ACE Limited Announces the Appointment of John Engestrom as President and Chief Executive Officer of Tempest Re.HAMILTON, Bermuda--(BUSINESS WIRE)--May 13, 1999-- ACE Limited (NYSE NYSE See: New York Stock Exchange :ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) today announced the appointment of John Engestrom as president and chief executive officer of Tempest 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. Company Limited. Mr. Engestrom will succeed Donald Kramer, who as vice chairman of ACE Limited, will be responsible for Communications and External Affairs. Brian Duperreault, chairman, president and chief executive officer of ACE commented: "John is precisely the person we need to lead Tempest Re in this next stage of its long term development. He has both the reinsurance operating experience and the international background needed to develop Tempest Re into a globally diversified multi line reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. ." Prior to joining the ACE Group of Companies, John Engestrom was chief executive officer of Liberty Re in London. From 1992 to 1997, he served as group chief executive of Mercantile and General Reinsurance Company, where he transformed the company prior to its sale to Swiss Re. John began his reinsurance career at Skandia where he held various positions including, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Treaty division Europe, chief underwriting officer North America and finally head of Reinsurance Skandia Group worldwide. "I am truly pleased that John will be running Tempest Re," said Donald Kramer, ACE Limited vice chairman. "He is taking control of an outstanding team of underwriters led by George Rivaz, Tempest's chief operating officer. They have extraordinary technical capabilities and underwrite from a very strong capital base." Tempest Re is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ACE Limited. It is one of the world's largest specialist property catastrophe reinsurers. Tempest Re is rated A by A.M. Best and A+ by Standard & Poor's. On January 12, 1999, ACE Limited announced it had agreed to acquire the international and domestic property and casualty insurance businesses of CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Corporation for $3.45 billion in cash. The transaction, which is subject to receipt of necessary regulatory approval and other customary closing conditions, is expected to be completed by July 1, 1999. The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At March 31, 1999, ACE Limited had approximately $8.9 billion in assets and $4.0 billion in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . |
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