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ACE CEO Steps Down

22 Dec 2003

Jerome Jurschak, ceo of ACE Guaranty Corp. and ACE Capital Re, has resigned. Calls to Jurschak's office were referred to Anna Lowry, spokeswoman at ACE Ltd in Bermuda, who declined comment. The resignation comes amid a re-jig of the firm's insurance operations and ahead of a planned initial public offering of ACE Financial Services, which includes the two units Jurschak headed up.

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 (DW, 11/23). Meanwhile Ace has hired Michael Schozer, managing director and head of structured finance and credit derivatives at Ambac Financial Group in New York, as president of one of its business units (DW, 12/14).

22 Dec 2003