John Lupica to Serve as President, North America Major Accounts and
Specialty Insurance
Appointments to become effective upon completion of ACE’s acquisition
of Chubb
ZURICH--(BUSINESS WIRE)--
ACE Limited announced today that Paul J. Krump, currently President of
Personal Lines and Claims for Chubb, will serve as President, North
America Commercial and Personal Lines of the new Chubb Group. The
intended appointment will take effect upon ACE’s completion of the
acquisition of Chubb, which is expected in the first quarter of next
year.
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Paul J. Krump will serve as President, North America Commercial and Personal Lines of the new Chubb Group (Photo: Business Wire)
Mr. Krump, who was named in an earlier announcement to serve as
Executive Vice President for Global Underwriting and Claims, will have
North America executive operating responsibilities that were previously
announced for Dino E. Robusto, who is leaving Chubb to pursue another
opportunity as Chairman and CEO of CNA.
Mr. Krump will have executive operating responsibility for the retail
commercial property and casualty (P&C) insurance businesses serving the
middle market and small commercial customer segments for all products in
the United States and Canada through a broad distribution system that
includes independent agents and brokers. In addition, the company’s
personal lines insurance business serving affluent and high net worth
(HNW) individuals and families in North America will report to Mr.
Krump. Mr. Krump’s scope of responsibility will include all P&C
products, underwriting, claims, actuarial and support functions related
to these businesses, as well as a matrixed responsibility for the field
organization personnel responsible for the sales and servicing of the
middle market, small commercial and HNW personal lines markets.
As previously announced, Mr. Krump will have senior executive
responsibility as head of global claims, and he will report to John
Keogh, who is currently Vice Chairman and Chief Operating Officer of ACE
Group and who will continue to serve in that role.
“Paul Krump is a veteran, experienced insurance executive and I am
pleased he will lead our North American commercial and personal lines
businesses. We also wish Dino well with his new responsibilities,” said
Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Group.
“Paul has deep knowledge of all of Chubb’s businesses, particularly
middle market commercial and personal lines. He is a natural leader and
a great underwriter. The appointment of Paul to this senior executive
position clearly demonstrates the deep bench of leadership talent within
the new Chubb organization. John Keogh and I have great confidence in
Paul’s abilities and his desire to drive the success of our new North
American organization.”
The company also announced a change in title for John Lupica, who will
now serve as President, North America Major Accounts & Specialty
Insurance of the new Chubb Group. Currently, Mr. Lupica is Vice Chairman
of ACE Group and Chairman of the company’s Insurance — North American
businesses.
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