CEO of ACE USA Resigns

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Insurer ACE Ltd., based in Bermuda, said that Susan Rivera, CEO of its big U.S. property-casualty insurance operations has resigned.

Rivera had been the recipient of an internal e-mail that New York Attorney General Eliot Spitzer cited in his civil-fraud lawsuit filed October 14th against insurance broker Marsh and McLennan. In the November 2003 e-mail, months before Spitzer's probe began, another ACE executive had warned that Marsh was pressuring ACE's underwriters to bid in a way that could be viewed as anticompetitive. The lawsuit maintains the questionable practices continued after the e-mail.

ACE fired the other executive in November, declining to say whether the firing was related to the e-mail.

Rivera is succeeded as president and CEO of ACE USA by Brain E. Dowd, president of another ACE unit.

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