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 North America field
organization. The appointments will take effect upon completion of
the acquisition of Chubb, which is expected in the first quarter of
2016.
As previously announced, Harold L. Morrison, Jr. will serve as
Senior Vice President of the new Chubb Group and Division
President, Field Operations, for the North America Insurance
division. Currently Executive Vice President, Chief Global Field
Officer and Chief Administrative Officer of The Chubb Corporation,
Mr. Morrison will be responsible for the field organization in
North America, which includes 48 offices in the U.S. and Canada. He
will be responsible for the effective management of regional and
branch office functions for the purposes of executing the company's
North American business strategies locally by delivering a full
complement of capabilities and services to its agent and broker
distribution partners and managing these important long-term
business relationships.
Gerard M. Butler will serve as Executive Vice President and
Deputy Field Officer for North America, with responsibility for
coordinating the company’s North American distribution
relationships, sales results and practices, and field analytics
resources. Mr. Butler is currently Executive Vice President and
U.S. Field Territory Operations Manager of Chubb & Son. Mr.
Butler will report to Mr. Morrison.
Reporting to Mr. Morrison will be eight Regional Executive
Officers (REOs) who will operate a 48-branch network across the
U.S. and Canada, divided into eight regions headquartered in New
York City, Boston, Philadelphia, Atlanta, Chicago, Dallas, Los
Angeles and Toronto. The REOs will be responsible for executing the
regional underwriting and sales strategies of the North American
business units, staff management, production, profit and loss, and
distribution management. Reporting to each REO will be a Regional
Chief Operating Officer (RCOO), and together the REO and RCOO will
work as the leadership team managing each significant
territory.
- John M. Swords will serve as Senior
Vice President, North America Insurance, and REO of the Boston
Region. Mr. Swords is currently Senior Vice President and Boston
Regional Branch Manager of Chubb & Son. Reporting to Mr. Swords
and serving as RCOO will be Mitchell C. Schmidt, who will lead the
Boston office. Mr. Schmidt is currently REO, Northeast, ACE USA.
The branch offices in the region will be New Haven and
Rochester.
- John J. Alfieri will serve as Executive
Vice President, North America Insurance, and REO of the New York
Region. Mr. Alfieri is currently Division President, Regional
Operations, ACE USA, and Division President of Global Accounts,
North America. Reporting to Mr. Alfieri and serving as RCOO will be
Peter J. Tucker, who will lead the New York office. Mr. Tucker is
currently Senior Vice President and New York/New Jersey Regional
Branch Manager of Chubb & Son. The branch offices in the region
will be White Plains, Uniondale and Warren.
- Robert M. Poliseno will serve as Senior
Vice President, North America Insurance, and REO of the
Philadelphia Region. Mr. Poliseno is currently REO, Mid-Atlantic
Region, ACE USA. Reporting to Mr. Poliseno and serving as RCOO will
be Kelly P. O’Leary, who will lead the Philadelphia office. Ms.
O’Leary is currently Senior Vice President and Philadelphia
Regional Branch Manager of Chubb & Son. The branches in the
region will be Pittsburgh, Harrisburg, Washington, D.C., Richmond
and Baltimore.
- D. Scott Dalton will serve as Senior
Vice President, North America Insurance, and REO of the Atlanta
Region. Mr. Dalton is currently Senior Vice President and Atlanta
Regional Branch Manager of Chubb & Son. Reporting to Mr. Dalton
and serving as RCOO will be James M. Shevlin, who will lead the
Atlanta office. Mr. Shevlin is currently REO, Southeast Region, ACE
USA. The branches in the region will be Tampa, Birmingham,
Nashville and Charlotte.
- Kelley J. Kinsella will serve as Senior
Vice President, North America Insurance, and REO of the Chicago
Region. Ms. Kinsella is currently REO, Midwest Region, ACE USA.
Reporting to Ms. Kinsella and serving as RCOO will be Kevin G.
Smith, who will lead the Chicago office. Mr. Smith is currently
Senior Vice President and Chicago Regional Branch Manager of Chubb
& Son. The branches in the region will be Itasca, Detroit,
Milwaukee, Grand Rapids, Minneapolis, Des Moines, St. Louis, Kansas
City, Cincinnati, Cleveland, Indianapolis, Columbus and
Louisville.
- Timothy E. Rau will serve as Senior
Vice President, North America Insurance, and REO of the Dallas
Region. Mr. Rau is currently REO, Southwest Region, ACE USA.
Reporting to Mr. Rau and serving as RCOO will be Gary R. Delong,
who will lead the Dallas office. Mr. Delong is currently Senior
Vice President and Dallas Regional Branch Manager of Chubb &
Son. The branches in the region will be Houston, Austin, Tulsa and
Denver.
- James A. Darling will serve as Senior
Vice President, North America Insurance, and REO of the Los Angeles
Region. Mr. Darling is currently Senior Vice President and Los
Angeles Regional Branch Manager of Chubb & Son. Reporting to
Mr. Darling and serving as RCOO will be Andrea T. Pearson, who will
lead the Los Angeles office. Ms. Pearson is currently REO, Los
Angeles/Western Region, ACE USA. The branches in the region will be
San Francisco, Newport Beach, San Ramon, Seattle, Portland and
Phoenix.
- Ellen J. Moore will serve as Senior
Vice President, North America Insurance, and REO, Canadian
Operations. Ms. Moore is currently Senior Vice President and
Canadian Zone Officer of Chubb & Son. Reporting to Ms. Moore
and serving as RCOO will be Andy Hollenberg, who will lead the
Toronto office. Mr. Hollenberg is currently Country President,
Canada, ACE Group. The branches in the region will be Montreal,
Calgary and Vancouver.
"I am very excited about this exceptionally strong line-up of
experienced field leaders who represent the best talent at both ACE
and Chubb,” said Mr. Morrison. “The integrated team that is being
built represents deep knowledge of broker, agent and client
priorities, and a solutions-oriented approach to meeting those
priorities that will generate superior results for the
organization.”
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 or potential post-acquisition
leadership, 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
expected officer appointments and 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. Moreover, there is no certainty that the individuals
identified as expected officers of the combined company will in
fact remain employed by ACE or Chubb, respectively, through closing
of the transaction. 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 has filed a registration statement on Form S-4,
containing a joint proxy statement/prospectus with the SEC, which
was most recently amended by a filing with the SEC on September 1,
2015. 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 may 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/20150908006644/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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