Two key executives have had their responsibilities broadened to head up two new sub groups within the company. Dominic Frederico, currently president and chief operating officer of ACE Limited, will also assume the title of group president and chief executive officer of the US and Bermuda group. He will have responsibilities for all ACE insurance, reinsurance and financial services.

Mr. Frederico joined ACE in Bermuda in January 1995 after serving 13 years with American International Group. Since joining the company he has served as executive vice president of underwriting, president and chief executive officer of ACE Bermuda, president and chief operating officer of ACE, chairman and chief executive officer of ACE INA Holdings and chairman of ACE Financial Services.

John Charman, currently chief executive officer of ACE Global Markets, will become group president and chief executive officer of the ACE International Group. This includes a combination of ACE Global Markets, ACE Europe, ACE Latin America, ACE Asia Pacific and ACE Far East.

Mr. Charman has a strong underwriting background, having served with Charman Underwriting Agencies, Tarquin, Scottish Lion Insurance and Sturge Marine before he joined ACE. He was also a past deputy chairman of Lloyd's.

Three other changes were announced to the company's management structure.

Gary Schmalzriedt will become president and chief executive officer of the combined operations of ACE Europe and ACE Global Markets and will be headquartered in London.

Mark Herman will become president and chief executive officer of ACE Bermuda.

Kingsley Schubert, president of ACE International, will lead a strategic intiative to prepare ACE for its ultimate entry into the life insurance and related financial products market.

Chairman and chief executive officer of ACE Limited, Brian Duperreault, said, "Having successfully integrated the CIGNA P&C operations into the ACE group of companies, the time is right to focus on achieving global operational efficiencies in order to maximise future profitability.

"These changes are also consistent with our philosophy of decentralisation and local empowerment.''