Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today the future accident and health
(A&H) insurance leadership team it intends to appoint for the company’s
Overseas General Insurance division. 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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Edward M. Levin will serve as Senior Vice President of the new Chubb Group and Division President, Accident & Health, for the Overseas General Insurance division (Photo: Business Wire)
The company’s international A&H division works with distribution partner
organizations worldwide to offer personal accident, disability, travel
and supplemental health insurance products to employees, members and
customers. The combined business will enjoy leading positions in the
distribution of individual A&H products through affinity marketing
programs, associations and agents as well as in the commercial market
for group coverage.
As previously announced, Edward M. Levin will serve as Senior Vice
President of the new Chubb Group and Division President, Accident &
Health, for the Overseas General Insurance division. The international
A&H leadership team will include:
-
Alex Blake will serve as Senior Vice President, Global Travel.
Currently, Mr. Blake is Senior Vice President, Global Travel for ACE
Overseas General.
-
Mike Dargakis will serve as Vice President, Accident & Health, and
Division Finance Officer. Currently, Mr. Dargakis is Vice President
and Division Finance Officer for ACE Overseas General.
-
Joseph Grillo will serve as Vice President, Accident & Health
Direct Marketing Operations. Currently, Mr. Grillo is Vice
President, Direct Marketing Operations for ACE Overseas General.
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Rick Jacox will serve as Vice President, Accident & Health Data
Management. Currently, Mr. Jacox is Vice President, Data Management
for ACE Overseas General.
-
Randy Termeer will serve as Senior Vice President and Chief Operating
Officer, Accident & Health. Currently, Mr. Termeer is Senior Vice
President and Chief Operating Officer, Accident & Health for ACE
Overseas General.
-
Fraser Watson will serve as Vice President, Accident & Health
Global Account Management. Currently, Mr. Fraser is Vice President and
Global Account Management, Accident & Health for ACE Overseas General.
-
Spero Zacharias will serve as Senior Vice President and Accident &
Health Field Operations Manager. Currently, Mr. Zacharias is Senior
Vice President and International Field Operations Manager for Accident
& Health at Chubb.
As previously announced, Mr. Levin will report to Juan C. Andrade, who
will serve as Executive Vice President of the Chubb Group and President
of the Overseas General Insurance division. In addition to reporting to
Mr. Andrade, Mr. Levin will continue to report to Ed Clancy, who is
currently Executive Vice President, Global Accident & Health and Life
for ACE Group and will continue to serve in that role. Messrs. Blake,
Grillo, Jacox, Termeer, Watson and Zacharias will report to Mr. Levin.
Mr. Dargakis will report to Mr. Levin and to John Jones, who, as
previously announced, will serve as Executive Vice President and Chief
Financial Officer for the Overseas General Insurance division.
“Our future A&H leadership team has extensive distribution and product
experience, a proven track record and a deep understanding of local
markets,” said Mr. Levin. “The ACE executives on this team have been
trusted colleagues and partners as we’ve worked to build this business.
I am also pleased to welcome Spero and other new Chubb colleagues to the
team. The integration with Chubb A&H will create an unmatched capability
and presence in the accident and health market.”
“Our international A&H business shows our extensive geographic reach,
the breadth of our product offering and our innovative distribution
capabilities, including brokers, agency, direct marketing, bancassurance
and growing digital channels such as mobilassurance,” said Mr. Andrade.
“I have confidence in Ed and his team to bring together ACE and Chubb
and advance the significant growth opportunities for this business
across all of our international markets.”
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/20151204005084/en/
Source: ACE Limited