Ace European Group has officially confirmed a senior management restructure, as reported in this week's Insurance Times (11 January).
Richard Pryce, currently president of Ace Global Markets (AGM), Ace's international and specialty business, will assume additional responsibility for Ace's UK property and casualty (P&C) business (Ace Europe).
The newly combined segment will be known as Ace UK. While maintaining the distinct brands of AGM and Ace Europe, complete with separate underwriting management, Pryce will provide overall leadership for the new organisation.
Michael Furgueson, who has until now led the UK & Ireland P&C operation, will be returning to the United States as executive vice president for Ace's international commercial and multinational lines business.
David Furby, president of Ace Continental Europe, has assumed additional responsibility for Central and Eastern Europe, Russia and the Commonwealth of Independent States.
Andrew Kendrick, chairman and chief executive of Ace European Group, said: “Ace has established two of the most successful and respected UK based insurance businesses. AGM is recognised throughout the world as a leading International and Specialty insurer, and the UK and Ireland P&C business is a successful retail entity which has seen exceptional growth and positioning over the last five years.
“Combining the leadership of both businesses under Richard Pryce within the newly created structure of Ace UK will enable both to work more closely together, to better leverage the synergies of both brands, to achieve greater efficiencies and more importantly, to further enhance Ace's service proposition for both clients and brokers.”
“Michael Furgueson, who has done so much to build the UK and Ireland P&C business, will now work on a number of strategic initiatives to further improve Ace's global positioning for growth. I would like to thank Michael and his team for their considerable contribution to the UK business.”
