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 Far East region of the new Chubb Group’s Overseas
General Insurance division, which includes Japan. 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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Jeff Hager will serve as Regional President, Far East, for the new Chubb Group. (Photo: Business Wire)
As previously announced, Jeff Hager will serve as Regional President,
Far East. The leadership team reporting to Mr. Hager will include:
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Mike Cellura will serve as Vice President, Property & Casualty, Far
East. Currently, Mr. Cellura is Vice President, Property & Casualty,
for ACE in Japan.
-
Andrew Nisbet will serve as Vice President, Accident & Health, Far
East. Currently, Mr. Nisbet is Vice President, Accident & Health, for
ACE in Japan.
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Taras Lykho will serve as Vice President, Personal Lines, Far East.
Currently, Mr. Lykho is Vice President, Personal Lines, for ACE in
Japan.
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Hisahiko Sasaki will serve as Vice President and Chief Distribution
Officer, Far East. Currently, Mr. Sasaki is Vice President and Chief
Distribution Officer for ACE in Japan.
-
Leo Takagi will serve as Chief Operations Officer for the Far East
region. Currently, Mr. Takagi is Vice President and Japan Country
Manager for Chubb.
Mr. Hager 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.
“In Asia, Japan is the largest developed market and the second-largest
economy, and we serve a broad range of consumer and commercial
customers,” said Mr. Andrade. “I am pleased that we have a strong and
capable team in place to lead the business going forward. I am confident
that under Jeff’s leadership we will continue to build on our success in
the Japanese market.”
“I am very excited to announce the leadership team for the new Chubb
Group’s Far East region,” said Mr. Hager. “I look forward to continuing
to work closely with my trusted colleagues Mike, Andrew, Taras and
Hisahiko, who are experienced and energetic insurance industry
professionals with a deep understanding of the market in Japan. I am
also very excited to welcome Leo to our team in the important role of
chief operations officer. He represents the best of Chubb and we look
forward to working with him.”
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