years on the post.

Ms Luck started with ACE in January 1997 as senior vice president of the financial lines division and within a year had been promoted to executive vice president with responsibility for all joint ventures and strategic relationships.

As such she leaves at a particularly crucial time for ACE which is in the process of completing a $3.45 billion buyout of Cigna Corp.'s property and casualty operations.

Observers stated that Ms Luck was among those in line to take over ACE's operations on the Island as ACE Bermuda president and chief executive officer Dominic Frederico focuses on the greatly expanded US operations.

Mr. Frederico was named chairman of ACE USA on the announcement of the Cigna purchase. Presumably Ms Luck was involved in the Cigna negotiations.

An ACE spokesperson yesterday would only confirm Ms Luck was leaving ACE and referred inquiries to her. Ms Luck refused to make any statement.

Ms Luck oversaw ACE's joint venture with Sovereign Risk. When she was named as executive vice president last year Mr. Frederico said at the time she would be responsible for managing future strategic relationships that might be considered by ACE.

MOVING ON -- Fiona Luck