Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today the future leadership team it
intends to appoint for the company’s North America Professional Lines
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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Robert C. Cox will serve as Division Chairman, North America Professional Lines (Photo: Business Wire)
North America Professional Lines will provide professional and
management liability insurance solutions for the Major Accounts,
Commercial Insurance and Small Commercial business units that serve
customers in the U.S. and Canada, as well as the company’s North America
Wholesale/E&S business and its operations in Bermuda.
As
previously announced, Robert C. Cox will serve as Division Chairman,
North America Professional Lines, and Scott A. Meyer will serve as
Division President, North America Professional Lines. Mr. Cox 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. Mr. Meyer will report to Mr. Cox.
Underwriting Leadership for Professional Lines
Michael Maloney will serve as Chief Underwriting Officer for North
America Professional Lines. He will drive underwriting excellence across
all product lines, providing oversight for compliance,
pricing/modelling, product development, and underwriter training and
development. Currently Senior Vice President and Chief Underwriting
Officer for Chubb Specialty Insurance, Mr. Maloney will report jointly
to Mr. Cox and Mr. Meyer. Reporting to Mr. Maloney will be Evan J.
Rosenberg, who will head management liability and professional liability
product management. Mr. Rosenberg is currently Senior Vice President,
Global Specialty Lines Manager for Chubb Specialty Insurance.
Leigh Anne Sherman will lead the Underwriting Service Branch operations
with respect to Professional Lines business in the U.S. Currently Senior
Vice President, Underwriting Service Branch Manager for Chubb, Ms.
Sherman will provide oversight for new and renewal underwriting and
service for all eligible management liability product offerings through
the Commercial Insurance and Small Commercial business units that serve
customers in the U.S., as well as the company’s North America
Wholesale/E&S business. Ms. Sherman will report to Mr. Meyer.
Retail Business Practice Leadership for Professional Lines
The retail business of the U.S. Professional Lines organization will be
organized into five practices: Financial Institutions Management
Liability, Commercial Management Liability for Commercial Insurance,
Commercial Management Liability for Major Accounts,
Private/Not-For-Profit Management Liability, and Professional Liability,
which includes the Privacy and Network Security suite of products and
services. Operations will be further segmented into two Specialty Risk
Centers (SRCs). The Western SRC will manage identified business
submissions for Chicago and west, and the Eastern SRC will manage
identified business submissions east of Chicago. The executives leading
each practice will be responsible for bringing together the expertise,
underwriting capabilities and services of the ACE and Chubb
organizations and for facilitating a focused, consistent approach to
underwriting and distribution across all regions.
Financial Institutions Management Liability
Steven F. Goldman will lead the Financial Institutions Management
Liability business in the U.S. Currently Executive Vice President,
Professional Lines for ACE, Mr. Goldman will report jointly to Mr. Meyer
and Christopher A. Maleno, who, as
previously announced, will serve as Senior Vice President of the new
Chubb Group and Division President, North America Major Accounts.
Carrie Goesel, Michael Mollica and J. Scott Usilton will report to Mr.
Goldman. Ms. Goesel, currently Vice President, Western SRC Manager for
Chubb, will oversee all Major Account Financial Institutions business in
the Western SRC. Mr. Mollica, currently Vice President, Professional
Lines for ACE, and Mr. Usilton, currently Vice President, Eastern SRC
Manager for Chubb, will jointly manage all Major Account Financial
Institutions business in the Eastern SRC as well as all middle market
Financial Institutions business nationwide.
Commercial Management Liability for Commercial Insurance
Paul A. Larson will lead Commercial Management Liability for Commercial
Insurance business in the U.S. Currently Senior Vice President, Western
SRC Manager for Chubb, Mr. Larson will report jointly to Mr. Meyer and
Steven R. Pozzi, who, as
previously announced, will serve as Senior Vice President of the new
Chubb Group and Division President, North America Commercial Insurance.
Steven M. Hill and David Huck will report to Mr. Larson. Mr. Hill,
currently Vice President, Western SRC Manager for Chubb, will oversee
all middle market Commercial Management Liability business in the
Western SRC, and Mr. Huck, currently Vice President, Professional Lines
for ACE, will oversee all middle market Commercial Management Liability
business in the Eastern SRC.
Commercial Management Liability for Major Accounts
Robert A. Wolfe will lead the Commercial Management Liability for Major
Accounts business in the U.S. Currently Executive Vice President,
Professional Lines for ACE, Mr. Wolfe will report jointly to Mr. Meyer
and Mr. Maleno.
Eric M. Rivera and Jarrod Schlesinger will report to Mr. Wolfe. Mr.
Rivera, currently Senior Vice President, Eastern SRC Manager for Chubb,
will oversee all Major Account Commercial Management Liability business
in the Eastern SRC, and Mr. Schlesinger, currently Vice President,
Professional Lines for ACE, will oversee all Major Account Commercial
Management Liability business in the Western SRC.
Private/Not-For-Profit Management Liability
Keith M. Lavigne will lead the Private/Not-For-Profit Management
Liability business in the U.S. Currently Executive Vice President,
Professional Lines for ACE, Mr. Lavigne will report jointly to Mr. Meyer
and Mr. Pozzi.
Dorothy Badger, Bob Ellis, Scott Kantrowitz and Bob Lippert will report
to Mr. Lavigne. Ms. Badger, Mr. Lippert and Mr. Ellis will all manage
middle market Private/Not-For-Profit business. Ms. Badger, currently
Vice President, Executive Field Underwriter for Chubb, will be
responsible for the Western region, Mr. Lippert, currently Vice
President, Executive Field Underwriter for Chubb, will be responsible
for the Midwestern region, and Mr. Ellis, currently Vice President,
Executive Field Underwriter for Chubb, will be responsible for the
Eastern region. Mr. Kantrowitz, currently Vice President, Professional
Lines for ACE, will be responsible for all Major Account
Private/Not-For-Profit business nationwide.
Professional Liability
Michael J. Tanenbaum will lead the Professional Liability business in
the U.S., which includes the Privacy and Network Security suite of
products and services. Currently Executive Vice President, Professional
Lines for ACE, Mr. Tanenbaum will report jointly to Mr. Meyer and Mr.
Pozzi.
Christopher Calnon, Anthony Dagostino and James Rhyner will report to
Mr. Tanenbaum. Mr. Calnon, currently Vice President, Professional Lines
for ACE, will manage all Major Account Professional Liability business
in the Western SRC, and Mr. Rhyner, currently Vice President, Law Firm
Professional and Miscellaneous Professional Product Manager for Chubb,
will manage all Major Account Professional Liability business in the
Eastern SRC. Mr. Dagostino, currently Vice President, Professional Lines
for ACE, will be responsible for all middle market Professional
Liability business nationwide.
Wholesale/E&S Business Leadership for Professional Lines
Joseph P. Casey will lead the Wholesale Management Liability business in
the U.S. Currently Division President, Professional Risk for ACE
Westchester, Mr. Casey will be responsible for bringing together the
expertise, underwriting capabilities and services of the ACE and Chubb
Professional Lines organizations to its wholesale brokerage distribution
partners. Mr. Casey will report jointly to Mr. Meyer and Bruce L.
Kessler, who, as
previously announced, will serve as Senior Vice President of the new
Chubb Group and Division President, Chubb Westchester.
Bermuda Business Leadership for Professional Lines
Jeffrey Jabon will lead the management and professional liability
business in Bermuda. Currently Senior Vice President, Professional Lines
for ACE, Mr. Jabon will be responsible for management and professional
liability underwriting for Bermuda-based Professional Lines business.
Mr. Jabon will report jointly to Mr. Meyer and Joseph S. Clabby, who, as
previously announced, will serve as Vice President of the new Chubb
Group and Division President, Bermuda and Global Accounts.
“The depth of experience within the combined company is fully
demonstrated by this team – all are seasoned leaders with long track
records of success. These are proven executives with the vision and
drive to take the new Professional Lines organization in an exciting
direction, one that our brokers, agents and clients will value,” said
Mr. Cox. “We have a tremendous opportunity to become the carrier of
choice for all management liability, professional liability and
privacy/network security business, and I am confident in this teams’
ability to fulfill that promise.”
“This is a remarkably strong leadership team, which represents the best
talent at both ACE and Chubb,” said Mr. Meyer. “These leaders have a
deep knowledge of broker, agent and client priorities, and offer
exceptional management and operational expertise. They understand what
it takes to deliver superior products and services better than anyone
else in the market, and I look forward to working with them to generate
exceptional results for the organization.”
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 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