Ace Insurance CEO Australia and NZ Damien Sullivan will return to Singapore as Asia-Pacific President and CEO, just a year after returning home for family reasons.

Mr Sullivan will take on the role from July 1 following the decision of the incumbent, fellow Australian John Bassetto, to retire from Ace.

The move comes 12 months after the company announced Mr Sullivan would return to Sydney from Singapore for family reasons.

Mr Sullivan served as Asia-Pacific VP and COO from 2005-09 before his return to Australia.

His new role includes responsibility for management and development of Ace property and casualty, accident and health and personal lines across 12 countries.

“Being back in Australia has been terrific, but the opportunity to lead Ace’s operations in the Asia-Pacific region presents such an exciting challenge,” Mr Sullivan told insuranceNEWS.com.au.

Mr Bassetto intends to stay on with Ace as a senior adviser to the Overseas General division.

A local replacement for Mr Sullivan is expected to be announced within the next few months.