Insurance - Chile

Head of ACE units calls it quits

Head of ACE units calls it quits

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Juan Luis Ortega, CEO of the Chilean life and P&C units of Zurich-based ACE (NYSE: ACE), has resigned from both his posts, the insurers said in statements sent to securities and insurance regulator SVS.

The companies appointed Juan Manuel Merchan as CEO effective Thursday (May 28), the filings read.

Ortega had been CEO since August 2005.