Scott, Federico To Leave ACE Board
NU Online News Service, March 1, 12:14 p.m. EST?Two ACE Limited board members, both former top executives who helped the Bermuda-based firm expand into a global entity, are giving up their board positions it was announced.[@@]
Departing May 26 at the end of their terms are Walter Scott, retired chairman, president and chief executive officer, and Dominic Frederico, former president and chief operating officer.
Both said they will not stand for re-election at the company's annual meeting May 26 at ACE headquarters in Hamilton.
Mr. Scott served as the second president, chairman and CEO of ACE Limited from 1989 to 1994.
The company said Mr. Scott had presided over many ACE landmark developments, notably the initial public offering of ACE Limited shares and the acquisition of Corporate Officers & Directors Assurance Ltd. (CODA).
Mr. Scott was succeeded by Brian Duperreault, ACE's current chairman, who credited Mr. Scott with providing him with a sound foundation upon which to build the global insurance group that constitutes today's ACE Limited.
Mr. Scott continues to serve as a director of Assured Guaranty Ltd., which was spun off from ACE in April of 2004.
Mr. Frederico joined ACE in January 1995, shortly after Mr. Duperreault was elected CEO. Mr. Frederico led the purchase negotiations and successful integration of Westchester Specialty Insurance Company, the CIGNA property-casualty operations and Capital Re Corporation, which subsequently became Assured Guaranty Ltd.
Mr. Duperreault noted that Mr. Frederico had "left ACE to become president, deputy chairman and CEO of Assured Guaranty Ltd., where he successfully presided over the initial public offering of Assured Guaranty shares and its separation from ACE."
Evan Greenberg, president of ACE Limited, commented, "Both of these men made major contributions to the growth of ACE, each in their own way, and on behalf of the entire Board of Directors of ACE and our shareholders, I want to thank them publicly for their outstanding service."
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