Lloyd's underwriters ACE Limited announced today former presidents Walter Scott and Dominic Frederico will stand down from the company's board when their tenure runs out on 26 May 2005.

Scott, chairman, president and chief executive at ACE Limited from 1989 to 1994, presided over the initial public offering of the company's shares and the acquisition of Corporate Officers & Directors Assurance Ltd.

Frederico, former president and chief operating officer, played a leading role in transforming the company from a specialty carrier into a globally diversified insurer and reinsurer.

He steered through the acquisitions of Westchester Specialty Insurance, the CIGNA P&C operations and Capital Re Corporation, which subsequently became Assured Guaranty Ltd.