ACE Ltd has pulled off a coup in the world of insurance by bagging one of its most influential figures, Evan Greenberg, the former head of AIG, the company announced late last night.

Mr. Greenberg will join the ACE Group of Companies as Vice Chairman, ACE Limited, with responsibility for the growth and development of its global reinsurance operations. He will also take head up the company's reinsurance operations by becoming chief executive officer of ACE Tempest Re.

He will report directly to Brian Duperreault.

Mr. Greenberg will succeed John Engestr?m, who is retiring "after leading ACE Tempest Re through a critical transformation to become a broad based reinsurer" the company announced last night.

Mr. Greenberg will be based in Bermuda and will oversee ACE's reinsurance operations worldwide.

ACE Tempest Re, which began operations in 1993 as a monoline catastrophe reinsurer, has grown into a multiline global reinsurer with capital resources of $1.6 billion and an A plus claims paying rating from Standard & Poor's.

ACE Ltd said it believes that ACE Tempest Re is currently the ninth largest reinsurer in the world based on equity capital. "I am delighted to welcome Evan to ACE," said Mr. Duperreault, chairman and chief executive officer of ACE Ltd.

"His vast and diversified experience in the industry and his international perspective make him the ideal person to spearhead our growth in the reinsurance arena." Dominic Frederico, president and chief operating officer of ACE Ltd said: "I had the great pleasure of working with Evan for more than 13 years at American International Group (AIG) and I have seen first hand how effective he is. I have every confidence that Evan will deliver on his mandate to build ACE Tempest Re into the world's foremost reinsurer."

"I'm pleased to be joining the ACE organisation," said Mr. Greenberg. "I look forward to working with my colleagues at ACE Tempest Re and ACE Ltd, as we strive to capitalise on the many growth opportunities available to us now and in the future." Evan Greenberg was most recently president and chief operating officer of AIG, a position he held from 1997 until 2000.

From 1975 until 1997, Mr. Greenberg held a variety of senior management positions at AIG, including chief operating officer of AIG Companies in Japan and Korea, president and chief operating officer of AIU, AIG's Foreign General Insurance organisation, and president and chief executive officer of AIU.

Mr. Greenberg is a member of the Council on Foreign Relations, the Asia Society, the Nixon Center for Peace and Freedom and the Japan Society. Mr. Greenberg serves as a trustee on the Boards of The Lauder Institute, The Boys and Girls Club of Westchester, New York, The South Street Seaport Museum and The Rippowam Cisqua School.

The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries.

Additional information can be found at: www.acelimited.com.