Evan Greenberg's Mettle As ACE CEO Will Be Tested UnderSoft Market Conditions Bermuda carrier's newleader also faces hurdles in Spitzer, asbestos and catlosses

In March 2004, when it was announced that Evan Greenberg wouldbecome ACE Ltd.s chief executive officer, Mr. Greenberg toldanalysts he was “downright excited” about the opportunity ahead.But Mr. Greenberg, then serving as president and chief operatingofficer, had little idea just how many hurdles he would face in hisfirst year as the company's CEO.

Since Mr. Greenberg took over ACE's top executive spot,replacing Brian Duperreault, property-casualty prices, while stillmostly competitive, have been sliding down to soft-marketterritory. And in fourth-quarter 2004, ACE took a substantialreserve charge for asbestos and environmental exposures a lingeringissue that the company is still trying very hard to resolve.

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