Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today members of the leadership team
it intends to appoint for the European Group of the new Chubb Group’s
Overseas General Insurance division, which includes Austria, Belgium,
Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Hungary,
Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden,
Switzerland and the United Kingdom. The leadership appointments will
take effect upon completion of the acquisition of Chubb, which is
expected in the first quarter of 2016.
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Andrew Kendrick will serve as Senior Vice President of the new Chubb Group and Regional President, European Group. (Photo: Business Wire)
As
previously announced, Andrew Kendrick will serve as Senior Vice
President of the new Chubb Group and Regional President, European Group.
The leadership team reporting to Mr. Kendrick will include:
-
Jalil Rehman will serve as Executive Vice President and Chief Business
Operations Officer, European Group. Currently, Mr. Rehman is Senior
Vice President and European Zone Officer for Chubb. In his new role,
Mr. Rehman will have overall responsibility for the European High Net
Worth Personal Lines business. In addition, he will lead the
integration of Chubb and ACE businesses in Europe and also assume a
number of critical business functions for the combined entity.
-
Matthew Shaw will serve as Executive Vice President, European Group,
and Division President, Chubb Global Markets, the company’s
international excess and surplus (E&S) lines wholesale business
including both its Lloyd’s and London company market operations.
Currently, Mr. Shaw is Division President, ACE Global Markets.
-
David Robinson will serve as Executive Vice President, European Group,
and President, U.K. and Ireland. Currently, Mr. Robinson is Regional
President, U.K. and Ireland for ACE. Reporting to Mr. Robinson and
serving as Chief Operating Officer for the U.K. and Ireland Property
and Casualty business will be Phil Sharpe. Currently, Mr. Sharpe is
Chief Operating Officer for ACE’s U.K. and Ireland Property and
Casualty business. Also reporting to Mr. Robinson and serving as Head
of Distribution, U.K. and Ireland, will be Jeremy Miles. Mr. Miles is
currently U.K. and Ireland Manager at Chubb. In this new role, Mr.
Miles will have overall responsibility for developing and delivering
distribution strategy across the organization’s Property and Casualty,
Accident and Health and Personal Lines businesses in the region as
well as Chubb Global Markets.
ACE expects to announce additional appointments to the future European
Group leadership team at a later date.
Mr. Kendrick will report to Juan C. Andrade, Executive Vice President,
ACE Group, Personal Lines and Chief Operating Officer of ACE Overseas
General, and who as previously announced will serve as Executive Vice
President of the Chubb Group and President of the Overseas General
Insurance division.
“Europe is our company’s second-largest region and the addition of
Chubb’s business and talent gives us an opportunity to add even greater
depth and strength,” said Mr. Andrade. “Andrew is recognized across the
U.K. and Europe as a visionary and energetic industry leader. We also
know him as a trusted colleague and a superior leader of businesses and
people with a long and proven track record. Under Andrew’s leadership,
with the support of his strong team comprised of the best of ACE and
Chubb, I am confident Europe will continue to be an important franchise
business for the new Chubb Group. I am also pleased to welcome Jalil, a
highly regarded insurance practitioner who has deep experience and
relationships with clients and brokers in the region. His strong
leadership, market knowledge and general management skills will help
ensure the successful integration and ongoing success of the European
Group.”
“I am very excited to announce our first round of leadership
appointments for the new Chubb Group’s Europe region,” said Mr.
Kendrick. “Those who know us as an underwriting company will not be
surprised to see Matthew and David, who grew up as underwriters,
continue in their respective roles. I’ve worked closely with David for
more than a decade and I’m confident our important U.K. and Ireland
region will remain in good hands under his and Phil’s leadership.
Matthew has played an important role in building our capabilities and
recognized leadership within the London wholesale market, which will
continue to be a very important platform for our new organization. I am
particularly delighted to welcome Jalil, who brings significant
experience to us from Chubb, and Jeremy, a seasoned insurance
professional with exceptionally strong market relationships. I look
forward to sharing more information about our leadership team in Europe
as we continue to bring together the best talent from both companies to
serve our brokers, partners and clients.”
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, potential post-acquisition 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 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 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. 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
dated September 11, 2015, that was 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.
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Source: ACE Limited