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Rivera resigns from ACE USA

Last week, ACE USA chief executive Susan Rivera became the second most high profile casualty from the investigations into insurance industry practices following the ousting of MMC chief executive Jeffrey Greenberg in October 2004.

Although the ACE announcement over her resignation did little more than confirm her successor as Brian E Dowd, the former president and chief executive of ACE Westchester Specialty, few were left in doubt that her departure was linked to the Spitzer probe.

Rivera was the recipient of one of the e-mails cited by the New York attorney general in his 14 October 2004 complaint and, in an internal staff memo accompanying the news, ACE added that it expects to finish its internal investigations soon and had not discovered any further evidence of wrongdoing.

According to Lehman Bros insurance analyst Chris Winans, her departure may spark further examination of ACE practices by US regulatory authorities. “We view Ms. Rivera’s resignation as a risk to ACE, as it may lead to the discovery of additional wrongdoing by company executives and other employees,” he warned in a 6 January note.

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