Frederico to the newly created position of executive vice president, financial lines.

"The creation of this position and the appointment of Mr. Frederico is consistent with our plan to attract expertise to enable us to provide additional services to our strong client base,'' said Mr. Brian Duperreault, chairman, president and CEO of ACE.

"Mr. Frederico will assist our insureds in solving their complex risk management problems by providing a wide array of financial solution,'' he added.

Mr. Frederico joins ACE from AIGRM, a subsidiary of the American International Group (AIG) where he was senior vice president and chief financial officer and general manager of four regional territories in the US.

He also served as executive vice president and chief financial officer at UNAT, a French subsidiary of AIG, and held senior financial management positions for American International Underwriters (AIU).

Mr. Frederico holds an MBA in finance from Drexel University and he is a certified public accountant.

He and his family will reside in Bermuda.

ACE, through its wholly-owned insurance subsidiaries, provides excess directors and officers liability insurance worldwide, and high level excess liability insurance.

ACE also offers satellite insurance for launch and in-orbit operations. At September 30, 1994, ACE had about $1.1 billion in shareholders' equity and about $2.6 billion in assets.