Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the leadership team it
intends to appoint for the company’s Global Surety business unit.
The appointments will take effect upon completion of the
acquisition of Chubb, which is expected in the first quarter of
2016.
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Stephen Haney will serve as Division
Chairman, North America Surety, and Chief Underwriting Officer.
(Photo: Business Wire)
As previously announced, Stephen Haney will serve as Division
Chairman, North America Surety, and Chief Underwriting Officer,
Global Surety. Mr. Haney is currently Division President, Surety
for ACE USA, and Chief Underwriting Officer, Global Surety for ACE
Group. Mr. Haney will continue to report to John Lupica, who will
serve as Vice Chairman of the new Chubb Group, and President, North
America Major Accounts and Specialty Insurance.
As previously announced, Richard Ciullo will serve as Chief
Operating Officer of North America Surety. Currently Senior Vice
President and Chief Operating Officer for Chubb Surety, Mr. Ciullo
will assist in the P&L performance of the product line and,
together with Mr. Haney, will be responsible for the successful
integration of ACE and Chubb surety products in order to deliver a
best-in-class offering to the company’s brokerage distribution
partners.
Teresa Black will serve as Head of Commercial Surety for the
United States and Canada. Ms. Black is currently Senior Vice
President and Chief Operating Officer for ACE’s Surety division.
Ms. Black will be responsible for the strategy and product
management of commercial surety products and services offered
through the Major Accounts, Commercial Insurance and Small
Commercial business units that serve customers in the U.S. and
Canada.
Matthew Lubin will serve as Head of Construction and
International Surety. Mr. Lubin is currently Senior Vice President
and Chief Underwriting Officer for Chubb Surety. Mr. Lubin will be
responsible for the strategy and product management of contract
surety products and services offered through the Major Accounts,
Commercial Insurance and Small Commercial business units that serve
customers globally.
Messrs. Ciullo and Lubin and Ms. Black will report to Mr.
Haney.
Underwriting Leadership
Global Surety underwriting will be organized by client size,
scope and territory. The three business segments are Engineering
& Construction, Construction Surety, and Commercial Surety.
Engineering & Construction Leadership
Richard Barnett will serve as Director, Engineering &
Construction. Mr. Barnett will have underwriting responsibility for
clients that operate with a broad footprint in North America and/or
globally, and will also support surety branch underwriting
activities in Asia, Canada and Europe. Mr. Barnett is currently
Senior Vice President and Surety Director, National Engineering
& Construction for Chubb. He will report to Mr. Lubin.
Latin America Leadership
Arturo Martinez will lead the geographic expansion, strategy and
management for surety products and services offered in Latin
America. Mr. Martinez is currently Senior Vice President, Surety
Latin America for ACE. He will report to Jorge Luis Cazar, who, as
previously announced, will serve as Senior Vice President of the
new Chubb Group and Regional President, Latin America, and to Mr.
Haney.
Dekker Buckley will be responsible for the oversight and
monitoring of surety underwriting throughout Latin America. Mr.
Buckley is currently Vice President and Surety Director for Chubb
Latin America. He will provide underwriting support for complex
surety transactions, oversee the execution of underwriting best
practices, and lead portfolio management for Surety operations in
Latin America. Mr. Buckley will report to Mr. Lubin.
U.S. Construction Leadership
The U.S. Construction segment will serve clients that operate
within a regional or local footprint.
- Kevin Waldron will be responsible for
the Construction Group and Small Construction, supporting surety
branch underwriting activities in San Francisco, Los Angeles,
Kansas City, Cincinnati, Chicago and Minneapolis. Mr. Waldron is
presently Vice President and Surety Construction Director for
Chubb. Mr. Waldron will report to Mr. Lubin.
- Donna Powers will be responsible for
the Construction Group supporting surety branch underwriting
activities in New York, Philadelphia, Atlanta, Houston and Warren,
NJ. Ms. Powers is currently Vice President and Surety Construction
Director for Chubb. Ms. Powers will report to Mr. Lubin.
Commercial Surety Leadership
The Commercial Surety segment will serve clients of all sizes
that operate domestically and globally.
- Joseph Gaskill will be responsible for
the Commercial Group, supporting surety branch underwriting
activities in San Francisco, Los Angeles, Chicago and Houston. Mr.
Gaskill is currently Senior Vice President, Commercial Surety for
ACE. Mr. Gaskill will report to Ms. Black.
- Craig Gortner will be responsible for
the Commercial Group, supporting surety branch underwriting
activities in New York, Philadelphia, Boston and Atlanta. Mr.
Gortner is currently Senior Vice President, Commercial Surety for
ACE. Mr. Gortner will report to Ms. Black.
Operating Leadership
Catherine Donahue will serve as Surety Operations Manager. Ms.
Donahue will be responsible for servicing current clients,
supporting underwriting workflow, and leveraging technology. Ms.
Donahue is currently Vice President and Surety Operations Manager
and Construction Director for Chubb. In addition to reporting to
Mr. Ciullo, Ms. Donahue will report to James English, who is
currently North America Chief Operations Officer for ACE and will
continue to serve in that role.
Christopher Parker will serve as Surety Chief Credit Officer.
Mr. Parker will be responsible for portfolio management and
underwriting compliance. Mr. Parker is presently Vice President and
Surety Commercial Director for Chubb. Mr. Parker will report to Mr.
Haney.
“This is a truly high-performing team that represents the best
surety talent in the market,” said Mr. Haney. “I highly respect the
Chubb Surety team, and I have had the privilege of working with the
ACE team for many years. As a combined team, we will pool our
collective strengths in order to deliver best-in-class product,
service and global delivery for our clients and brokers."
“Global Surety is poised for ongoing growth and success, with
Steve leading a strong team of professionals who combine industry
expertise with geographical coverage,” said Mr. Lupica. “I’m
excited about our prospects and look forward to providing a broad
portfolio of surety solutions and services to existing and
prospective clients and brokers.”
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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version on businesswire.com: http://www.businesswire.com/news/home/20151124006223/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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