ACE Limited and XL Capital Ltd Establish Joint Chair At The School of Risk Management, Insurance and Actuarial Science of St. John's University.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--March 13, 2002 ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) ("ACE") and XL Capital Ltd (NYSE:XL) ("XL") announced today that they have jointly pledged $3 million to establish the Robert Clements Chair in Risk Management and Insurance at The School of Risk Management, Insurance and Actuarial Science Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to risk assessment. Actuaries are professionals who are qualified in this field through examinations and experience. of St. John's University (formerly The College of Insurance). The Chair was established in honor of the founder of ACE and XL and to mark his retirement as Chairman of the Board of Overseers of the School of Risk Management. Executive Director of The School of Risk Management Dr. Ellen Thrower said: "We believe this is the largest single gift ever made to establish an endowed Chair in risk management and insurance. We are deeply grateful to ACE and XL for choosing to recognize Bob's extraordinary leadership in a way that is so meaningful and lasting to our school, our students and faculty, and the insurance and financial services community." Commenting on the establishment of the Clements Chair, Brian Duperreault, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACE Limited, said: "Bob's commitment to education is unrivalled in our business. He has shown that commitment by his visionary leadership at the School of Risk Management, through his own pioneering work in risk financing and convergence, and by the support and assistance he has provided to so many talented and deserving students. All of us in Bermuda are delighted that Bob's leadership of the Board of Overseers -- and his powerful and lasting impact on Bermuda -- is being recognized and honored in this way. I can think of no one more deserving of this special honor." President and CEO of XL, Brian M. O'Hara stated: "Bob Clements is well known for his visionary leadership in insurance and risk management. His unselfish contributions to higher education are less well known. By endowing the Robert Clements Chair at The School of Risk Management, we seek to recognize these achievements in a way that will long be remembered and in a way that will inspire future students to approach the dynamic, and sometimes daunting daunt tr.v. daunt·ed, daunt·ing, daunts To abate the courage of; discourage. See Synonyms at dismay. [Middle English daunten, from Old French danter, from Latin , challenges facing our industry with the courage and zeal Bob demonstrated in the development of the Bermuda market and as Chairman of the school through its dramatic evolution." Mr. Clements was elected Chairman of The College of Insurance Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. on June 2, 1994. Following the merger of The College of Insurance with St. John's University on May 31, 2001, the College was renamed and the Board of Trustees became the Board of Overseers of the new school. Mr. Clements was elected Chairman of the Board of Overseers on May 31, 2001 and continued to serve as Chairman until the March 13, 2001, Board of Overseers Meeting. He was succeeded by Brandon W. Sweitzer, Chairman of Strategic Client Development, Marsh & McLennan Companies, Inc. Mr. Clements will remain as a member of the Board of Overseers. The School of Risk Management, Insurance and Actuarial Science (SRM (1) (Storage Resource Management) The management of the storage resources in an organization in order to avoid duplication of files and to determine space utilization across all servers. ) was founded in 1901 as The Insurance Society of 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 and, over the years, evolved into The College of Insurance (TCI (Trustworthy Computing Initiative) An umbrella term from Microsoft for its efforts to improve security in Windows. TCI was announced in 2002 after viruses such as Code Red and Nimda had succeeded in attacking numerous Windows computers. ). On May 31, 2001, TCI merged with St. John's University, becoming a school of The Peter J. Tobin Peter J. Tobin is the former Chief Financial Officer of the Chase Manhattan Corporation. He has led the company through several successful mergers and acquisitions in the course of its history. Mr. Tobin graduated with a bachelor's degree from St. John's University in 1965. College of Business. Located in New York City's downtown financial district, SRM awards undergraduate, MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration , and MS degrees in the insurance, risk management, and actuarial science disciplines. Through its Center for Professional Education, SRM also provides education, training and consulting services to industry, governments and regulators worldwide. The ACE Group of Companies provides insurance and 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. for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at http://www.acelimited.com. XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As at December 31, 2002, XL had consolidated assets of approximately $28 billion and consolidated 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. of approximately $5.4 billion. More information about XL is available at http://www.xlcapital.com. |
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