ACE USA CEO Departs For Aon Subsidiary
NU Online News Service, Jan. 22, 1:56 p.m. EST?Dennis Reding, president of ACE INA Holdings Inc. and president and chief executive officer of ACE USA in Philadelphia, has resigned to become CEO of the Aon subsidiary, Combined Specialty Corp. in Chicago.
Aon said Mr. Reding, 53, will be responsible for completing the spin-off of Combined Specialty this spring as well as expanding Aon underwriting operations into direct property and casualty insurance and reinsurance.
ACE Limited in Hamilton, Bermuda said the four business group presidents at ACE USA who reported to Mr. Reding will now report directly to the chairman of ACE INA, Dominic Frederico.
Mr. Reding joined ACE in January 1998 when ACE acquired Westchester Specialty Group, Inc. in Atlanta, which was then renamed ACE USA. He was involved with the ACE INA acquisition from the beginning, relocating to Philadelphia in 1999, where he continued to oversee ACE's U.S. property and casualty operations.
Brian Duperreault, chairman and CEO of ACE Limited, said: "Dennis has done a terrific job for us. ACE USA has been successfully reorganized and is well positioned for today's insurance market. We will miss him but we understand and respect his decision."
Dominic Frederico, president and chief operating officer of ACE Limited, said: "With Dennis' help, we have built an incredible team at ACE INA. While we will surely miss his presence and motivational style, ACE INA is stronger than ever and ready to take on the challenges ahead."
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group has operating subsidiaries in more than 40 countries.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.