ACE Limited and XL Capital Ltd establish joint chair at the School of Risk Management, Insurance and Actuarial Science of St. John's University
HAMILTON, BERMUDA - March 13, 2002
HAMILTON, BERMUDA (March 13, 2002) - ACE Limited (NYSE: ACE) ("ACE") and XL Capital Ltd (NYSE: XL) ("XL") announced today that they have jointly pledged $3 million to establish the Robert Clements Chair in Risk Management and Insurance at The School of Risk Management, Insurance and Actuarial Science of St. John's University (formerly The College of Insurance).The Chair was established in honor of the founder of ACE and XL and to mark his retirement as Chairman of the Board of Overseers of the School of Risk Management.Executive Director of The School of Risk Management Dr. Ellen Thrower said: "We believe this is the largest single gift ever made to establish an endowed Chair in risk management and insurance. We are deeply grateful to ACE and XL for choosing to recognize Bob's extraordinary leadership in a way that is so meaningful and lasting to our school, our students and faculty, and the insurance and financial services community."Commenting on the establishment of the Clements Chair, Brian Duperreault, Chairman and CEO of ACE Limited, said: "Bob's commitment to education is unrivalled in our business. He has shown that commitment by his visionary leadership at the School of Risk Management, through his own pioneering work in risk financing and convergence, and by the support and assistance he has provided to so many talented and deserving students. All of us in Bermuda are delighted that Bob's leadership of the Board of Overseers -- and his powerful and lasting impact on Bermuda -- is being recognized and honored in this way. I can think of no one more deserving of this special honor."President and CEO of XL, Brian M. O'Hara stated: "Bob Clements is well known for his visionary leadership in insurance and risk management. His unselfish contributions to higher education are less well known. By endowing the Robert Clements Chair at The School of Risk Management, we seek to recognize these achievements in a way that will long be remembered and in a way that will inspire future students to approach the dynamic, and sometimes daunting, challenges facing our industry with the courage and zeal Bob demonstrated in the development of the Bermuda market and as Chairman of the school through its dramatic evolution."Mr. Clements was elected Chairman of The College of Insurance Board of Trustees on June 2, 1994. Following the merger of The College of Insurance with St. John's University on May 31, 2001, the College was renamed and the Board of Trustees became the Board of Overseers of the new school. Mr. Clements was elected Chairman of the Board of Overseers on May 31, 2001 and continued to serve as Chairman until the March 13, 2002, Board of Overseers Meeting. He was succeeded by Brandon W. Sweitzer, Chairman of Strategic Client Development, Marsh & McLennan Companies, Inc. Mr. Clements will remain as a member of the Board of Overseers.The School of Risk Management, Insurance and Actuarial Science (SRM) was founded in 1901 as The Insurance Society of New York and, over the years, evolved into The College of Insurance (TCI). On May 31, 2001, TCI merged with St. John's University, becoming a school of The Peter J. Tobin College of Business. Located in New York City's downtown financial district, SRM awards undergraduate, MBA, and MS degrees in the insurance, risk management, and actuarial science disciplines. Through its Center for Professional Education, SRM also provides education, training and consulting services to industry, governments and regulators worldwide.The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at www.acelimited.com.XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As at December 31, 2001, XL had consolidated assets of approximately $28 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL is available at www.xlgroup.com.
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