Evan Greenberg Takes Helm At Ace's Reinsurance Unit. (Executives).

Evan G. Greenberg will join Ace Ltd. as vice chairman and chief executive officer of Ace Tempest Re.

Greenberg will be responsible for the growth and development of Ace's global reinsurance operations, reporting directly to Brian Duperreault, CEO and chairman of Ace Ltd.

As CEO of Ace Tempest Re, Greenberg succeeds John Engestrom, who is retiring "after leading Ace Tempest Re through a critical transformation to become a broad-based reinsurer," the company said in a statement.

Ace Tempest Re began operations in 1993 as Tempest Reinsurance Co., a monoline catastrophe re-insurer. Acquired by Ace in 1996, the company is now a multiline reinsurer with capital resources of $1.6 billion. Management believes Ace Tempest Re is now the ninth-largest reinsurer in the world based on equity capital, Ace said.

Greenberg, the son of Maurice R. Greenberg, chairman and CEO of American International Group Inc., was president and chief operating officer of AIG from 1997 to 2000. From 1975 to 1997, he held several senior management positions at AIG, including chief operating officer of AIG companies in Japan and Korea; president and chief operating officer of AIU, AIG's foreign general insurance organization; and president and CEO of AIU.

Until his resignation from AIG in September 2000, Greenberg, 46, was being groomed to succeed his father as chairman of AIG, which the elder Greenberg, 76, confirmed at the beginning of 2000.