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Derivatives

ACE Officials Depart As Insurer Cuts Costs

David Steel, senior v.p., and Martin Palmieri, v.p., in the collateralized debt obligation group have left ACE Capital Re in New York because of cost cutting measures, according to officials.

ACE Capital recently announced internally its intention to share resources with sister operation ACE Guaranty Corp. as a means of reducing both firms' administrative and underwriting expenses, said Barbara Van Hassel, spokeswoman in New York. She declined to comment on reasons for the two CDO staffers' departures. Neither Steel nor Palmieri could be reached.

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