ACE's rent-a-captive subsidiary Paget Reinsurance International has appointed Carl Daly as president and chief underwriting officer with responsibility for the general management of the Bermuda-based operation.

Paget Re, is a Bermuda registered Class 3 insurer that provides customers around the world with creative and flexible rent-a-captive facilities to support their risk management programmes.

A rent-a-captive insurance company 'rents' its capital, legal status and capabilities to customers interested in sharing in the underwriting results of their business operations and are a cost and administration efficient alternative to company-owned standalone captive insurance companies.

"I am delighted to welcome an insurance executive of Carl's experience and capabilities to the team," said Rees Fletcher, president and CEO of ACE Bermuda. "His wealth of experience in the captive management arena and his knowledge of the Bermuda market will ensure the continued development of our rent-a-captive business."

Mr. Daly has more than 30 years experience in the insurance industry and an in-depth knowledge of the captive industry and Bermuda market. He joined ACE from Aon Insurance Managers (Bermuda) where he served as executive vice president with responsibility for the company's insurance operation.