Appoints Seth Gillston North America Practice Leader
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the expansion of its Mergers and Acquisitions
(M&A) Practice into a Private Equity Practice concentrating on insurance
solutions for private equity firms, their portfolio companies as well as
their M&A transactions. Seth Gillston, based in New York City, was named
Executive Vice President to lead the expanded practice. He will
coordinate a dedicated team of underwriters who apply their knowledge
and expertise to address the specialized needs of the private equity
industry and the M&A process.
ACE’s successful Mergers and Acquisitions Practice has been enhanced to
broaden its comprehensive suite of risk management solutions, insurance
products across all North American business units, and claims
coordination to respond to the needs of the private equity industry and
their portfolio companies. It will also work in concert globally with
our newly established Global Accounts Division headed by Joe Clabby,
Division President. This expansion involves enhanced coordination of
ACE’s team of U.S.-based underwriters who respond to deal-specific M&A
transactions as well as existing portfolio companies.
“Private equity transactions and M&A deal flow continue to pick up
pace,” said John Lupica, Chairman, Insurance - North America. “We are
responding by coordinating the ACE resources on these transactions and
dedicating a team of experienced underwriters. Our insurance
professionals apply their knowledge of specialized underwriting products
and services while developing creative solutions.”
“Private equity firms and their advisors are moving towards a more
coordinated approach as it relates to the risk management needs of their
global portfolio of companies,” Mr. Gillston commented. “With M&A on the
rise, companies are balancing multiple and shifting priorities that add
layers of risk. ACE’s underwriting approach has evolved, as we consider
this broader relationship with private equity firms and their portfolio
companies. A global carrier needs to coordinate their response with
tailored property, casualty, management liability, and transactional
insurance products. These products can help facilitate a merger,
acquisition, or divestiture as well as respond to a new insurance
program for a carve-out division.”
Mr. Gillston adds this responsibility to his current role within ACE
Risk Management, ACE’s primary casualty business, as well as
underwriting transactional-specific products done through ACE Financial
Solutions, such as loss portfolio transfers that can help facilitate M&A
transactions. He will continue to report to Matt Merna, Division
President, ACE Risk Management.
Mr. Gillston joined ACE in 2000 and has more than 18 years of insurance
industry experience. During his tenure, Mr. Gillston has been at the
forefront of the growth and development of the ACE Mergers and
Acquisitions Practice. Mr. Gillston received his Bachelor of Science
degree with a dual major in Risk Management and Economics from Temple
University in Philadelphia, Pa. Further information is available by
contacting Seth Gillston by telephone at (212) 209-2273 or by email at seth.gillston@acegroup.com.
ACE’s
Mergers and Acquisitions Practice offers a broad suite of products
and services including the following underwriting groups:
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Primary Casualty
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Excess Casualty
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Specialty Casualty
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Foreign Casualty
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Property and Specialty
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Environmental
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Professional Liability
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Management Liability
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Surety
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Private Risk Services
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at www.acegroup.com.
Source: ACE Group