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 Global Surety business unit. 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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Stephen Haney will serve as Division Chairman, North America Surety, and Chief Underwriting Officer. (Photo: Business Wire)
As
previously announced, Stephen Haney will serve as Division Chairman,
North America Surety, and Chief Underwriting Officer, Global Surety. Mr.
Haney is currently Division President, Surety for ACE USA, and Chief
Underwriting Officer, Global Surety for ACE Group. Mr. Haney will
continue to report to John Lupica, who will serve as Vice Chairman of
the new Chubb Group, and President, North America Major Accounts and
Specialty Insurance.
As
previously announced, Richard Ciullo will serve as Chief Operating
Officer of North America Surety. Currently Senior Vice President and
Chief Operating Officer for Chubb Surety, Mr. Ciullo will assist in the
P&L performance of the product line and, together with Mr. Haney, will
be responsible for the successful integration of ACE and Chubb surety
products in order to deliver a best-in-class offering to the company’s
brokerage distribution partners.
Teresa Black will serve as Head of Commercial Surety for the United
States and Canada. Ms. Black is currently Senior Vice President and
Chief Operating Officer for ACE’s Surety division. Ms. Black will be
responsible for the strategy and product management of commercial surety
products and services offered through the Major Accounts, Commercial
Insurance and Small Commercial business units that serve customers in
the U.S. and Canada.
Matthew Lubin will serve as Head of Construction and International
Surety. Mr. Lubin is currently Senior Vice President and Chief
Underwriting Officer for Chubb Surety. Mr. Lubin will be responsible for
the strategy and product management of contract surety products and
services offered through the Major Accounts, Commercial Insurance and
Small Commercial business units that serve customers globally.
Messrs. Ciullo and Lubin and Ms. Black will report to Mr. Haney.
Underwriting Leadership
Global Surety underwriting will be organized by client size, scope and
territory. The three business segments are Engineering & Construction,
Construction Surety, and Commercial Surety.
Engineering & Construction Leadership
Richard Barnett will serve as Director, Engineering & Construction. Mr.
Barnett will have underwriting responsibility for clients that operate
with a broad footprint in North America and/or globally, and will also
support surety branch underwriting activities in Asia, Canada and
Europe. Mr. Barnett is currently Senior Vice President and Surety
Director, National Engineering & Construction for Chubb. He will report
to Mr. Lubin.
Latin America Leadership
Arturo Martinez will lead the geographic expansion, strategy and
management for surety products and services offered in Latin America.
Mr. Martinez is currently Senior Vice President, Surety Latin America
for ACE. He will report to Jorge Luis Cazar, who, as
previously announced, will serve as Senior Vice President of the new
Chubb Group and Regional President, Latin America, and to Mr. Haney.
Dekker Buckley will be responsible for the oversight and monitoring of
surety underwriting throughout Latin America. Mr. Buckley is currently
Vice President and Surety Director for Chubb Latin America. He will
provide underwriting support for complex surety transactions, oversee
the execution of underwriting best practices, and lead portfolio
management for Surety operations in Latin America. Mr. Buckley will
report to Mr. Lubin.
U.S. Construction Leadership
The U.S. Construction segment will serve clients that operate within a
regional or local footprint.
-
Kevin Waldron will be responsible for the Construction Group and Small
Construction, supporting surety branch underwriting activities in San
Francisco, Los Angeles, Kansas City, Cincinnati, Chicago and
Minneapolis. Mr. Waldron is presently Vice President and Surety
Construction Director for Chubb. Mr. Waldron will report to Mr. Lubin.
-
Donna Powers will be responsible for the Construction Group supporting
surety branch underwriting activities in New York, Philadelphia,
Atlanta, Houston and Warren, NJ. Ms. Powers is currently Vice
President and Surety Construction Director for Chubb. Ms. Powers will
report to Mr. Lubin.
Commercial Surety Leadership
The Commercial Surety segment will serve clients of all sizes that
operate domestically and globally.
-
Joseph Gaskill will be responsible for the Commercial Group,
supporting surety branch underwriting activities in San Francisco, Los
Angeles, Chicago and Houston. Mr. Gaskill is currently Senior Vice
President, Commercial Surety for ACE. Mr. Gaskill will report to Ms.
Black.
-
Craig Gortner will be responsible for the Commercial Group, supporting
surety branch underwriting activities in New York, Philadelphia,
Boston and Atlanta. Mr. Gortner is currently Senior Vice President,
Commercial Surety for ACE. Mr. Gortner will report to Ms. Black.
Operating Leadership
Catherine Donahue will serve as Surety Operations Manager. Ms. Donahue
will be responsible for servicing current clients, supporting
underwriting workflow, and leveraging technology. Ms. Donahue is
currently Vice President and Surety Operations Manager and Construction
Director for Chubb. In addition to reporting to Mr. Ciullo, Ms. Donahue
will report to James English, who is currently North America Chief
Operations Officer for ACE and will continue to serve in that role.
Christopher Parker will serve as Surety Chief Credit Officer. Mr. Parker
will be responsible for portfolio management and underwriting
compliance. Mr. Parker is presently Vice President and Surety Commercial
Director for Chubb. Mr. Parker will report to Mr. Haney.
“This is a truly high-performing team that represents the best surety
talent in the market,” said Mr. Haney. “I highly respect the Chubb
Surety team, and I have had the privilege of working with the ACE team
for many years. As a combined team, we will pool our collective
strengths in order to deliver best-in-class product, service and global
delivery for our clients and brokers."
“Global Surety is poised for ongoing growth and success, with Steve
leading a strong team of professionals who combine industry expertise
with geographical coverage,” said Mr. Lupica. “I’m excited about our
prospects and look forward to providing a broad portfolio of surety
solutions and services to existing and prospective clients and brokers.”
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