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 and international
Risk Engineering Practices. The leadership appointments will take effect
upon completion of the acquisition of Chubb, which is expected in the
first quarter of 2016.
The Risk Engineering Practices will offer commercial clients of the new
Chubb a range of services focused on identifying exposures, assessing
the adequacy of existing controls and working with customers to improve
their efforts to minimize losses. The practices will offer customized
risk management and loss control programs and specialized consulting
geared to the identification of obstacles to quick disaster recovery,
such as hard-to-replace machine parts or dependence on a single
supplier. The practices will serve the wide range of industries
represented in the company’s customer base.
Steven Hernandez will lead the company’s North America Risk Engineering
Practice and Home Office Technical Staff. Currently, Mr. Hernandez is
Senior Vice President, Worldwide Loss Control Manager for Chubb
Commercial Insurance. Mr. Hernandez will be responsible for risk
engineering service programs for commercial customers in North America.
Mr. Hernandez will also be responsible for the company’s thought
leadership on major loss control, environmental health and safety topics.
Reporting to Mr. Hernandez will be:
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Keith Marks will be responsible for the risk engineering field
organization in North America. Currently, Mr. Marks is Vice President,
Western Territory Loss Control Manager for Chubb.
-
Victor Sordillo will lead the risk engineering executive technical
specialists. Currently, Mr. Sordillo is Vice President, Global
Technical Services Manager for Chubb.
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Ronni Ward will lead product development and implementation.
Currently, Ms. Ward is Assistant Vice President, Loss Control Product
Development for Chubb.
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Cynthia Callaghan will serve as Client Services Leader for the Risk
Engineering Practice. Currently, Ms. Callaghan is Assistant Vice
President, Client Services Leader for Chubb.
-
Paul Ford will serve as Risk Engineering Business Program Manager.
Currently, Mr. Ford is Loss Control Business Administrator for Chubb.
Mr. Hernandez will report to Paul O’Neill, who is currently Senior Vice
President and Chief Underwriting Officer for ACE’s North America
Property & Specialty Lines division and will continue in that role. Mr.
Hernandez will also have a reporting relationship to 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, and to 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.
Raimund Navakas will lead the Risk Engineering Practice for the
company’s Overseas General Insurance division. Currently, Mr. Navakas is
Senior Vice President and Head of ACE Global Property Risk Engineering.
In his new role, he will be responsible for leading the integration of
the current ACE and Chubb risk engineering units outside North America,
working closely with the international property and casualty lines
leadership team to ensure that the units support the Overseas General
Insurance division’s underwriting strategies. Mr. Navakas, working
closely with Mr. Hernandez, will also lead development and
implementation of service strategies targeted to the company’s global
client base. Mr. Navakas will report to Mr. O’Neill. Mr. Navakas will
also have a reporting relationship to David Furby, who, as previously
announced, will serve as Senior Vice President of the new Chubb Group
and Division President, Commercial Property & Casualty for the Overseas
General Insurance division, 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 company expects to announce additional appointments to the
international Risk Engineering Practice at a later date.
In his new role, Mr. O’Neill will have executive responsibility for the
company’s more than 400 risk engineering professionals worldwide and for
all aspects of risk engineering processes and protocols required to
serve the new Chubb's policyholders and distribution network of agents
and brokers. For his risk engineering and loss control responsibilities,
Mr. O’Neill will report to Paul J. Krump, who, as previously announced,
will serve as Executive Vice President of the new Chubb Group and
President, North America Commercial and Personal Insurance. For his
North America property and specialty lines responsibilities, Mr. O’Neill
will continue to 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.
“We are pleased to announce the team that will lead the new Chubb’s Risk
Engineering Practices, which draw on the strengths of both companies,
including the value-added loss control services that have been an
important part of Chubb’s strong relationship with middle market
commercial clients,” said Mr. O’Neill. “Steven and Raimund are
experienced leaders with a proven track record managing loss control
services. Our new team will integrate the best practices of ACE and
Chubb as we build a world-class global loss control organization.”
“One of the most powerful ways we can help commercial customers manage
their risk is by mitigating or avoiding a costly loss. The combined
Chubb and ACE organization will have a network of experienced risk
engineers with unmatched industry and technical expertise,” said Mr.
Krump. “I am confident that under the leadership of Paul, Steve and Rai,
the new Chubb’s Risk Engineering Practices will build on the respective
strengths of both companies to deliver trusted advice, insights and
solutions that will have a meaningful and positive impact on our
customers’ risk management strategies.”
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