year, the sky likely was not the limit, according to the insurer's new chairman, president and CEO.

Mr. Brian Duperreault, who officially took over from Mr. Walter Scott on October 1, said: "There is a large capital base at ACE which can support other lines of business.. .there is strength through diversity.'' ACE Limited, a Bermuda-based insurer now provides excess directors and officers liability insurance and entered the satellite insurance market in February. The directors and officers liability, and excess lines will remain at the core of ACE. "Diversify the portfolio, leave the core intact and surround the core with other lines of business'', that is the future of ACE, according to Mr. Duperreault.

At June 30, 1994, the company had $2.6 billion in assets and $1.1 billion in shareholders' equity while net income for fiscal 1993 was $224 million. But the company reported a $160.6 million third quarter loss for 1994 compared to income of $32.6 million for third quarter 1993. The former was the result of a $200 million charge against earnings related to breast implant litigation.

The company, which went public last March, began operations in 1985 and was created by about 30 major corporations, primarily US.

According to the company's 1993 annual report, ACE has 523 policyholders with the majority, 432, in the US. The Sk, Canada and Bermuda followed with 28, 17 and 12 respectively while policyholders across 14 other countries, six or less in each, make up the remainder of the insurer's clients. Fiscal year-end for ACE is September 30. They also lowered their minimum attachment point to $50 million from $100 million for certain classes of non-US domiciled excess liability risks.

"I've admired ACE's style,'' commented Mr. Duperreault, who has come to Bermuda before in connection with American International Group, Inc. (AIG), a company he spent 21 years working for. At AIG Mr. Duperreualt was executive vice president for foreign general insurance as well as chairman and CEO of American International Underwriters.

His association with the Island is not only business but also highly personal.

Mr. Duperreault, 47, a casualty actuary by profession, holds dual citizenship.

His parents are American but he was born here and considers himself Bermudian and American.

After coming out of the army in 1973, he became associated with what he called an "eclectic'' group of contemporaries, some of whom were actuaries, and he became interested in that profession. He now has an Associate designation.

CEO AT ACE -- Mr. Brian Duperreault