Appointment to become effective upon completion
of ACE’s acquisition of Chubb
ACE Limited announced today that Paul Krump, currently President
of Personal Lines and Claims for Chubb, will serve as Executive
Vice President for Global Underwriting and Claims for the parent
company. The intended appointment will take effect upon completion
of the acquisition of Chubb, which is expected in the first quarter
of next year.
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Paul Krump will serve as Executive Vice
President for Global Underwriting and Claims for the parent
company. (Photo: Business Wire)
Mr. Krump will provide counsel, assistance and direction to
Frank Lattal, who is currently Chief Claims Officer for ACE Group
and who will continue to serve in that role and report to Mr.
Krump. Mr. Krump will also partner with Jacques Bonneau, who is
Executive Vice President, Global Underwriting, ACE Group and who
will continue to serve in that role to advance underwriting
excellence across the organization. Mr. Krump 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. In
addition, Mr. Krump will join the parent company’s Executive
Committee.
“I am pleased to announce our intention to appoint Paul to this
senior corporate position where he will work closely with our many
underwriting and claims executive colleagues around the globe,”
said Evan G. Greenberg, Chairman and Chief Executive Officer of
ACE. “Working with Frank, Paul will call upon his tremendous
experience, including many years in general management, to bring
together the strengths of both companies’ claims organizations.
Paul is an underwriter’s underwriter and he will bring to bear his
proven record and deep insights into risk and all facets of
underwriting. After all, underwriting is the reason we exist as a
company, and a well-run insurance company is an underwriting
company.”
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 inability to complete the
transaction due to the failure of Chubb’s shareholders to adopt the
transaction agreement or the failure of ACE shareholders to
approve, among other matters, the issuance of ACE common shares in
connection with the acquisition; 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 to be 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.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. This communication may be deemed to be
solicitation material in respect of the proposed transaction
between ACE and Chubb. In connection with the proposed transaction,
ACE intends to file a registration statement on Form S-4,
containing a joint proxy statement/prospectus with the SEC. The
final joint proxy statement/prospectus will be delivered to the
shareholders of ACE and Chubb. This communication is not a
substitute for the registration statement, definitive joint proxy
statement/prospectus or any other documents that ACE or Chubb may
file with the SEC or send to shareholders in connection with the
proposed transaction. SHAREHOLDERS ARE URGED TO READ ALL RELEVANT
DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY
STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION.
Shareholders will be able to obtain copies of the joint proxy
statement/prospectus and other documents filed with the SEC (when
available) free of charge at the SEC’s website, http://www.sec.gov.
Copies of documents filed with the SEC by ACE will be made
available free of charge on ACE’s website at www.acegroup.com.
Copies of documents filed with the SEC by Chubb will be made
available free of charge on Chubb’s website at www.chubb.com.
Participants in Solicitation
ACE, Chubb and their respective directors, executive officers
and other members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information about the directors and executive
officers of ACE is set forth in the proxy statement for ACE’s 2015
Annual General Meeting, which was filed with the SEC on April 8,
2015, and 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. Information about the directors and executive officers of
Chubb is set forth in the proxy statement for Chubb’s 2015 Annual
Meeting of Shareholders, which was filed with the SEC on March 13,
2015, and 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. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the joint proxy statement/prospectus and other relevant materials
filed with the SEC. You may obtain free copies of these documents
as described above.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150727006207/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zackm,
212-827-4444jeffrey.zack@acegroup.com
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