ACE Tempest Re Announces Executive Appointments.HAMILTON, Bermuda -- ACE Tempest Re Group, the 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. division of the ACE Group of Companies, announced today a series of executive appointments in its Bermuda, Europe and U.S. operations. Andreas Lewin, President and Chief Executive Officer, ACE Tempest Re Bermuda, has been appointed Deputy Managing Director, ACE Tempest Re Europe. Reporting to Matthew Shaw, Managing Director, ACE Tempest Re Europe, Mr. Lewin will serve as the deputy head of ACE Tempest Re's operations throughout Europe and will relocate to London. David Drury, Senior Vice President and Chief Risk Officer for the ACE Tempest Re Group, has been appointed Chairman and Chief Executive Officer of ACE Tempest Re Bermuda and President and Chief Executive Officer of ACE Tempest Life Re, the Bermuda-based life reinsurance business of the ACE Group of Companies. In his role with ACE Tempest Re Bermuda, Mr. Drury will continue to report to Jacques Bonneau, President and Chief Executive Officer, ACE Tempest Re Group, and he will provide overall property catastrophe modeling
Erin Anderson, Senior Vice President and Chief Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. Officer for U.S. Property Catastrophe, ACE Tempest Re Bermuda, has been appointed President and 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. of ACE Tempest Re Bermuda. Ms. Anderson will oversee all operating aspects of ACE's Bermuda-based property and casualty reinsurance business, including underwriting, finance, claims and administration. She will report to Mr. Bonneau and will be assisted by Mr. Drury's oversight. Brock brock n. Chiefly British A badger. [Middle English brok, from Old English broc, of Celtic origin.] Webel, Senior Vice President and Chief Underwriting Officer for Specialty Trading, ACE Tempest Re Bermuda, will assume the chief underwriting responsibilities for the U.S. Property Catastrophe business. Mr. Webel will report to Ms. Anderson. Paula Lewin, Vice President and U.S. Property Catastrophe Underwriter, ACE Tempest Re Bermuda, has been appointed Senior Vice President and Chief Underwriting Officer, with responsibility for running the Specialty Trading Desk Trading Desk A desk where transactions for buying and selling securities occur. Trading desks can be found in most organizations (banks, finance companies, etc.) involved in trading investment instruments such as equities, fixed-income securities, futures, commodities and foreign . Ms. Lewin will report to Ms. Anderson. Giuseppe Russo, Senior Vice President and Chief Actuary actuary One who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. , ACE Tempest Re USA, has been appointed Senior Vice President and Chief Risk Officer for ACE Tempest Re Group. Mr. Russo will report to Mr. Bonneau and will relocate from Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , to Bermuda. Ron Nelson Ron Nelson is a composer of both classical and popular music and a retired music academic. He was born in Joliet, Illinois, on December 14, 1929. After earning bachelors, masters, and doctoral degrees from the Eastman School of Music at the University of Rochester in New , Vice President, ACE Tempest Re USA, has been appointed Senior Vice President and Chief Actuary of ACE Tempest Re USA. He will now report to James Wixtead, Chief Executive Officer, ACE Tempest RE USA. The appointments are subject to Bermuda Immigration immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. and other regulatory approvals. Mr. Bonneau commented on the appointments: "We are delighted to make these executive announcements and draw exclusively upon the deep bench strength of the ACE Tempest Re organization. These appointments demonstrate the opportunity for growth that exists within our organization and our commitment to develop our people as leaders and senior managers. "For Andreas, this new assignment in London will serve as another milestone and executive development opportunity in his distinguished career and will continue our efforts to share our best management talent across the company. "For David, this new dual assignment for both property and casualty reinsurance and life reinsurance recognizes his track record of accomplishment at ACE and his ability to provide management oversight for an even wider range of duties. "We are pleased to promote Erin to President and Chief Operating Officer of ACE Tempest Re Bermuda. She has demonstrated strong success in managing our U.S. property catastrophe book and is ready to take on the operating challenges of the entire portfolio. "We are also excited by Brock, Paula, Giuseppe and Ron taking on new roles and responsibilities within the group. I have every confidence in their future success and continued contribution to the ACE Tempest Re Group." The ACE Tempest Re Group is headquartered in Bermuda and oversees the reinsurance operations within the ACE Group of Companies. 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 is a global leader in insurance and reinsurance serving a diverse group of clients. The ACE Group conducts its business on a worldwide basis through 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 approximately 50 countries. Additional information about the ACE Tempest Re Group can be found at www.acetempestre.com. |
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