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 Latin America region of the new Chubb Group’s
Overseas General Insurance division, which includes Argentina, Brazil,
Chile, Colombia, Ecuador, Mexico, Panama, Peru, Puerto Rico, Central
America and the Caribbean. 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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Jorge Luis Cazar will serve as Senior Vice President of the new Chubb Group and Regional President, Latin America. (Photo: Business Wire)
As previously announced, Jorge Luis Cazar will serve as Senior Vice
President of the new Chubb Group and Regional President, Latin America.
The leadership team reporting to Mr. Cazar will include:
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Marcos Gunn will serve as President, Northern Latin America Region,
which includes Mexico, Central America and the Caribbean, and Chief
Operating Officer, Latin America. Currently, Mr. Gunn is Regional
Chief Operating Officer for ACE’s Latin America region.
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Herman Weiss will serve as President, Andean Region, which includes
Argentina, Chile, Colombia, Ecuador and Peru. Currently, Mr. Weiss is
Senior Vice President and Latin America Zone Officer, Chubb Group.
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Antonio Trindade will serve as Country President of Brazil. Currently,
Mr. Trindade is Country President, Brazil, for ACE.
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Pablo Korze will serve as Senior Vice President, Commercial Property &
Casualty, Latin America. Currently, Mr. Korze is Senior Vice
President, Property & Casualty, for ACE’s Latin America region.
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Fabiola Franco will serve as Senior Vice President, Accident & Health,
Latin America. Currently, Ms. Franco is Senior Vice President,
Accident & Health, for ACE’s Latin America region.
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David Heard will serve as Senior Vice President, Personal Lines, Latin
America. Currently, Mr. Heard is Senior Vice President, Personal and
Business Insurance, for ACE’s Latin America region.
Mr. Cazar 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.
“ACE has built a broad and deep presence across Latin America with a
very balanced mix of businesses. The team that will lead this important
region is comprised of experienced, capable and effective managers who
understand that insurance is a local business driven by local
relationships,” said Mr. Andrade. “We see significant, long-term growth
opportunities in Latin America on both the industrial/commercial side,
where there is a need to develop critical infrastructure in many
countries, and on the consumer side, where there is a growing middle
class. I am confident that Jorge Luis, leading this strong team,
including new colleagues from Chubb, will deliver superior products and
services for our clients and partners across Latin America as well as
superior results for the organization.”
“I am very excited to announce the leadership team for the new Chubb
Group’s Latin America region,” said Mr. Cazar. “Marcos is a strong
executive who brings deep experience in Mexico, one of our most
important markets. Antonio is one of the most accomplished and
experienced insurance industry executives in Brazil. Pablo, Fabiola and
David combine an appreciation of the nuances of Latin America’s
different markets with a deep understanding of their respective product
lines. I am also very pleased that Herman will be leading our important
Andean region. He represents the best of Chubb and we look forward to
working with him and other new Chubb colleagues when the transaction is
completed. We will share more information about our leadership team in
Latin America 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