Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today the future commercial property
and casualty lines 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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David Furby will serve as Vice President of the new Chubb Group and Division President, Commercial Property & Casualty for the Overseas General Insurance division (Photo: Business Wire)
The international commercial property and casualty (P&C) lines division
will offer a full range of industrial commercial and specialty products
for businesses of all sizes. Products include property, casualty,
environmental, professional lines, energy and marine lines. The division
will include two additional product and segment areas that strengthen
the combined company’s commercial P&C positioning: Custom Products,
which is based on Chubb’s recognized strengths in industry verticals and
middle market packaged products, and international small-to-medium
enterprise (SME) commercial insurance.
As previously announced, David Furby will serve as Vice President of the
new Chubb Group and Division President, Commercial Property & Casualty
for the Overseas General Insurance division. The leadership team will
include:
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As previously announced, Timothy O’Donnell will serve as Chief
Operating Officer, Commercial Property and Casualty. Currently, Mr.
O’Donnell is Executive Vice President, Professional Lines, ACE
Overseas General, and he will retain those responsibilities in his new
role.
-
Neil Bennett will have overall responsibility for all reinsurance
placements for the Overseas General Insurance division. Currently, Mr.
Bennett is Executive Vice President, Global Reinsurance, ACE Overseas
General.
-
Roger Giddings will lead the international energy business. Currently,
Mr. Giddings is Executive Vice President, Global Energy, ACE Overseas
General.
-
Jarrod Hill will lead the international property business. Currently,
Mr. Hill is Executive Vice President, Property, ACE Overseas General.
-
Mark Homan will lead the international casualty business. Currently,
Mr. Homan is Executive Vice President, Casualty, ACE Overseas General.
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Richard Lambert will serve as Underwriting Operations Manager for the
Commercial P&C division. Currently, Mr. Lambert is Vice President,
European Zone Underwriting Manager of Casualty and Technology
Insurance Specialty for Chubb.
-
Alvaro Montenegro will lead the international small-to-medium
enterprise commercial insurance business. Currently, Mr. Montenegro is
Vice President and Latin America Zone Underwriting Manager, Chubb
Commercial Insurance and Chubb Specialty Insurance.
-
Karl Russek will lead international environmental underwriting.
Currently, Mr. Russek is Senior Vice President, Environmental Risk,
ACE Oversees General.
-
Paul Sharpe will serve as Division Finance Officer. Currently, Mr.
Sharpe is Division Finance Officer, Commercial P&C, ACE Overseas
General.
-
Pat Stoik will lead Custom Products. Currently, Mr. Stoik is Senior
Vice President, Global Marine Manager for Chubb.
-
Andrew Williamson will lead the international marine business.
Currently, Mr. Williamson is Executive Vice President, Global Marine,
ACE Overseas General.
As previously announced, Mr. Furby will report to Juan C. Andrade, who
will serve as Executive Vice President of the new Chubb Group and
President of the Overseas General Insurance division. Messrs. O’Donnell,
Giddings, Hill, Homan, Lambert, Russek and Williamson will report to Mr.
Furby. Mr. Bennett will report to Mr. Furby and to William O’Farrell,
who is Vice President and Chief Reinsurance Officer, ACE Group, and will
continue in that role. Mr. Sharpe will report to Mr. Furby and to John
Jones, who, as previously announced, will serve as Executive Vice
President and Chief Financial Officer of the Overseas General Insurance
division. Messrs. Montenegro and Stoik will report to Mr. O’Donnell.
“I am pleased to announce this outstanding group of commercial P&C
product line leaders. These individuals have deep experience and a
proven track record,” said Mr. Furby. “I am also excited to welcome our
new colleagues from Chubb, who bring leadership and expertise that will
enable us to enhance and expand our ability to maximize the great
potential of our combined company.”
“ACE has built a powerful international commercial P&C business and the
combination with Chubb makes us ever stronger,” said Mr. Andrade. “The
depth and breadth of our combined offering, the quality of our claims
service and the strength of our agent, broker and distribution partner
relationships will help position us as the carrier of choice for
businesses of all sizes. I have every confidence in David and his strong
team of leaders.”
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