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.
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:
- 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.
- 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.
