ACE Limited (NYSE: ACE) today announced the appointment of Sean Ringsted as Chief Actuary for the ACE Group of Companies, effective immediately. The appointment is subject to approval from the Bermuda Department of Labour and Immigration.
Reporting directly to the Chief Financial Officer, Phil Bancroft, and based in Bermuda, Mr Ringsted will oversee all major actuarial functions, including reserving, pricing and capital performance measurement. Mr Ringsted replaces Susan Patschak, who had served as Chief Actuary since October 2002.
Prior to this appointment, Mr Ringsted had been Chief Risk Officer for ACE Global Reinsurance. Appointed in July 2002, he was responsible for actuarial, risk management and information technology for ACE’s global reinsurance operations. Mr Ringsted joined ACE Tempest Re as senior vice president and chief actuary in April 1998, when CAT Limited was acquired by ACE. Previously, Mr Ringsted had worked as a consultant for Tillinghast-Towers Perrin in the United States.
Mr Ringsted holds a bachelor’s degree in biochemistry from Bristol University and a doctorate in biochemistry from Oxford University. He is a Fellow of the Institute of Actuaries (FIA).
"Chief Actuary is a critical post at ACE and I’m very pleased to appoint Sean, who has already proven his calibre in our company," Mr Bancroft commented. "Sean joined ACE with strong credentials, and has since shown that he has the talent and ability needed to guide the actuarial function at ACE and ensure we are well positioned to meet today’s challenges."
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard & Poor’s 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in approximately 50 countries. Additional information can be found at: www.acelimited.com.