News Details

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 North America Commercial Insurance 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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North America Commercial Insurance will deliver a broad range of property and casualty and professional lines products to U.S. and Canadian middle market customers served by independent agents and brokers. The division will deliver the highest quality products, services and tailored industry solutions through the company’s extensive branch network.

As previously announced, Steven R. Pozzi will serve as Senior Vice President of the new Chubb Group and Division President, North America Commercial Insurance. Mr. Pozzi’s organization will include a full complement of product, industry segment and operational managers as direct reports. Mr. Pozzi will report to Paul Krump, who, as previously announced, will serve as Executive Vice President of the new Chubb Group and President, North America Commercial and Personal Insurance.

Underwriting Leadership

Paul Lewis will serve as Chief Underwriting Officer, Property and Casualty. Mr. Lewis is currently Senior Vice President and Chief Underwriting Officer for Chubb Personal Insurance.

James West will serve as North America Segment Leader. Mr. West is currently Senior Vice President, Global Market Segments Manager, Chubb Commercial Insurance.

Alex Wells will lead Specialty Casualty/Contracting/Construction. Mr. Wells is currently Chief Operating Officer, Specialty Casualty for ACE Westchester.

Paul A. Larson will lead Commercial Insurance Management Liability. Mr. Larson is currently Senior Vice President and Western Specialty Risk Center Manager for Chubb. He will report jointly to Mr. Pozzi and Scott A. Meyer, who, as previously announced, will serve as Division President, North America Professional Lines.

Keith M. Lavigne will lead Private/Not-For-Profit Management Liability. Mr. Lavigne is currently Executive Vice President, Professional Lines for ACE. He will report jointly to Mr. Pozzi and Mr. Meyer.

Michael Tanenbaum will lead Professional Liability. Mr. Tanenbaum is currently Executive Vice President, Professional Lines for ACE. He will report jointly to Mr. Pozzi and Mr. Meyer.

Andrew Hurley will serve as Product Development and Implementation Leader. Mr. Hurley is currently Senior Vice President, ACE USA Regional Operations.

Gerald Ippolito will serve as Customarq Project/Online Platform Solutions Leader. Mr. Ippolito is currently Senior Vice President, Small Business Officer for Chubb Commercial Insurance.

Michelle Middleton will serve as head of the Eastern Underwriting Center. Ms. Middleton is currently Senior Vice President, Eastern Underwriting Center Manager for Chubb.

Michael Slor will serve as head of the Western Underwriting Center. Mr. Slor is currently Senior Vice President, Western Underwriting Center Manager for Chubb.

Regional Field Leadership

In addition, Mr. Pozzi will have a team of Region Managers who will also report to the previously announced North America Field Operations organization. The Commercial Insurance Region Managers will be accountable for underwriting, profit, production, service, expenses and resource allocation for the region, across all lines of business and market segments that serve the middle market.

John Mizzi will serve as Region Manager for New York and Boston. Mr. Mizzi is currently Chubb Commercial Insurance Eastern Territory Underwriting Officer.

Jane Peterson will serve as Region Manager for Philadelphia and Atlanta. Ms. Peterson is currently Chubb Specialty Insurance Eastern Territory Manager.

Kenneth Chung will serve as Region Manager for Los Angeles and Dallas. Mr. Chung is currently Chubb Commercial Insurance Western Territory Underwriting Officer.

Jeff Fischer will serve as Region Manager for Chicago. Mr. Fischer is currently Chubb Commercial Insurance Manager for the Chicago branch.

Ana Robic will serve as Region Manager for Canada. Ms. Robic is currently Chubb Commercial Insurance Canadian Zone Officer.

“The joining of Chubb and ACE enables us to offer world-class underwriting, claims and loss control services to middle market customers and their agents across the U.S. and Canada,” said Mr. Pozzi. “We are committed to providing a high quality, total experience for agents and customers that meets the full range of middle market insurance needs.”

“Steve and his North America Commercial Insurance team are proven leaders in the industry,” said Mr. Krump. “They execute their underwriting with discipline and deep expertise in the products they sell and the customer segments they serve. Our extensive branch network enables us to develop lasting relationships with our agents and brokers, supporting their customers with broad solutions designed for the middle market.”

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