New CFO for ACE Insurance

27 July 2009 ACE Insurance Limited
Victor Martindale

Victor Martindale

Victor Martindale steps up to the challenge of growing ACE into SA’s top niche insurer

ACE Insurance Limited South Africa has appointed Victor Martindale as its new Chief Financial Officer. With more than 12 years spent in executive finance roles in the insurance sector, he has recently returned to South Africa from Australia following a stint as CFO of OAMPS Insurance Brokers, the country’s fourth largest insurance brokerage.

Despite the current economic climate, Martindale says he’s ready for the challenge of helping ACE Insurance to grow into one of South Africa’s foremost niche insurance businesses.

“Unlike other multinational insurers who’ve suffered great losses recently, ACE Insurance’s strong leadership and sound investments have limited the impact of the global financial crisis on its assets,” says Martindale – a fact that greatly attracted him to the organisation.

Such leadership was recently recognised when ACE Limited’s CEO Evan Greenberg was named one of America’s best CEOs by Institutional Investor magazine, an award that Martindale says speaks volumes of a business that warned the US government not to resort to corporate bail outs.

“It’s exciting to be part of such a forward-thinking team, which with such strong management, sturdy international backing and a significant balance sheet, places the South African business in an enviable position compared to its competitors. We’re confident of continued solid performance despite local economic pressures,” he adds.

Mike Durek, CEO of ACE Limited’s South African operation, has welcomed Martindale to the team, hailing his broad industry experience and extensive industry network. Martindale’s previous roles include Financial Director of First Bowring Insurance Brokers and Chief Financial Officer of Swiss Re Africa’s property and casualty operation.

“Victor’s depth of experience across the complete value chain as well as his intimate knowledge of the local industry makes him the perfect person for helping ACE Insurance to achieve its goal of becoming one of South Africa’s top niche insurance businesses,” concludes Durek.

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