Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today key leaders it intends to
appoint for the Asia Pacific region of the new Chubb Group’s Overseas
General Insurance division, which includes Australia, China, Hong Kong,
Indonesia, Korea, Macao, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, Thailand and Vietnam. 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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Juan Luis Ortega will serve as Senior Vice President of the new Chubb Group and Regional President, Asia Pacific. (Photo: Business Wire)
As previously announced, Juan Luis Ortega will serve as Senior Vice
President of the new Chubb Group and Regional President, Asia Pacific.
The leaders reporting to Mr. Ortega will include:
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Paul McNamee will serve as Deputy Regional President and Executive
Vice President, Commercial Property & Casualty, Asia Pacific.
Currently, Mr. McNamee is Deputy Regional President and Executive Vice
President, Property & Casualty, for ACE’s Asia Pacific region.
Continuing to report to Mr. McNamee will be John French, who will
serve as Country President of Australia and New Zealand. Currently,
Mr. French is Country President, Australia and New Zealand, for ACE.
Reporting to Mr. French and serving as Senior Vice President and Chief
Operating Officer for Australia and New Zealand will be Matthew
Doquile. Currently, Mr. Doquile is Australia Country Manager for Chubb.
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Glen Browne will serve as Senior Vice President, Accident & Health,
Asia Pacific. Currently, Mr. Browne is Senior Vice President, Accident
& Health, for ACE’s Asia Pacific region.
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Edward Ler will serve as Senior Vice President, Personal Lines, Asia
Pacific, and Country President of Indonesia. Currently, Mr. Ler is
Senior Vice President, Personal & Business Insurance, and Country
President, Indonesia, for ACE’s Asia Pacific region. Reporting to Mr.
Ler and serving as Senior Vice President, High Net Worth, Asia
Pacific, will be Greg Hicks. Currently, Mr. Hicks is Asia Pacific Zone
and Australia Personal Insurance Manager for Chubb.
-
Kevin Bogardus will join the Asia Pacific leadership team as Managing
Director, China. Currently, Mr. Bogardus is Managing Director of ACE
Division at Lloyd's China.
Mr. Ortega 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 new Chubb Group and President of the Overseas General
Insurance division.
“The long-term growth opportunities in Asia Pacific are perhaps the
greatest of any region. Our presence extends from large, developed
markets to dynamic, faster-growing Southeast Asian economies, and our
commercial and non-life consumer businesses serve a highly diverse
customer base,” said Mr. Andrade. “Reaching our potential in Asia
Pacific requires strong, capable, talented and effective leaders. That’s
what we are announcing today. I am confident that Juan Luis and his
team, including our new colleagues from Chubb, will continue to grow and
diversify our geographic footprint, product mix, and distribution
channels to meet the needs of the region’s growing middle class, small
businesses and large regional and global companies.”
“I am very excited to announce these appointments for the new Chubb
Group’s Asia Pacific region,” said Mr. Ortega. “These are key leadership
appointments – they each have a strong proven track record and are
hands-on, results-oriented insurance professionals. I look forward to
continuing to work with Paul, Glen, Edward and John and welcome Matt,
Greg and Kevin to our Asia Pacific team. I am confident in their ability
to further build our company in the region, with the enhanced
capabilities of product and distribution our combined businesses will
have in the near future. We will share more information about our
leadership team in Asia Pacific at a later date.”
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