to the closing of their $3.45 billion buy-out of Cigna Corporation.

Current president and chief executive officer of ACE USA Dennis Reding will become president and CEO of the company's expanded US operations once the acquisition of Cigna's property and casualty operations is complete.

And in a surprise move current president of Cigna's operations in those fields, Gerry Isom, will retire as soon as the deal is closed, for "personal reasons'', it was revealed last night.

Last month ACE Ltd. signed a deal to acquire the international and domestic property and casualty businesses of Cigna.

But the sale is subject to regulatory approvals and routine conditions so is not expected to be finalised until the end of 1999's fiscal third quarter.

ACE chairman Brian Duperreault said after the merger was complete Dominic Frederico would become ACE USA chairman.

And he commended Mr. Reding's "excellent job in diversifying ACE USA while achieving both growth and profit objectives'' in his period at the helm of US operations when ACE acquired Westchester Specialty Group last year.

Mr. Frederico said although Mr. Isom had originally been slated to run ACE USA after the billion dollar buy-out, he had since decided to bow out.

"Gerry has advised his colleagues and staff that the sale of Cigna's revitalised P&C operations is a fitting culmination to his career. "We are pleased that he will stay on as head of the domestic operations until the deal has been closed as this will help to ensure a smooth transition and integration period.''