management, and a fresh role for a Bermudian executive.

Senior vice president, excess liability, Larry Lombardo, has been promoted to executive vice president with overall responsibility for underwriting operations.

Mr. Lombardo, the president of the Bermuda Insurance Institute, is credited with notable success with his establishment of ACE's core book of business, excess liability.

Having been with the company since 1986, nearly from the company's inception, Mr. Lombardo's promotion is just one result of a review of the company's management structure.

ACE Insurance is a subsidiary of the ACE Ltd. group of companies and provides catastrophe insurance to international clients.

President Dominic Frederico said the review was brought on by the increase in the number of lines being written by the company and the joint venture and acquisition activity that the company is either involved in, or will be involved in.

He said, "Our geographic and product diversification dictates an expanded business environment and the role of operations contributes significantly to our efficiency and effectiveness in dealing with our markets.

"We need to develop the necessary systems applications and streamlined processes to enhance our competitive advantage.

"Mr. Lombardo's superior management skills, which established the strength and integrity of the excess liability division, will be used to develop systems, audits and other procedures to ensure a consistency of underwriting policy and practice.

"As a senior member of our underwriting team, Mr. Lombardo will still maintain involvement with regard to specific underwriting decisions as needed.'' Meanwhile, fast-tracked Fiona Luck, senior vice president financial lines, is also being promoted to executive vice president and will now have additional responsibility for all joint ventures and strategic relationships.

Ms Luck joined ACE in January and Mr. Frederico said she had firmly established the financial lines division as a solid profit centre. She continues to oversee the joint venture with Sovereign Risk and will now be responsible for managing future strategic relationships that might be considered by ACE Insurance.

He said, "As we consider new business opportunities, whether in the form of a joint venture or acquisition, we need individuals who have the quality and expertise to execute our corporate objectives and maintain the ACE franchise in these new business ventures.

"We continue to seek out strategic market opportunities regardless of the form our involvement will take. Ms Luck will now provide the focus in dealing with these new business ventures.'' Mr. Lombardo's promotion created an opportunity for a new assignment for another senior member of the underwriting team to an area where outstanding management, marketing and business skills are required.

Patrick Mitchell, who successfully established excess property as a profitable new line of business, will now head up the excess liability division, the largest line for ACE based on limits, premiums and staffing.

Mr. Frederico said, "This is our core franchise and one of our most significant areas of underwriting exposure. Mr. Mitchell's experience in developing our property book will be invaluable in applying innovative strategies to the continued development of a product line that is weathering intense market pressure.'' Vice president, property underwriter Brian Dowd has been promoted to senior vice president, property and will have complete responsibility for the excess property book, two and a half years after joining ACE.

And vice president and actuary, financial lines, Pierre Samson, has been promoted to senior vice president, financial lines, heading up the day to day operations and reporting to Ms Luck.

Larry Lombardo Fiona Luck Dominic Frederico BUSINESS BUC