John Lupica to Serve as President, North America Major Accounts
and Specialty Insurance
Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited announced today that Paul J. Krump, currently
President of Personal Lines and Claims for Chubb, will serve as
President, North America Commercial and Personal Lines of the new
Chubb Group. The intended appointment will take effect upon ACE’s
completion of the acquisition of Chubb, which is expected in the
first quarter of next year.
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Paul J. Krump will serve as President,
North America Commercial and Personal Lines of the new Chubb Group
(Photo: Business Wire)
Mr. Krump, who was named in an earlier announcement to serve as
Executive Vice President for Global Underwriting and Claims, will
have North America executive operating responsibilities that were
previously announced for Dino E. Robusto, who is leaving Chubb to
pursue another opportunity as Chairman and CEO of CNA.
Mr. Krump will have executive operating responsibility for the
retail commercial property and casualty (P&C) insurance
businesses serving the middle market and small commercial customer
segments for all products in the United States and Canada through a
broad distribution system that includes independent agents and
brokers. In addition, the company’s personal lines insurance
business serving affluent and high net worth (HNW) individuals and
families in North America will report to Mr. Krump. Mr. Krump’s
scope of responsibility will include all P&C products,
underwriting, claims, actuarial and support functions related to
these businesses, as well as a matrixed responsibility for the
field organization personnel responsible for the sales and
servicing of the middle market, small commercial and HNW personal
lines markets.
As previously announced, Mr. Krump will have senior executive
responsibility as head of global claims, and he 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.
“Paul Krump is a veteran, experienced insurance executive and I
am pleased he will lead our North American commercial and personal
lines businesses. We also wish Dino well with his new
responsibilities,” said Evan G. Greenberg, Chairman and Chief
Executive Officer, ACE Group. “Paul has deep knowledge of all of
Chubb’s businesses, particularly middle market commercial and
personal lines. He is a natural leader and a great underwriter. The
appointment of Paul to this senior executive position clearly
demonstrates the deep bench of leadership talent within the new
Chubb organization. John Keogh and I have great confidence in
Paul’s abilities and his desire to drive the success of our new
North American organization.”
The company also announced a change in title for John Lupica,
who will now serve as President, North America Major Accounts &
Specialty Insurance of the new Chubb Group. Currently, Mr. Lupica
is Vice Chairman of ACE Group and Chairman of the company’s
Insurance — North American businesses.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151116005631/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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