Evan Greenberg's Mettle As ACE CEO Will Be Tested Under Soft Market Conditions Bermuda carrier's new leader also faces hurdles in Spitzer, asbestos and cat losses
In March 2004, when it was announced that Evan Greenberg would become ACE Ltd.s chief executive officer, Mr. Greenberg told analysts he was “downright excited” about the opportunity ahead. But Mr. Greenberg, then serving as president and chief operating officer, had little idea just how many hurdles he would face in his first year as the company's CEO.
Since Mr. Greenberg took over ACE's top executive spot, replacing Brian Duperreault, property-casualty prices, while still mostly competitive, have been sliding down to soft-market territory. And in fourth-quarter 2004, ACE took a substantial reserve charge for asbestos and environmental exposures a lingering issue that the company is still trying very hard to resolve.
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