ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today that John Keogh, Vice Chairman
and Chief Operating Officer, has been appointed Executive Vice Chairman
of the company. Mr. Keogh will continue to serve as Chief Operating
Officer with responsibility for all property and casualty (P&C)
insurance operations of the company globally. The appointment is
effective immediately and will continue upon completion of the
acquisition of Chubb, which is expected in the first quarter of 2016.
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John Keogh, Executive Vice Chairman and Chief Operating Officer, ACE Limited (Photo: Business Wire)
“It is with great pleasure that I announce the appointment of John Keogh
to Executive Vice Chairman of ACE,” said Evan Greenberg, Chairman and
Chief Executive Officer, ACE Limited. “John has made substantial
contributions to the success of our company and this great recognition
is well deserved. As our number two executive and my longtime trusted
colleague, John is an exceptional insurance executive with tremendous
leadership and global industry experience. As we look to the future of
the company following our acquisition of Chubb, John will play a
significant role in executing our ambitious growth strategies and
realizing our full potential as the world’s largest publicly traded P&C
company.”
Mr. Keogh joined ACE in 2006 to head the company’s Overseas General
business. He was appointed Vice Chairman of ACE Limited in 2010 and
Chief Operating Officer in 2011. Mr. Keogh joined ACE after more than 20
years with American International Group (AIG), where he last served as
Senior Vice President, Domestic General Insurance, and President and
Chief Executive Officer of National Union Fire Insurance Company, AIG's
company that specializes in directors and officers liability and
fiduciary liability coverages. Mr. Keogh holds a Bachelor of Arts degree
in Economics from Brown University.
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