Bermuda insurance giant ACE Ltd. yesterday named Evan Greenberg as chief executive officer, replacing Brian Duperreault, who will remain as chairman of the company.

The move, which has been speculated on for months, will see Mr. Duperreault hand over the reins to Mr. Greenberg on May 27.

Mr. Duperreault, a Bermudian, steps down from the post of CEO after ten years leading the company.

Mr. Greenberg, son of insurance industry legend Maurice (Hank) Greenberg, joined the company in November, 2001 as vice chairman of ACE Ltd. and CEO of ACE Tempest Re. He became president and chief operating officer of ACE last year.

He will remain president after taking on the CEO role, but a new COO has not yet been named.

Both Mr. Duperreault, 56, and Mr. Greenberg, 49, came to ACE after long careers with insurance giant AIG. During their tenures with that company both were, at separate times, rumoured to be possible successors to Maurice Greenberg, 78, who has led the company for 37 years.

Yesterday Mr. Greenberg said his plan was to build on the global platform Mr. Duperreault had created over the last decade. He said there were no plans to move ACE from its Bermuda birthplace, the company having been established on the Island 19 years ago. Both executives said they would remain based in Bermuda.

Mr. Duperreault and Mr. Greenberg spoke with about the appointment from Philadelphia in their first press interview minutes after the announcement.

Mr. Duperreault said that he was handing over the CEO post as a way to ?reduce his executive responsibilities?.

Mr. Greenberg, a 28-year veteran of the insurance sector, was cited by Mr. Duperreault as the ideal candidate for the job.

?Evan has truly earned the right to run ACE during this next phase of its growth and development. He distinguished himself very quickly when he assumed the leadership of our global reinsurance operations in November 2001 and brought that company to record profitability.

?Evan did it again in early 2002 when his executive responsibility was expanded to include all of ACE?s international operations and, finally, Evan has done an outstanding job running ACE on a day to day basis as its chief operating officer since June of 2003.

?Evan works harder, longer and more effectively than almost any man I know. He is the right person to lead ACE in the next generation.?