ACE Appoints Bill O'Farrell Chief Reinsurance Officer.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The ACE Group of Companies announced today that Bill O'Farrell, Senior Vice President, Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Recoverables, will assume the post of Chief Reinsurance Officer. Reporting to Brian Dowd Dowd is a derivation of an ancient surname which was once common in Ireland but is now quite rare. The name Dowd is an Anglicisation of the original Ui Dubhda, through its more common form O'Dowd. , Chairman & Chief Executive Officer of ACE USA and Chairman of ACE Westchester Specialty Group, Mr. O'Farrell will be responsible for overseeing corporate reinsurance programs for the ACE Group. He will work with each of ACE's operating divisions around the world in the design and purchase of reinsurance, and will have overall responsibility for the company's relationships with reinsurers. "Bill has served ACE well in his management of ACE's global reinsurance recoverable operations," said Evan Greenberg, President & Chief Executive Officer of ACE Limited. "His industry expertise and strong relationships with the reinsurance community make him an ideal choice to lead our corporate reinsurance activities." In his new position, which is effective immediately, Mr. O'Farrell will continue his responsibility for reinsurance recoverables and for managing the orderly disposition of the company's Brandywine run-off operations. Additionally, the ceded reinsurance officers of each ACE operating division will have a reporting relationship to Mr. O'Farrell. Mr. O'Farrell joined ACE in 2003 from the Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Group, where he served as Vice President and Legal Counsel for their reinsurance division. His prior experience includes the administration and oversight of reinsurance recoverables for a number of Berkshire companies. The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE NYSE See: New York Stock Exchange : ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in more than 50 countries. Additional information can be found at: www.acelimited.com |
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