Group president and chief executive John Charman has suddenly left Ace International following differences over personnel matters, writes Yvette Essen.
The former deputy chairman of Lloyd's, who is a key figure in the insurance market, left the company this week. His rapid departure comes after being promoted to group president and chief executive of Ace International last month.
Brian Duperreault, chairman and chief executive officer, said: “This development occurred as a result of differences between us over personnel matters.”
Charman received $110m (£77.1m) worth of shares when the Bermuda-based insurer bought his underwriting agency for £349m three years ago.
He began underwriting at Lloyd's with AL Sturge in 1971 and was elected deputy chairman from 1996 to 1997.
The president and chief executive officer of each of the business units within the group will now report directly to Duperreault.
These are Ace Global Markets and AceEurope, Ace Far East, Ace Asia Pacific and Ace Latin America.
Duperreault said: “Since each of these units is semi-autonomous and staffed with a highly qualified chief executive, I have no doubt our regional operations won't miss a beat in staying focused on their business goals.”
Ace International has subsidiaries in 50 countries and its syndicate 2488 provides approximately 10% of the Lloyd's market capacity.