Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE:ACE) announced today the leadership team it intends to
appoint for the company’s North America field organization. The
appointments will take effect upon completion of the acquisition of
Chubb, which is expected in the first quarter of 2016.
As
previously announced, Harold L. Morrison, Jr. will serve as Senior
Vice President of the new Chubb Group and Division President, Field
Operations, for the North America Insurance division. Currently
Executive Vice President, Chief Global Field Officer and Chief
Administrative Officer of The Chubb Corporation, Mr. Morrison will be
responsible for the field organization in North America, which includes
48 offices in the U.S. and Canada. He will be responsible for the
effective management of regional and branch office functions for the
purposes of executing the company's North American business strategies
locally by delivering a full complement of capabilities and services to
its agent and broker distribution partners and managing these important
long-term business relationships.
Gerard M. Butler will serve as Executive Vice President and Deputy Field
Officer for North America, with responsibility for coordinating the
company’s North American distribution relationships, sales results and
practices, and field analytics resources. Mr. Butler is currently
Executive Vice President and U.S. Field Territory Operations Manager of
Chubb & Son. Mr. Butler will report to Mr. Morrison.
Reporting to Mr. Morrison will be eight Regional Executive Officers
(REOs) who will operate a 48-branch network across the U.S. and Canada,
divided into eight regions headquartered in New York City, Boston,
Philadelphia, Atlanta, Chicago, Dallas, Los Angeles and Toronto. The
REOs will be responsible for executing the regional underwriting and
sales strategies of the North American business units, staff management,
production, profit and loss, and distribution management. Reporting to
each REO will be a Regional Chief Operating Officer (RCOO), and together
the REO and RCOO will work as the leadership team managing each
significant territory.
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John M. Swords will serve as Senior Vice President, North America
Insurance, and REO of the Boston Region. Mr. Swords is currently
Senior Vice President and Boston Regional Branch Manager of Chubb &
Son. Reporting to Mr. Swords and serving as RCOO will be Mitchell C.
Schmidt, who will lead the Boston office. Mr. Schmidt is currently
REO, Northeast, ACE USA. The branch offices in the region will be New
Haven and Rochester.
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John J. Alfieri will serve as Executive Vice President, North America
Insurance, and REO of the New York Region. Mr. Alfieri is currently
Division President, Regional Operations, ACE USA, and Division
President of Global Accounts, North America. Reporting to Mr. Alfieri
and serving as RCOO will be Peter J. Tucker, who will lead the New
York office. Mr. Tucker is currently Senior Vice President and New
York/New Jersey Regional Branch Manager of Chubb & Son. The branch
offices in the region will be White Plains, Uniondale and Warren.
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Robert M. Poliseno will serve as Senior Vice President, North America
Insurance, and REO of the Philadelphia Region. Mr. Poliseno is
currently REO, Mid-Atlantic Region, ACE USA. Reporting to Mr. Poliseno
and serving as RCOO will be Kelly P. O’Leary, who will lead the
Philadelphia office. Ms. O’Leary is currently Senior Vice President
and Philadelphia Regional Branch Manager of Chubb & Son. The branches
in the region will be Pittsburgh, Harrisburg, Washington, D.C.,
Richmond and Baltimore.
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D. Scott Dalton will serve as Senior Vice President, North America
Insurance, and REO of the Atlanta Region. Mr. Dalton is currently
Senior Vice President and Atlanta Regional Branch Manager of Chubb &
Son. Reporting to Mr. Dalton and serving as RCOO will be James M.
Shevlin, who will lead the Atlanta office. Mr. Shevlin is currently
REO, Southeast Region, ACE USA. The branches in the region will be
Tampa, Birmingham, Nashville and Charlotte.
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Kelley J. Kinsella will serve as Senior Vice President, North America
Insurance, and REO of the Chicago Region. Ms. Kinsella is currently
REO, Midwest Region, ACE USA. Reporting to Ms. Kinsella and serving as
RCOO will be Kevin G. Smith, who will lead the Chicago office. Mr.
Smith is currently Senior Vice President and Chicago Regional Branch
Manager of Chubb & Son. The branches in the region will be Itasca,
Detroit, Milwaukee, Grand Rapids, Minneapolis, Des Moines, St. Louis,
Kansas City, Cincinnati, Cleveland, Indianapolis, Columbus and
Louisville.
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Timothy E. Rau will serve as Senior Vice President, North America
Insurance, and REO of the Dallas Region. Mr. Rau is currently REO,
Southwest Region, ACE USA. Reporting to Mr. Rau and serving as RCOO
will be Gary R. Delong, who will lead the Dallas office. Mr. Delong is
currently Senior Vice President and Dallas Regional Branch Manager of
Chubb & Son. The branches in the region will be Houston, Austin, Tulsa
and Denver.
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James A. Darling will serve as Senior Vice President, North America
Insurance, and REO of the Los Angeles Region. Mr. Darling is currently
Senior Vice President and Los Angeles Regional Branch Manager of Chubb
& Son. Reporting to Mr. Darling and serving as RCOO will be Andrea T.
Pearson, who will lead the Los Angeles office. Ms. Pearson is
currently REO, Los Angeles/Western Region, ACE USA. The branches in
the region will be San Francisco, Newport Beach, San Ramon, Seattle,
Portland and Phoenix.
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Ellen J. Moore will serve as Senior Vice President, North America
Insurance, and REO, Canadian Operations. Ms. Moore is currently Senior
Vice President and Canadian Zone Officer of Chubb & Son. Reporting to
Ms. Moore and serving as RCOO will be Andy Hollenberg, who will lead
the Toronto office. Mr. Hollenberg is currently Country President,
Canada, ACE Group. The branches in the region will be Montreal,
Calgary and Vancouver.
"I am very excited about this exceptionally strong line-up of
experienced field leaders who represent the best talent at both ACE and
Chubb,” said Mr. Morrison. “The integrated team that is being built
represents deep knowledge of broker, agent and client priorities, and a
solutions-oriented approach to meeting those priorities that will
generate superior results for the organization.”
About ACE Group
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.
Cautionary Statement Regarding Forward-Looking Statements
All forward-looking statements made in this communication, related to
the acquisition of Chubb or potential post-acquisition leadership,
performance or otherwise, reflect ACE’s current views with respect to
future events, business transactions and business performance and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by words such as “may,” “will,” “should,”
”expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,”
“predict,” “potential,” “continue,” “could,” “future,” “project” or
other words of similar meaning. All forward-looking
statements involve risks and uncertainties, which may cause actual
results to differ, possibly materially, from those contained in the
forward-looking statements. Forward-looking statements include, but are
not limited to, statements about expected officer appointments and the
benefits of the proposed transaction involving ACE and Chubb, including
future financial results; ACE’s and Chubb’s plans, objectives,
expectations and intentions; the expected timing of completion of the
transaction and other statements that are not historical facts.
Important factors that could cause actual results to differ, possibly
materially, from those indicated by the forward-looking statements
include, without limitation, the following: the inability to complete
the transaction in a timely manner; the inability to complete the
transaction due to the failure of Chubb’s shareholders to adopt the
transaction agreement or the failure of ACE shareholders to approve,
among other matters, the issuance of ACE common shares in connection
with the acquisition; the failure to satisfy other conditions to
completion of the transaction, including receipt of required regulatory
approvals; the failure of the proposed transaction to close for any
other reason; the possibility that any of the anticipated benefits of
the proposed transaction will not be realized; the risk that integration
of Chubb’s operations with those of ACE will be materially delayed or
will be more costly or difficult than expected; the challenges of
integrating and retaining key employees; the effect of the announcement
of the transaction on ACE’s, Chubb’s or the combined company’s
respective business relationships, operating results and business
generally; the possibility that the anticipated synergies and cost
savings of the merger will not be realized, or will not be realized
within the expected time period; the possibility that the transaction
may be more expensive to complete than anticipated, including as a
result of unexpected factors or events; diversion of management’s
attention from ongoing business operations and opportunities; general
competitive, economic, political and market conditions and fluctuations;
and actions taken or conditions imposed by the United States and foreign
governments and regulatory authorities. Moreover, there is no
certainty that the individuals identified as expected officers of the
combined company will in fact remain employed by ACE or Chubb,
respectively, through closing of the transaction. In addition,
you should carefully consider the risks and uncertainties and other
factors that may affect future results of the combined company described
in the section entitled “Risk Factors” in the joint proxy
statement/prospectus to be delivered to ACE’s and Chubb’s respective
shareholders, and in ACE’s and Chubb’s respective filings with the
Securities and Exchange Commission (“SEC”) that are available on the
SEC’s website, located at www.sec.gov,
including the sections entitled “Risk Factors” in ACE’s Annual Report on
Form 10–K for the year ended December 31, 2014, which was filed with the
SEC on February 27, 2015, and “Risk Factors” in Chubb’s Annual Report on
Form 10–K for the year ended December 31, 2014, which was filed with the
SEC on February 26, 2015. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
communication. ACE undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any
vote or approval. This communication may be deemed to be
solicitation material in respect of the proposed transaction between ACE
and Chubb. In connection with the proposed transaction, ACE
has filed a registration statement on Form S-4, containing a joint proxy
statement/prospectus with the SEC, which was most recently amended by a
filing with the SEC on September 1, 2015. The final joint
proxy statement/prospectus will be delivered to the shareholders of ACE
and Chubb. This communication is not a substitute for the registration
statement, definitive joint proxy statement/prospectus or any other
documents that ACE or Chubb may file with the SEC or send to
shareholders in connection with the proposed transaction. SHAREHOLDERS
ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING
THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Shareholders may obtain copies of the joint proxy
statement/prospectus and other documents filed with the SEC (when
available) free of charge at the SEC’s website, http://www.sec.gov. Copies
of documents filed with the SEC by ACE will be made available free of
charge on ACE’s website at www.acegroup.com.
Copies of documents filed with the SEC by Chubb will be made available
free of charge on Chubb’s website at www.chubb.com.
Participants in Solicitation
ACE, Chubb and their respective directors, executive officers and
other members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the proposed
transaction. Information about the directors and executive officers of
ACE is set forth in the proxy statement for ACE’s 2015 Annual General
Meeting, which was filed with the SEC on April 8, 2015, and ACE’s Annual
Report on Form 10-K for the year ended December 31, 2014, which was
filed with the SEC on February 27, 2015. Information about the directors
and executive officers of Chubb is set forth in the proxy statement for
Chubb’s 2015 Annual Meeting of Shareholders, which was filed with the
SEC on March 13, 2015, and Chubb’s Annual Report on Form 10-K for the
year ended December 31, 2014, which was filed with the SEC on February
26, 2015. Other information regarding the participants in
the proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in the
joint proxy statement/prospectus and other relevant materials filed with
the SEC. You may obtain free copies of these documents as
described above.
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Source: ACE Limited