Mike Reynolds Appointed Chief Financial Officer, ACE European Group

ACE European Group (AEG) (NYSE:ACE) today announced the appointment of Mike Reynolds as its new Chief Financial Officer. Philippa Curtis, CFO for ACE’s European operations since 1996 will be retiring in September 2009.

Mike Reynolds joins ACE from the AON Corporation, where he was most recently CFO for Aon Benfield. Based in ACE’s London European Headquarters, Mike will report to Andrew Kendrick, ACE European Group’s Chairman and CEO.

Commenting on the appointment, Andrew Kendrick, said: "Mike is joining ACE European Group at a moment of great opportunity. AEG represents a $4 billion business and following our recent launch in Turkey, we are now present in 26 countries covering Europe, MENA and South Africa. As we move forward, Mike will play a key role in helping to ensure that ACE emerges a stronger player following the current economic downturn”.

Kendrick continued: "Whilst welcoming Mike to the organisation, I would like to express our deepest thanks and appreciation to Philippa Curtis, who has led ACE’s European Finance, Actuarial and Risk functions during a period of momentous development and growth. Philippa’s contribution has been critical to our success and we wish her the very best in her forthcoming retirement”.

ACE

ACE European Group has established branch offices in 20 countries across Europe, Freedom of Services permission to provide insurance services to clients in 30 European countries and affiliates in Egypt, Bahrain, Pakistan, Russia and South Africa.

Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.

The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com

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