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Bermuda’s ACE Limited announced the appointment of Sean Ringsted as Chief Actuary for the ACE Group of Companies, effective immediately, subject to the approval from the Bermuda Department of Labour and Immigration.

He reports directly to ACE CFO Phil Bancroft, and will be based in Bermuda. Ringsted will oversee all major actuarial functions, including reserving, pricing and capital performance measurement. He replaces Susan Patschak, who had served as Chief Actuary since October 2002.

Prior to this appointment, 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. He joined ACE Tempest Re as senior VP and chief actuary in April 1998, when CAT Limited was acquired by ACE. Ringsted previously worked as a consultant for Tillinghast-Towers Perrin in the U.S. He holds a bachelor’s degree in biochemistry from Bristol University and a doctorate in biochemistry from Oxford University, and 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,” 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.”