Ace Ltd. chief executive officer Evan Greenberg has been elected company chairman, the Bermuda insurance giant announced yesterday.

Mr. Greenberg will succeed Brian Duperreault at the time of the company’s annual general meeting in May this year. Mr. Duperreault will remain on the Ace board.

The son of industry legend and former AIG CEO Maurice (Hank) Greenberg, Mr. Greenberg joined Ace in 2001 after he abruptly quit AIG the year before.

He became the company’s CEO in May 2004, succeeding Mr. Duperreault.

“Evan has proven his leadership through the performance of our company in a period marked by natural catastrophes and widespread industry investigations,” Mr. Duperreault said in a press release from Ace yesterday.

“Ace has been a leader in risk management, underwriting and industry reform since he became our CEO and I expect that to continue. I am proud to again pass the reins to a proven industry leader who will continue to serve our shareholders well in the years to come.”

Robert Hernandez will remain as lead director of a board comprised primarily of independent directors.