Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the leadership teams it
intends to appoint for the company’s North American business units,
including National Accounts, Middle Market, Small Commercial,
Personal Lines, Wholesale/Excess & Surplus Lines, Bermuda and
Agriculture. The company also announced the leadership teams that
will have responsibility for all North American business of several
major product lines, including Professional Lines, Surety and
Property. All of the appointments will take effect upon completion
of the acquisition of Chubb, which is expected in the first quarter
of 2016.
National Accounts, Middle Market and Small Commercial
Insurance Leadership
Christopher A. Maleno will serve as Senior Vice President of the
new Chubb Group and Division President, North America National
Accounts. Mr. Maleno is currently Senior Vice President of ACE
Group and Division President, ACE USA. Mr. Maleno will have
executive operating responsibility for the retail commercial
property and casualty (P&C) insurance business that serves the
large corporate market in the U.S. and Canada. Mr. Maleno’s
responsibilities will include all facets of the business including
strategy, production, product development and management, and
profit and loss (P&L) performance. He will be responsible for
bringing to bear all of the combined company’s products, services
and capabilities to its brokerage and agency distribution partners
for large corporate customers. Mr. Maleno’s organization, which is
substantially the current ACE USA business including its products
and organizational structure, will include a full complement of
product line managers as well as Global Client Executives and
National Segment Leaders in the field. Mr. Maleno will be
responsible for the successful integration of the ACE and Chubb
national accounts business currently written in ACE USA and Chubb
Commercial Insurance. Mr. Maleno will report to John Lupica, who,
as previously announced, will serve as Vice Chairman of the parent
company and Co-President of the North America Insurance division.
Mr. Lupica is currently Vice Chairman of ACE Group and Chairman of
ACE’s Insurance — North American businesses.
Steven R. Pozzi will serve as Senior Vice President of the new
Chubb Group and Division President, North America Middle Market.
Mr. Pozzi is currently Executive Vice President of Chubb and Chief
Operating Officer, Chubb Commercial Insurance. Mr. Pozzi will have
executive operating responsibility for the retail commercial
P&C insurance business that serves the middle market in the
U.S. and Canada. Mr. Pozzi’s responsibilities will include all
facets of the business including strategy, production, product
development and management, and P&L performance. He will be
responsible for bringing to bear all of the combined company’s
products, services and capabilities to its retail agency and
brokerage distribution partners for middle market commercial
customers. Mr. Pozzi’s organization will include a full complement
of product line and industry segment managers as well as regional
middle market managers in the field. Mr. Pozzi will be responsible
for the successful integration of the Chubb and ACE middle market
business currently written in Chubb Commercial Insurance and ACE
USA. Mr. Pozzi will report to Dino E. Robusto, who, as previously
announced, will serve as Executive Vice President of the parent
company and Co-President of the North America Insurance division.
Mr. Robusto is currently Executive Vice President of The Chubb
Corporation and President of Chubb Commercial and Specialty
Lines.
James A. Williamson will serve as Vice President of the new
Chubb Group and Division President, North America Retail Small
Commercial. Mr. Williamson is currently Division President of ACE
Private Risk Services, ACE’s high net worth personal lines
business. Mr. Williamson will have executive operating
responsibility for the retail commercial P&C insurance business
that serves small commercial clients in the U.S. and Canada. Mr.
Williamson’s responsibilities will include all facets of the
business including strategy, production, product development and
management, and P&L performance of the business, which will
offer packaged products through an efficient and automated service
to retail agents and brokers. Mr. Williamson will report to Mr.
Robusto.
High Net Worth Personal Lines Leadership
Frances D. O’Brien will serve as Senior Vice President of the
new Chubb Group and Division President, North America Personal
Insurance. Ms. O’Brien is currently Senior Vice President, Chief
Risk Officer of Chubb. Ms. O’Brien will have executive operating
responsibility for the personal lines P&C insurance business
that serves affluent and high net worth clients in the U.S. and
Canada. Ms. O’Brien’s responsibilities will include all facets of
the business including strategy, production, product development
and management, and P&L performance. She will be responsible
for the successful integration of ACE and Chubb’s personal lines
businesses: Chubb Personal Insurance and ACE Private Risk Services.
The newly integrated North America Personal Insurance organization
will encompass superior product and service capabilities in order
to deliver a best-in-class offering to the company’s agency
distribution partners for affluent and high net worth customers.
Ms. O’Brien will report to Mr. Robusto.
C. Scott Gunter will serve as Chief Operating Officer of North
America Personal Insurance. Currently Senior Vice President and
Chief Underwriting Officer of Chubb Commercial Insurance, Mr.
Gunter will be responsible for a personal lines organization that
includes the product management team and sales distribution
managers in the field. Ms. O’Brien and Mr. Gunter will work closely
together with Mr. Williamson for the time required to ensure a
smooth leadership transition and integration as the company brings
together the many talented people from ACE, Fireman’s Fund and
Chubb. Mr. Gunter will report to Ms. O’Brien.
Wholesale/Excess & Surplus Lines Leadership
Bruce L. Kessler will serve as Senior Vice President of the new
Chubb Group and Division President, North America Wholesale/Excess
& Surplus Lines. Mr. Kessler is currently Division President of
ACE Westchester, ACE’s Excess & Surplus (E&S) specialty
company in North America. Mr. Kessler will have executive operating
responsibility for the commercial P&C insurance business that
serves the wholesale and E&S market in the U.S. and Canada. Mr.
Kessler’s responsibilities will include all facets of the business
including strategy, production, product development and management,
and P&L performance. He will be responsible for bringing to
bear all of the combined company’s products, services and
capabilities to its wholesale brokerage distribution partners. Mr.
Kessler will be responsible for the successful integration of ACE
and Chubb’s E&S businesses – ACE Westchester and Chubb Custom –
as well as the addition of ACE Commercial Risk Services, ACE’s
small commercial, micro business and programs division. Mr. Kessler
will continue to report to John Lupica.
David Lupica will serve as Chief Operating Officer, North
America Wholesale/Excess & Surplus Lines. Currently Division
President of ACE Commercial Risk Services, Mr. Lupica will work in
partnership with Mr. Kessler in the operation of the E&S
business, the wholesale small commercial division and the North
America programs business. Mr. Lupica will report to Mr.
Kessler.
Bermuda and Global Client Executives Leadership
Joseph S. Clabby will serve as Vice President of the new Chubb
Group and Division President, Bermuda and Global Accounts. Mr.
Clabby is currently Division President of ACE Bermuda and ACE
Global Accounts. Mr. Clabby will have executive operating
responsibility for the Bermuda-based commercial P&C insurance
business that writes high-limit excess liability, property,
political risk and directors and officers coverage worldwide. Mr.
Clabby’s responsibilities will include all facets of the business
including strategy, production, product development and management,
and P&L performance, and he will be responsible for the
successful integration of ACE and Chubb’s Bermuda operations: ACE
Bermuda and Chubb Atlantic. Mr. Clabby will continue to serve as
President, Global Accounts, focusing on the sophisticated product
and service needs of multinational clients. Mr. Clabby will
continue to report to John Lupica.
Agriculture Leadership
Michael J. Coleman will serve as Vice President of the new Chubb
Group and Division President, North America Agriculture. Mr.
Coleman is currently Division President of ACE Agriculture and will
continue to have executive operating responsibility for the
commercial P&C insurance business that serves farmers and other
agribusiness clients in the U.S. Mr. Coleman’s responsibilities
will include all facets of the business including strategy,
production, product development and management, and P&L
performance. Mr. Coleman will continue to report to John
Lupica.
Product Line Leadership
ACE Limited also announced the leadership team it intends to
appoint for the following North American product lines:
Professional Lines, Surety and Property.
Robert C. Cox will serve as Division Chairman, North America
Professional Lines, and Scott A. Meyer will serve as Division
President, North America Professional Lines. Mr. Cox is currently
Executive Vice President of Chubb and Chief Operating Officer,
Chubb Specialty Insurance, and Mr. Meyer is currently Division
President of ACE’s North America Professional Lines. Mr. Cox and
Mr. Meyer will have profit center executive responsibility for the
professional lines business offered through the National Accounts,
Middle Market and Small Commercial business units that serve
customers in the U.S. and Canada, as well as the company’s North
America Wholesale/E&S business and its operations in Bermuda.
Their responsibilities will include all facets of the product line
including strategy, production, product development and management,
and P&L performance. Mr. Cox and Mr. Meyer will be responsible
for the successful integration of the Chubb and ACE professional
lines products currently offered by Chubb Specialty Insurance,
Chubb Custom, Chubb Atlantic, ACE USA, ACE Westchester, ACE Bermuda
and ACE Canada in order to deliver a best-in-class offering to the
company’s broker and agent distribution partners. Mr. Cox will
report to John Lupica and Mr. Meyer will report to Mr. Cox.
Stephen M. Haney will serve as Division Chairman, North America
Surety, and Chief Underwriting Officer, Global Surety. Mr. Haney is
currently Division President, Surety, ACE USA, and Chief
Underwriting Officer, Global Surety, ACE Group. Mr. Haney will have
executive operating responsibility for the commercial and contract
surety products and services offered through the National Accounts,
Middle Market and Small Commercial business units that serve
customers in the U.S. and Canada. Mr. Haney’s responsibilities will
include all facets of the product line including strategy,
production, product development and management, and P&L
performance, as well as overseeing the underwriting of the
company’s surety offerings globally. Mr. Haney will continue to
report to John Lupica.
Richard A. Ciullo will serve as Chief Operating Officer of North
America Surety. Currently Senior Vice President and Chief Operating
Officer of 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’s
surety products in order to deliver a best-in-class offering to the
company’s brokerage distribution partners. Mr. Ciullo will report
to Mr. Haney.
Derek Talbott will serve as Division Chairman, North America
Property. Mr. Talbott is currently Division President, ACE North
America Property & Specialty Lines. Mr. Talbott will have
executive operating responsibility for all property-related
products and services, including builder’s risk, energy, aviation
and commercial marine, offered through the National Accounts,
Middle Market and Small Commercial business units that serve
customers in the U.S. and Canada as well as the company’s North
America Wholesale/E&S business and its operations in Bermuda.
Mr. Talbott’s responsibilities will include all facets of the
product line including strategy, production, product development
and management, and P&L performance. Mr. Talbott will be
responsible for the successful integration of ACE and Chubb’s
property products in order to deliver best-in-class offerings to
the company’s brokerage distribution partners. Mr. Talbott will
continue to report to John Lupica.
“We have assembled a strong line-up of leaders from both ACE and
Chubb who represent the best talent in their respective fields,”
said Mr. Lupica. “This group of executives demonstrates the
exceptionally deep bench of the combined company. Chris, Bruce,
Dave, Joe, Mike, Bob, Scott, Steve, Rick and Derek are seasoned,
driven and ready to execute a bold vision for their businesses. I
look forward to charting an ambitious path for product, technology,
service and distribution in the North American specialty and large
commercial insurance market with my current and future
colleagues."
“The combination of ACE and Chubb creates an unparalleled
opportunity to become the carrier of choice for agents, brokers and
their clients,” said Mr. Robusto. “In North America, the
opportunities for middle market, small commercial and personal
insurance are nothing less than game-changing. Steve, Jim, Fran and
Scott possess the experience and vision to achieve profitable
growth, deliver superior products and services, cater to our agency
and broker partners, and handle claims better than anyone else in
the marketplace.”
Leadership Biographies
Christopher A. Maleno has more than 25 years of insurance
industry experience. As Senior Vice President of ACE Group and
Division President of ACE USA, he is responsible for the operations
of the company’s Philadelphia-based retail broker-distributed
commercial property and casualty and accident and health (A&H)
insurance business. Mr. Maleno was appointed to his current
position in March 2013 and before that served as ACE USA’s Chief
Operating Officer for two years. Previously, he was President, ACE
Casualty Risk, where he was responsible for leading and executing
strategic business plans for ACE USA’s portfolio of casualty
insurance products. Mr. Maleno joined ACE as Division President,
ACE Regional Operations for ACE USA in 2007. Prior to joining ACE,
Mr. Maleno served as Chief Operating Officer and Executive Vice
President for American Home, a unit of American International Group
(AIG). He also held key senior leadership positions in casualty
underwriting and regional operations management at AIG and Chubb.
Mr. Maleno received a Bachelor of Science degree in Finance from
the University of Vermont and holds an MBA from Columbia
University.
Steven R. Pozzi has more than 30 years of insurance industry
experience. Since 2009, he has served as Executive Vice President,
Chubb & Son, and Chief Operating Officer for Chubb Commercial
Insurance, which comprises all standard commercial lines of
business. Mr. Pozzi joined Chubb in 1981 as a commercial
underwriter trainee. Over the years, he has held a number of
underwriting and managerial positions with Chubb. In 1993, Mr.
Pozzi was appointed the Western Zone commercial customer group
manager and casualty practice leader. He held the position of
commercial customer group field operations officer in
1995. Mr. Pozzi was promoted to Chief Underwriting Officer for
Chubb Commercial Insurance in 1999. Mr. Pozzi has a Bachelor of
Arts degree in Political Science and History from the University of
Pennsylvania and a Master of Arts degree in international relations
from Rutgers University in New Jersey.
James A. Williamson has 10 years of insurance industry
experience. In April 2015, he was appointed Division President of
ACE Private Risk Services. In this role, he is responsible for the
overall growth and profitability of the Division, which provides
specialty coverage designed to meet the complex needs of high net
worth individuals and families, including home, auto, watercraft,
valuable collections and umbrella liability insurance. Mr.
Williamson joined ACE in August 2013 as Senior Vice President,
Chief Operations Officer of ACE’s Global Personal and Small
Business insurance business and, in September 2014, took on the
role of Chief Operating Officer for ACE’s International A&H
insurance business. Prior to joining ACE, Mr. Williamson served at
The Hartford from 2005 to 2013 in a variety of senior underwriting,
sales and strategic planning roles. Prior to joining The Hartford,
he served at Bain & Co. as a consultant. Mr. Williamson
received an MBA from The Wharton School at the University of
Pennsylvania and a Bachelor of Science degree in Finance from
Bryant College.
Frances D. O’Brien has 35 years of insurance industry
experience. As Senior Vice President and Chief Risk Officer of
Chubb, Ms. O’Brien has global responsibility and oversight for
identifying, measuring, monitoring, and minimizing operational,
financial and strategic risks across the organization. Previously,
she was Chief Underwriting Officer of Chubb Personal Insurance
(CPI). Since joining Chubb as an actuarial trainee in 1980, Ms.
O’Brien has served in a variety of positions of increasing
responsibility in actuarial, product development and underwriting,
including Co-Chief Underwriting Officer, CPI, International Chief
Underwriting Officer, CPI, and Worldwide Underwriting Manager, CPI.
Ms. O’Brien holds a Bachelor of Science degree in Mathematics and
Actuarial from Villanova University.
C. Scott Gunter has nearly 30 years of insurance industry
experience. Since 2009, he has served as Senior Vice President and
Chief Underwriting Officer of Chubb Commercial Insurance (CCI).
Since joining Chubb in 1986 as an underwriting trainee, he has held
underwriting and field management positions of increasing
responsibility in the U.S. and Canada, including Field Underwriting
Officer, CCI, Eastern Territory, and Underwriting Officer, CCI,
Southern Zone. Mr. Gunter has a Bachelor of Science degree in
Finance and Marketing from Wilfrid Laurier University and an
executive management certificate from Queen’s University.
Bruce L. Kessler has more than 30 years of insurance industry
experience. As Division President, ACE Westchester, he is
responsible for the operations of the company’s Atlanta-based
E&S lines commercial P&C insurance business. Mr. Kessler
was appointed to his current role in July 2010 and before that
served as Division President, Casualty and Specialty Lines, ACE
Westchester. Mr. Kessler has been with ACE since 2000 and has held
a variety of leadership positions, including Executive Vice
President and Chief Underwriting Officer for Insurance – North
America and Senior Vice President of ACE Tempest Re USA, the
company's Stamford, Conn.-based reinsurance company. He has also
held senior underwriting positions with American Re-Insurance
Company, NAC Reinsurance Company and General Reinsurance Company.
Mr. Kessler holds a Bachelor of Arts degree in Political Science
from the University of Delaware.
David Lupica has more than 25 years of insurance industry
experience. As Division President of ACE Commercial Risk Services,
Mr. Lupica is responsible for leading the development and
profitability of ACE Commercial Risk Services, which provides
specialty insurance products and packaged plans to small and
micro-sized businesses through retail and wholesale brokers and
program managers. Previously, he was Division President, ACE
Westchester Professional Lines, in addition to overseeing ACE
Westchester's small business offerings. Mr. Lupica joined ACE in
2000 as Executive Vice President of ACE USA’s Professional Risk
Division. Before joining ACE, he held management positions at Starr
Excess Liability Company Inc., of Bermuda; Alexander &
Alexander (now Aon); and AIG. Mr. Lupica received his Bachelor of
Arts degree from Hobart and William Smith Colleges.
Joseph S. Clabby has more than 30 years of experience in
insurance underwriting, banking and brokerage. As Division
President, ACE Bermuda, he is responsible for directing the
company’s underwriting, distribution and marketing of high-limit
excess liability, professional liability, political risk, and
property insurance coverage through non-U.S. based brokers. Mr.
Clabby is also Division President of ACE Global Accounts, the
division within ACE Group that focuses the company’s worldwide
underwriting, service and claims capabilities exclusively on large
organizations with complex risks. Mr. Clabby has previously served
as President, ACE Continental Europe; President of Regional
Operations for ACE USA; and President, ACE USA West. Prior to
joining ACE, Mr. Clabby held various management positions in the
reinsurance, brokerage and financial sectors. Mr. Clabby joined ACE
in 2001 and holds a Bachelor’s degree in Psychology from Fordham
University in New York, an MBA in Finance from Pace University in
New York and a Master’s degree in Education from Montclair State
University in New Jersey.
Michael J. Coleman has more than 30 years of insurance industry
experience. As Division President, ACE Agriculture, he has
responsibility for ACE’s agriculture-related businesses, including
its Rain and Hail unit, one of the leading providers of crop
insurance in the U.S., as well as farm and ranch and specialty
agribusiness insurance lines. Mr. Coleman has been with ACE and its
predecessor companies for more than 25 years. He has been
responsible for ACE’s crop insurance business and served as a
Director on the Rain and Hail board. Following ACE’s acquisition of
Rain and Hail in 2010, Mr. Coleman assumed an expanded role,
including responsibility for the farm property and casualty
businesses in 2011, and the commercial agriculture operations with
ACE’s acquisition of Penn Millers in late 2011. Mr. Coleman was
previously Director of Select Markets with CIGNA Property and
Casualty (an ACE predecessor company) and served in various
underwriting and claim management roles with CIGNA Reinsurance.
Previously, Mr. Coleman held claim management positions with Safeco
Insurance Company and Continental Insurance Company. Mr. Coleman
received a Bachelor of Science degree from West Chester University
and holds the Charter Property and Casualty Underwriter (CPCU)
designation.
Robert C. Cox has nearly 35 years of insurance industry
experience. He currently serves as Executive Vice President, Chubb
& Son, and Chief Operating Officer of Chubb Specialty Insurance
(CSI), the executive protection and professional liability
underwriting division of the Chubb Group. Mr. Cox began his Chubb
career in 1981 as a financial institutions underwriter in the
company's San Francisco office. In 1986, he was named Eastern Zone
underwriting manager for Chubb's Department of Financial
Institutions (DFI), and in 1996 he assumed worldwide responsibility
for DFI. In 2001, he was named Chief Operating Officer for
CSI, and he assumed his present position in 2003. Mr.
Cox graduated with a Bachelor of Science degree in Business
Management/Finance from San Jose State University in
California.
Scott A. Meyer has more than 25 years of insurance industry
experience. As Division President of ACE’s North America
Professional Lines, he has executive oversight of ACE USA’s
management and professional liability lines of business, which
include public, private, not-for-profit and financial institutions
directors and officers liability coverage, and its errors and
omissions and privacy/network security products. Mr. Meyer joined
ACE in 2008 as Executive Vice President, Professional Risk, ACE
USA. Prior to joining ACE, he held several leadership positions at
AIG, including President, Financial Institutions Group, and head of
the merger and acquisitions insurance group. Before joining AIG,
Mr. Meyer was a co-founding partner at Ambridge Partners. He began
his career at Chubb, and has also held a variety of roles at AIG’s
National Union subsidiary and Aon. Mr. Meyer holds a degree in
Economics from New York University.
Stephen M. Haney has more than 20 years of insurance industry
experience. As Division President, Surety, ACE USA, and Chief
Underwriting Officer, Global Surety, ACE Group, Mr. Haney is
responsible for the company’s commercial and contract surety
operations in the U.S., and for overseeing the underwriting of
ACE’s surety offerings globally. He first joined ACE in 1998, and
most recently served as Executive Vice President & Chief
Underwriting Officer for ACE USA’s Surety division. He previously
held various regional underwriting, sales and marketing positions
with Chubb Group, Cologne Re in Germany and Leon Levy &
Associates in Philadelphia. Mr. Haney holds a Bachelor’s degree in
Finance from The Pennsylvania State University and a Master’s
degree in International Business from European University in The
Hague in the Netherlands. He serves as the Vice Chair of the Board
of The Surety & Fidelity Association of America (SFAA).
Richard A. Ciullo has nearly 35 years of insurance industry
experience. As Senior Vice President and Chief Operating Officer,
Surety, for Chubb, he has global responsibility and oversight for
the company’s surety business. Since joining Chubb as a surety
trainee in 1981, Mr. Ciullo has served in a variety of positions of
increasing responsibility in surety, including Surety Chief
Marketing Officer and Surety North American Field Operations
Officer. Mr. Ciullo holds a Bachelor of Arts degree in Economics
and History from Wesleyan University.
Derek Talbott has more than 20 years of insurance industry
experience and currently serves as Division President, North
America Property & Specialty Lines, ACE Group. Mr. Talbott has
held property underwriting leadership positions around the world,
including New Zealand, Thailand, Hong Kong, London and New York. He
joined ACE in 2009 as Executive Vice President, Property, ACE
Overseas General, and was soon thereafter seconded to Europe. In
London, Mr. Talbott had responsibility for the overall management
and delivery of ACE International’s Property business including
strategy development, execution of marketing plans, reinsurance
purchasing, line setting and catastrophe management guideline
development. He spent the earlier part of his career at AIG, Aon
Global Risk Services and Benfield. Mr. Talbott holds a degree in
History from Middlebury College.
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/20150908006640/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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