Brian Duperreault, who left ACE Ltd. insurance in Bermuda this week to head Marsh & McLennan Companies in New York, is getting a golden handshake in saying goodbye to his old firm.

ACE said in a filing with the Securities and Exchange Commission that by departing he will be receiving $4.95 million in severance pay as "compensation for his past service."

Mr. Duperreault was most recently chairman at ACE before stepping down while remaining on the board. He resigned Tuesday to become MMC's president and chief executive officer.

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