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 Major Accounts division,
which serves the large corporate marketplace and will include the major
accounts business currently written in ACE USA, Chubb Commercial
Insurance and Chubb Specialty Insurance. 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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Christopher A. Maleno will serve as Senior Vice President of the new Chubb Group and Division President, North America Major Accounts. (Photo: Business Wire)
North America Major Accounts will serve the risk management segment of
large U.S. and Canadian-based companies that require tailored coverage
solutions, often involving global underwriting expertise in regulation,
loss assessment and mitigation, and claims handling supported through
coordinated relationship management. The division is dedicated to
working collaboratively with clients and their brokers in delivering
differentiated solutions through its extensive global services and
claims operations.
As
previously announced, Christopher A. Maleno will serve as Senior
Vice President of the new Chubb Group and Division President, North
America Major Accounts. Mr. Maleno will report to John Lupica, who, as
previously announced, will serve as Vice Chairman of the new Chubb
Group and President, North America Major Accounts and Specialty
Insurance.
The individuals on the product underwriting, industry practice,
distribution and service management team reporting to Mr. Maleno are as
follows:
-
Ross Bertossi will lead Excess Casualty & Medical Liability. Mr.
Bertossi is currently Division President, ACE USA Casualty Lines.
-
Teresa Black will lead Commercial Surety. Ms. Black is currently Chief
Operating Officer, ACE Surety.
-
Christopher Calnon will lead Major Accounts Professional Liability
(Western Specialty Risk Center). Mr. Calnon is currently Vice
President, ACE USA Professional Lines.
-
James Rhyner will lead Major Accounts Professional Liability (Eastern
Specialty Risk Center). Mr. Rhyner is currently Vice President, Chubb
Specialty Insurance.
-
Michael Chang will lead Real Estate & Hospitality. Mr. Chang is
currently Senior Vice President, Chubb Risk Management and Real Estate.
-
Brian Church will lead Property. Mr. Church is currently Senior Vice
President, ACE USA Property.
-
Caroline Clouser will lead Healthcare. Ms. Clouser is currently
Executive Vice President, ACE USA Medical Risk.
-
Seth Gillston will lead Private Equity. Mr. Gillston is currently
Executive Vice President, ACE Risk Management.
-
Steven Goldman will lead Financial Institutions & Transactional Risk.
Mr. Goldman is currently Executive Vice President, ACE USA
Professional Lines.
-
William Hazelton will lead Construction & Environmental. Mr. Hazelton
is currently Division President, ACE USA Construction and
Environmental.
-
Bruce Jervis will lead Inland & Commercial Marine. Mr. Jervis is
currently Executive Vice President, Commercial and Inland Marine for
ACE.
-
Scott Kantrowitz will lead Private Company/Not-for-Profit. Mr.
Kantrowitz is currently Vice President, ACE USA Professional Lines.
-
Matthew Lubin will lead Contract and International Surety. Mr. Lubin
is currently Senior Vice President and Chief Underwriting Officer,
Chubb Surety.
-
Matthew Merna will lead Global Primary Casualty. Mr. Merna is
currently Division President, ACE Risk Management.
-
Joe Vasquez will lead ESIS® (Third Party Administration). Mr. Vasquez
is currently Division President, ESIS, ACE USA.
-
James Walloga will lead U.S. Accident and Health. Mr. Walloga is
currently Executive Vice President, ACE USA Accident & Health.
-
Robert Wolfe will lead Management Liability. Mr. Wolfe is currently
Executive Vice President, ACE USA Professional Lines.
-
Gary Kramer will lead Global Services, including Worldview®. Mr.
Kramer is currently Senior Vice President, Global Services at ACE.
-
Joseph Connelly, Adrian Matthews and Brian Witzmann will drive the
company’s Major Accounts Distribution & Client Executive Programs.
Messrs. Connelly, Matthews and Witzmann are currently Senior Vice
Presidents for ACE’s Regional Operations.
Mr. Maleno stated: "This division will bring together the strengths of
both ACE and Chubb. It will provide the large corporate market with
exceptional depth and breadth of products, underwriting and service
administration. ACE’s global network and award-winning technologies,
such as Worldview®, will continue to support the robust and
diversified insurance programs our clients and brokers have come to
expect. The delivery of this will be coordinated through our experienced
team of underwriting managers, claim technicians, service professionals
and dedicated group of global client executives and regionally based
distribution leaders. North America Major Accounts will deliver tailored
risk management services and coverage solutions to our large account
customers and distribution partners."
Mr. Lupica stated: “The North America Major Accounts team is made of
recognized experts in their respective fields. We’re creating this
division to serve the largest 5,000 U.S. and Canadian-based
organizations, representing some of the most complex global risks.
Having worked with Chris for almost a decade, I have the fullest
confidence in Chris’ leadership and the capabilities of his team. We
look forward to serving our existing and prospective clients and
distribution partners with world class service, underwriting expertise,
claims support, and global program coordination.”
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151120005829/en/
Source: ACE Limited