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ACE Limited

ACE Limited

Sector: Insurance Carriers Not Elsewhere Classified Region: Switzerland


: | New York Stock Exchange: ACE


Similar to: Hiscox Ltd., Lincoln National Corp.

ACE Limited is a holding company, which provides commercial property and casualty insurance and reinsurance products and services. It operates through the following segments: Insurance-North American, Insurance-Overseas General, Global Reinsurance and Life. The Insurance-North American segment has five operating businesses: ACE USA, ACE Westchester, ACE Bermuda, ACE Private Risk Services and ACE Commercial Risk Services. The ACE USA business distributes coverage through retail brokers and provides a broad array of specialty property, casualty, and accident and health insurance products and risk management services to corporate clients across the U.S. and Canada. The ACE Westchester business is specialized in excess and surplus lines specialty products, including crop insurance and specialty agribusiness coverage distributed through independent agents, as well as property, inland marine, casualty, professional lines, and environmental liability products distributed through wholesale brokers. The ACE Bermuda business writes excess liability, property, political risk and directors and officers insurance worldwide. The ACE Private Risk Services business provides high net worth individuals and families with homeowners, automobile, valuables, umbrella and recreational marine insurance. The ACE Commercial Risk Services business offers specialty insurance products and solutions for small businesses through several distribution channels. The Insurance-Overseas General segment has the following businesses: ACE International and ACE Global Markets. The ACE International business engages in the retail broker-distributed business outside of North America. The ACE Global Markets business is a London-based excess and surplus lines business that includes a syndicate on the Lloyd's trading floor. These businesses write a variety of coverage, including property, casualty, professional lines, marine, energy, aviation, political risk, construction risk, accident and health and specialty consumer-oriented products. This business also includes the international operations of Combined Insurance, which provides specialty accident and supplemental health insurance products to middle-income consumers in Europe, Latin America and Asia Pacific. The Global Reinsurance segment provides solutions for customers ranging from small commercial insured to multinational ceding companies. It offers products, such as property and workers' compensation catastrophe, directors and officers, professional liability, specialty casualty and specialty property. The Life segment has business, including ACE Life, which provides traditional life insurance protection and savings products to meet the needs of individuals and groups in a growing number of countries throughout Asia, Latin America and the Middle East; Combined Insurance that distributes specialty individual accident and supplemental health and life insurance products targeted to middle income consumers in the U.S. and Canada; and ACE Tempest Life Re, which provides specialty life reinsurance products to life insurers. ACE was founded in 1985 and is headquartered in Zurich, Switzerland.

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Executives

Evan G. Greenberg, Chairman and Chief Executive Officer
Evan G. Greenberg is Chairman, President and Chief Executive Officer of ACE Limited. He was elected to the position of President and Chief Executive Officer in May 2004 and to the additional title of Chairman of the Board of Directors in May 2007.
Mr. Greenberg joined the ACE Group in November 2001 as Vice Chairman, ACE Limited and was elected to the position of President and Chief Operating Officer, ACE Limited, in June 2003. Over the course of more than 35 years in the insurance industry, Mr. Greenberg has held various underwriting and management positions and gained significant insight in the global property, casualty and life insurance sectors.
Prior to joining ACE, Mr. Greenberg spent 25 years at American International Group, where he served as President and Chief Operating Officer from 1997 to 2000. Before that, he held a variety of senior management positions, including President and Chief Executive Officer of AIU, AIG’s Foreign General Insurance organization, and Chief Executive Officer of AIG Far East, based in Japan.
Mr. Greenberg serves on the board of a number of organizations including the Coca-Cola Company, the National Committee on United States-China Relations and the U.S.-China Business Council. He is Vice Chairman of the US-ASEAN Business Council and a member of the Council on Foreign Relations, the Nixon Center and the Business Roundtable. Mr. Greenberg is an overseer of the International Rescue Committee.
Philip V. Bancroft, Chief Financial Officer
Philip Bancroft joined ACE Limited as Chief Financial Officer in 2002 and brings a considerable knowledge of the insurance industry and expertise in corporate finance, gained over the course of his 20-year career. Mr. Bancroft is responsible for all aspects of ACE’s financial organization, including transactional finance and decision-support activities such as performance management, budgeting, reporting, profit and cost management, and shareholder value.
Prior to joining ACE, Mr. Bancroft served as Partner-in-Charge for PricewaterhouseCoopers' New York Regional Insurance Group from 1996 to 2001; and Partner for PricewaterhouseCoopers’ New York, Philadelphia, and Harrisburg offices from 1991 to 1996.
Mr. Bancroft is a certified public accountant and holds a Bachelor of Business Administration in accounting from Temple University in Philadelphia.
Joseph Wayland, General Counsel
Joseph Wayland was appointed General Counsel, ACE Limited, in July 2013. He has responsibility for the company’s global legal affairs and serves as principal counsel to the CEO, senior management team and board of directors. He also leads the legal organization that supports ACE’s business operations globally and is responsible for all legal functions, including corporate affairs and securities, litigation, compliance, and regulatory and government affairs. Mr. Wayland also serves as secretary to the ACE Limited Board of Directors. Prior to joining ACE, Mr. Wayland was with Simpson Thacher & Bartlett, where he worked from 1988 and became a partner in 1994. From 2010 to 2012, he served in the United States Department of Justice, first as Deputy Assistant Attorney General responsible for litigation for the Antitrust Division, and was later appointed as the Acting Assistant Attorney General in charge of the Division. Earlier in his career, Mr. Wayland served as a Captain in the United States Air Force. Mr. Wayland holds a juris doctor degree from Columbia University Law School and a Bachelor of Arts degree from Washington University. He also holds a master of laws degree in international and comparative law from Georgetown University Law School.

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