Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today members of the future leadership
team it intends to appoint for the company’s North America Personal Risk
Services division. The appointments will take effect upon completion of
the acquisition of Chubb, which is expected in the first quarter of 2016.
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Frances D. O'Brien will serve as Senior Vice President of the new Chubb Group and Division President, North America Personal Risk Services. (Photo: Business Wire)
North America Personal Risk Services will offer an array of property and
casualty insurance products for individuals and families with fine
homes, automobiles, art, jewelry, watercraft and other valuable
possessions. The division also will provide customers with
state-of-the-art services that will help protect their property,
lifestyle and families from risk and, in the event of a loss, with
exceptional claims services.
As
previously announced, Frances D. O’Brien will serve as Senior Vice
President of the new Chubb Group and Division President, North America
Personal Risk Services, and C. Scott Gunter will serve as Chief
Operating Officer, North America Personal Risk Services. Mr. Gunter will
report to Ms. O’Brien. Ms. O’Brien will report to Paul J. Krump, who, as
previously announced, will serve as Executive Vice President of the new
Chubb Group and President, North America Commercial and Personal
Insurance.
Leadership Team Members
The North America Personal Risk Services division will include a full
complement of product, service and distribution managers.
Hope Jarvis will lead Personal Insurance Operations. Ms. Jarvis is
currently Senior Vice President and Global TPA, Compliance & Strategy
Manager for Chubb. In addition to reporting to Ms. O’Brien, Ms. Jarvis
will report to James English, who is currently Executive Vice President
and North America Chief Operations Officer for ACE and will continue to
serve in that role.
The following managers will report to Mr. Gunter:
-
Chris Donahue will serve as Chief Underwriting Officer. Mr. Donahue is
currently Chief Underwriting Officer for ACE Private Risk Services.
-
Annmarie Camp will lead Personal Insurance Sales and Distribution. Ms.
Camp is currently Senior Vice President, National Sales and
Distribution Manager for ACE Private Risk Services.
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James A. Fiske will lead Personal Insurance Marketing. Mr. Fiske is
currently Senior Vice President and U.S. Marketing Manager for Chubb
Personal Insurance. In addition to reporting to Mr. Gunter, Mr. Fiske
will report to Cora Klena, who is currently Senior Vice President,
North America Marketing & Communications for ACE and will continue to
serve in that role.
-
Noel P. Hannon will serve as Personal Insurance Underwriting Centers
Leader. Ms. Hannon is currently Senior Vice President and U.S.
Underwriting Centers Officer for Chubb Personal Insurance.
-
Jennifer M. Naughton will lead Personal Insurance Risk Consulting
Services. Ms. Naughton is currently Vice President and Loss Control
Services New York Regional Manager for Chubb Commercial Insurance.
“High net worth customers expect the best and most innovative products
and services to protect them and their families from complex and
continuously evolving risks. By assembling some of the most talented and
service-oriented people in the business, we will provide innovative
solutions to our customers, agents and brokers through world-class
products and services,” said Ms. O’Brien.
“Fran and Scott are pulling together a distinguished team of experts in
underwriting, risk consulting, sales and marketing, and operations
management that will enable us to serve our customers well, support our
agent and broker partners and build our combined business,” said Mr.
Krump.
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 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