announcement that Mr. Jeffrey Greenberg, has been appointed an ACE director.

A former American International Group (AIG) colleague of ACE chairman, president and CEO Mr. Brian Duperreault, the 44-year-old Mr. Greenberg is the son of AIG chairman, Mr. Maurice Greenberg.

The son was believed to be on a path toward eventually succeeding his 70-year-old father at the head of AIG (total assets 1994: $114,346 million).

But he resigned as executive vice president of AIG five months ago. The resignation came almost immediately after his brother was also appointed executive vice president.

After 17 years of working under his father, who remains a virtual icon in the insurance world, son Jeff quit the firm to go it alone.

At the beginning of last month, Marsh & McLennan announced Greenberg was joining Marsh & McLennan Risk Capital Corp., the firm's investment unit, and becoming a partner. Mr. Greenberg's just-announced directorship at ACE is the company's, and the Bermuda insurance industry's, gain.

ACE chairman Mr. Brian Duperreault said yesterday: "I've known Jeff for some time. We worked side-by-side for a long time at AIG.

"I'm just very happy that he can join us and help the company with his breadth of experience and background.

"You just can't find talent like that, that often. We are lucky to have been able to talk him into coming.'' Mr. Greenberg, a New Yorker, had begun his career at Marsh McLennan in 1976 concentrating on commercial aviation and aerospace.

But excess liability carrier ACE had other reasons to cheer last week, before announcing on Friday a 14 cents per ordinary share dividend payable January 19 to shareholders of record December 29.

Thursday evening the company unveiled in Bermuda the John R.Cox/ACE Chair in Insurance and Risk Management, and, the Robert Clements/ACE Scholars Program, both at the College of Insurance, New York. The announcements came during celebration of ACE's tenth anniversary.

The first is an endowed academic chair for the encouragement and support of superior academic achievement and research in disciplines related to property casualty insurance and risk management.

Mr. John R. Cox was the first chairman of ACE from 1985 to 1991 and remained on the board until last year.

Said Mr. Duperreault: "Mr. Cox built a strong foundation for what has become an enormously successful company, and we would like to honour him with this chair.'' ACE said that a search is being conducted for top level candidates for the chair, the holder of which will be expected to establish an ongoing relationship with John R. Cox and ACE.

Meanwhile, The Robert Clements/ACE Scholars Program was established to support undergraduate and graduate students pursuing studies that lead toward careers in insurance or risk management.

Mr. Clements was the creative force behind the formation of ACE and served on the first board of directors. He is chairman and CEO of Marsh & McLennan Risk Capital Corporation and is chairman of The College of Insurance board of trustees.

The company said that the scholars programme was established to further the goal of increased professionalism in insurance and risk management.

"Mr. Clements epitomises this goal and ACE is pleased to recognise his many achievements through this programme in his name,'' Mr. Duperreault said.

The scholars award is designed to be the most prestigious scholarship in insurance and risk management at the College, providing tuition, travel expenses, room and board. Candidates will be considered on academic achievement, potential for leadership and financial need. College of Insurance president, Dr. Ellen Thrower, said: "We are grateful that ACE Ltd. has established these two generous endowments, which will cultivate a stronger bond between the faculty and students of The College of Insurance and the Bermuda insurance community and beyond.''