

On a conference call with analysts yesterday afternoon, Mr. Duperreault and Mr. Greenberg were congratulated on the appointment.

Dave Sheusi, an analyst with JP Morgan said: ?Congratulations to everybody? and wished both well.

Phil Carter, an analyst with Brookside Capital, said: ?You have done a great job for shareholders. You have made a great choice (in Evan).?

One analyst asked Mr. Greenberg if he intended to do a major balance sheet review but Mr. Greenberg said the company examined its financials on an on-going basis, and he was comfortable with where they stood.

The company announced record earnings last month with net income posted of $1.4 billion for 2003.

Mr. Duperreault told analysts that he was stepping down from the post of CEO at a time of strength for the company, but he did not think ACE had hit its peak yet, predicting strong results for this year.

?I would expect 2004 to be a good year,? he said that what happened with movement on investment income was still not certain but said that was out of the company?s control.

Mr. Duperreault concluded the call by saying: ?Thanks for the congratulations. Please give Evan all of the support you have given me through the years.?

Despite the positive reception of analysts, ACE shares did close down $1.02 yesterday at $42.89.