Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the senior leadership
team it intends to appoint for the new Chubb Group’s Overseas
General Insurance division. This division comprises two major
businesses: one with distribution through retail brokers in five
regions of the world – Asia Pacific, Europe, Latin America, Far
East and Eurasia & Africa – and the other an excess and surplus
(E&S) lines business with distribution through brokers in the
London wholesale market and Lloyd’s. As previously announced, Juan
C. Andrade will serve as Executive Vice President of the new Chubb
Group and President of the Overseas General Insurance division. The
leadership appointments for these regions, international products
and functions will all take effect upon completion of the
acquisition of Chubb, which is expected in the first quarter of
2016.
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Juan Luis Ortega will serve as Senior
Vice President of the new Chubb Group and Regional President, Asia
Pacific. (Photo: Business Wire)
Regional Leadership Team
Asia Pacific: Juan Luis
Ortega will serve as Senior Vice President of the new Chubb Group
and Regional President, Asia Pacific. Currently Senior Vice
President, ACE Group, and Regional President of ACE’s Asia Pacific
region, Mr. Ortega will continue to have overall responsibility for
the general management and business results for all operations in
the region, which includes Australia, China, Hong Kong, Indonesia,
Korea, Macao, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, Thailand and Vietnam.
Europe: Andrew Kendrick will
serve as Senior Vice President of the new Chubb Group and Regional
President, European Group. Currently Senior Vice President, ACE
Group, and President of ACE European Group, Mr. Kendrick will
continue to have overall responsibility for the general management
and business results for all operations in the region, which
includes Austria, Belgium, Czech Republic, Denmark, Finland,
France, Germany, Gibraltar, Hungary, Ireland, Italy, Netherlands,
Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United
Kingdom. He will also continue to be responsible for the company’s
international E&S wholesale business headquartered in London,
which will become Chubb Global Markets.
Latin America: Jorge Luis
Cazar will serve as Senior Vice President of the new Chubb Group
and Regional President, Latin America. Currently Senior Vice
President, ACE Group, and Regional President of ACE’s Latin America
region, Mr. Cazar will continue to have overall responsibility for
the general management and business results for all operations in
the region, which includes Argentina, Brazil, Chile, Colombia,
Ecuador, Mexico, Panama, Peru, Puerto Rico, Central America and the
Caribbean.
Far East: Jeff Hager will
serve as Regional President, Far East. Currently Regional
President, ACE Far East, Mr. Hager will continue to have overall
responsibility for the general management and business results for
all operations in Japan.
Eurasia & Africa: Giles
Ward will serve as Regional President, Eurasia & Africa.
Currently Regional President of ACE’s Eurasia & Africa region,
Mr. Ward will continue to have overall responsibility for the
general management and business results for all operations in the
region, which includes Bahrain, Egypt, Pakistan, Russia, Saudi
Arabia, South Africa, Tunisia, Turkey and the United Arab
Emirates.
Messrs. Ortega, Kendrick, Cazar, Hager and Ward will report to
Mr. Andrade.
Key International Product Lines Leadership Team
Commercial Property &
Casualty: David Furby will serve as Vice President of
the new Chubb Group and Division President, Commercial Property
& Casualty. Currently Vice President of ACE Group and Division
President, Commercial Property & Casualty, ACE Overseas
General, Mr. Furby will continue to have responsibility for the
company’s international commercial property and casualty (P&C)
insurance business, including property, casualty, professional
lines, energy and marine product lines, as well as for the
reinsurance the company will purchase for its international
insurance operations. Reporting to Mr. Furby and serving as Chief
Operating Officer, Commercial Property & Casualty, will be
Timothy O’Donnell. Currently, Mr. O’Donnell is Executive Vice
President, Professional Lines, ACE Overseas General, and he will
retain those responsibilities in his new role.
Accident & Health:
Edward Levin will serve as Senior Vice President of the new Chubb
Group and Division President, Accident & Health (A&H).
Currently Senior Vice President, ACE Group, and Division President,
International Accident & Health, ACE Overseas General, Mr.
Levin will continue to be responsible for the company’s
international personal accident, supplemental health and travel
insurance business.
Personal Lines: Darryl Page
will serve as Vice President of the new Chubb Group and Division
President, Personal Lines. Currently Vice President, ACE Group, and
Division President, Personal and Business Insurance, ACE Overseas
General, Mr. Page will continue to have responsibility for the
company’s international personal lines.
Messrs. Furby, Levin and Page will report to Mr. Andrade.
Operating Functions Leadership Team
The company also announced the leaders it intends to appoint for
key functional areas of the Overseas General Insurance division,
including claims, information technology, operations, finance,
human resources and legal.
Claims: Andrew McBride will
serve as Executive Vice President, Claims. Currently, Mr. McBride
is Executive Vice President, Claims, ACE Overseas General. In
addition to reporting to Mr. Andrade, Mr. McBride will continue to
have a reporting relationship to Frank Lattal, who is currently
Chief Claims Officer and Senior Vice President, ACE Group and will
continue to serve in that role.
Information Technology:
Keith Schlosser will serve as Executive Vice President and Chief
Information Officer. Currently, Mr. Schlosser is Executive Vice
President and Chief Information Officer, ACE Overseas General. In
addition to reporting to Mr. Andrade, Mr. Schlosser will continue
to have a reporting relationship to Kevin Shearan, who is currently
Chief Information Officer and Vice President, ACE Group and will
continue to serve in that role.
Operations: Anne Rocco will
serve as Executive Vice President, Operations. Currently, Ms. Rocco
is Senior Vice President and International Field Operations Manager
for Chubb. In addition to reporting to Mr. Andrade, Ms. Rocco will
have a reporting relationship to Patrick Markowski, who is
currently Executive Vice President, Global Operations and
Re-Engineering for ACE and will continue to serve in that role.
Reporting to Ms. Rocco will be Tricia Callinan, who is currently
Senior Vice President, Operations, ACE Overseas General.
Finance: John Jones will
serve as Executive Vice President and Chief Financial Officer.
Currently, Mr. Jones is Executive Vice President and Chief
Financial Officer, ACE Overseas General. In addition to reporting
to Mr. Andrade, Mr. Jones will continue to have a reporting
relationship to Philip Bancroft, who is currently Chief Financial
Officer, ACE Limited, and Executive Vice President, ACE Group and
will continue to serve in that role. Reporting to Mr. Jones will be
Mike Kessler, who will serve as Executive Vice President and Chief
Actuary. Currently, Mr. Kessler is Executive Vice President and
Chief Actuary, ACE Overseas General.
Human Resources: Becket
McNab will serve as Executive Vice President, Human Resources.
Currently, Ms. McNab is Executive Vice President, Human Resources,
ACE Overseas General. In addition to reporting to Mr. Andrade, Ms.
McNab will continue to have a reporting relationship to Phillip
Cole, who is currently Global Human Resources Officer and Senior
Vice President, ACE Group and will continue to serve in that
role.
Legal: Howard Schrader will
serve as Executive Vice President and General Counsel. Currently,
Mr. Schrader is Executive Vice President and General Counsel, ACE
Overseas General. In addition to reporting to Mr. Andrade, Mr.
Schrader will continue to have a reporting relationship to Joseph
Wayland, who is currently General Counsel, ACE Limited, and
Executive Vice President, ACE Group and will continue to serve in
that role.
“We are pleased to announce the leadership of our Overseas
General Insurance division, which is comprised of a team of true
internationalists who have deep knowledge of and experience in
local markets around the world,” said John Keogh, Executive Vice
Chairman and Chief Operating Officer of ACE Limited. “Chubb
complements and deepens ACE’s significant global presence and
capabilities in a meaningful way. Our strong team will position the
company’s international businesses to continue to be a very
important part of the company’s growth story into the future.”
“The executives who will lead our five regions, major
international business lines and key functions have proven
experience, energy, a passion for the business, the know-how to
execute and a deep knowledge of local markets, all of which is
essential for serving our diverse group of clients,” said Mr.
Andrade, Executive Vice President, ACE Group, Personal Lines and
Chief Operating Officer of ACE Overseas General. “Together, we will
build on the best of each company to achieve long-term sustainable
growth. We look forward to making additional announcements in each
of our regions. I also look forward to welcoming our new Chubb
colleagues from around the world.”
Leadership Bios
Juan Luis Ortega has 16 years of insurance industry experience.
Appointed Regional President of ACE’s Asia Pacific operations in
2013, Mr. Ortega has overall responsibility for the general
management and business results of the commercial and personal
P&C and personal accident insurance operations in the region’s
13 countries and territories. Previously, Mr. Ortega served as
Senior Vice President, A&H, for the Asia Pacific region. He
joined ACE in 1999 and advanced through a series of accident and
health and credit insurance management positions in Miami, Puerto
Rico and Mexico, before being named Country President of Chile in
2005, where he was responsible for ACE’s P&C, A&H and life
insurance businesses in that country. Mr. Ortega has also served as
Senior Vice President and Regional Head of Accident & Health
for the company’s nine-country Latin America region. Mr. Ortega
earned a Bachelor of Science degree in Finance and Business
Administration from Universidad Diego Portales, Chile.
Andrew Kendrick has more than 35 years of insurance industry
experience. Named President of ACE European Group in 2004, Mr.
Kendrick is responsible for the company’s P&C, A&H, life
and specialty personal lines insurance operations in 19 countries
and territories across the region. He is also responsible for ACE
Global Markets, the company’s global wholesale business
headquartered in London. He joined ACE in 1996 when the company
acquired Ockham Underwriting Agency. Prior to his current role, he
served as Division President, ACE Bermuda and, before that, as
ACE's Director of Underwriting and Active Underwriter of Syndicate
2488 at Lloyd’s, which forms part of ACE Global Markets. Mr.
Kendrick started his career at Sturge Syndicate 210 in 1978. Mr.
Kendrick has served as a non-executive director to the Lloyd’s
Franchise Board since 2007. He has been a director of the London
Market Association (LMA) since 2005, and was its Chairman from 2006
to 2007. He was also a member of former U.K. Chancellor Gordon
Brown’s London Insurance Market Review Group.
Jorge Luis Cazar has more than 25 years of insurance industry
experience. Since 2006, he has served as Regional President of
ACE’s Latin America region, responsible for the general management
and business results for all operations in the region. An
experienced international executive, Mr. Cazar has held senior
underwriting and general management positions in Latin America and
Asia Pacific. Before his current assignment, Mr. Cazar served as
Senior Vice President, A&H, in ACE’s Asia Pacific region;
Regional Vice President, A&H, in Latin America; and President
of ACE Seguros in Argentina and ACE Seguros in Chile. Before
joining ACE in 2001, Mr. Cazar held positions of increasing
responsibility with CIGNA International, a global property and
casualty company that ACE purchased in 1999. He began his career at
Bolivar Insurance Company in Ecuador. Mr. Cazar holds a Bachelor’s
degree in Political Science and a law degree from Catholic
University in Guayaquil, Ecuador. He is also the former director of
the Association of Insurers of Ecuador and former director of the
Associacion de Aseguradores de Chile A.G.
Jeff Hager has more than 25 years of insurance industry
experience in Asia and North America. In 2011, he joined ACE as
Regional President, ACE Far East, responsible for the company’s
P&C and A&H insurance businesses in Japan. Previously, Mr.
Hager was with Fireman’s Fund Insurance Company in Dallas, where he
was the company’s National Sales Leader from 2009 to 2011. Prior to
that, he served as Executive Vice President in charge of AIU’s
P&C and A&H insurance company in Japan, following executive
leadership assignments in the sales and distribution division of
AIU’s Japan and Korea P&C businesses. Previously, Mr. Hager
held a variety of increasingly responsible positions in sales,
distribution, marketing and claims over 14 years and in multiple
U.S. locations, including Regional Sales & Distribution Leader
for nine states and 7,000 independent agents in the central U.S.
from 2002 to 2004. He began his insurance career in 1991 as Claims
Adjuster at Safeco in Denver.
Mr. Hager earned a Bachelor’s degree in Marketing from Kansas
State University.
Giles Ward has more than 25 years of insurance industry
experience. As President of ACE’s Eurasia & Africa region, a
role he assumed with the creation of the region in April 2014, he
is responsible for ACE’s P&C, A&H and personal and business
insurance operations in the nine countries that make up this
region. He is also responsible for driving strategy and business
development in the region, including future expansion into new
markets. Mr. Ward joined ACE in 2006 as Regional Managing Director
for the company’s Middle East and North Africa region. In 2010, he
moved to Sydney to take up the role of Country Present, Australia
and New Zealand. Prior to joining ACE, Mr. Ward held a number of
underwriting and management roles within the insurance industry in
the U.K. and Asia, including Regional Director of Distribution
& Marketing for AXA’s general insurance operations throughout
Asia. Mr. Ward holds a BA degree in Economics from the University
of Manchester.
David Furby has more than 30 years of insurance industry
experience. As Division President, Commercial Property &
Casualty, ACE Overseas General, he is responsible for the company’s
P&C insurance business outside of North America, including
property, casualty, professional lines, energy and marine product
lines, as well as for the reinsurance ACE purchases for its
international insurance operations. Prior to his current
assignment, Mr. Furby was the Regional President responsible for
the company’s P&C business in Continental Europe. From 2002 to
2005, Mr. Furby was Division President of ACE Tempest Re Group,
where he oversaw ACE’s worldwide reinsurance operations and was
responsible for the continued development of those businesses. He
has also served as the company’s Corporate Reinsurance Officer. Mr.
Furby joined ACE Group in 1996 when the company acquired the Ockham
Syndicate. He was Treaty Underwriter for Syndicate 219, and later
Director of Inwards and Outwards Reinsurance for Syndicate 2488,
ACE Global Markets. Earlier in his career, he was a broker at Greig
Fester from 1981 to 1989.
Edward Levin has more than 15 years of insurance industry
experience. As Division President, Accident & Health, ACE
Overseas General, Mr. Levin is responsible for ACE’s personal
accident, supplemental health and travel insurance business in more
than 50 countries outside North America. ACE distributes these
A&H products to individuals and organizations through a wide
variety of channels including insurance brokers, affinity
partnerships, telemarketing, television and the Internet. Mr. Levin
joined ACE in 2004 as Regional Executive Vice President of the
company’s A&H, personal lines and life insurance operations in
the Europe, Middle East and Africa region, based in London. Prior
to joining ACE, he served as Executive Vice President for
Citigroup’s Europe, Middle East and Africa insurance operations in
London and Senior Vice President, Personal Lines, for Travelers. He
also has a decade of management experience at Citibank and Booz
Allen & Hamilton in New York and Buenos Aires. Mr. Levin holds
a Bachelor’s degree in Economics from Harvard College and a
Master’s degree in International Business and Marketing from
Columbia Business School.
Darryl Page has more than 30 years of insurance industry
experience. As Division President, Overseas Personal and Business
Insurance, ACE Overseas General, Mr. Page has responsibility for
ACE’s personal lines and small- and mid-sized commercial insurance
operations in 50 countries outside of North America. Prior to
joining ACE, he served as President of Personal Insurance at
Fireman’s Fund in the U.S. Preceding this position, he spent 27
years at Allstate in several leadership roles, including Field Vice
President with responsibilities in three regions; Vice President,
Product Operations, where he was responsible for product
management, pricing and underwriting for 29 states in the western
U.S.; and Vice President, Western Market Operating Committee, where
he oversaw all field operations for 29 U.S. states. In addition,
Mr. Page served as Chairman of Allstate Canada. Mr. Page holds a
Bachelor’s degree in Economics from Santa Clara University in
California.
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/20151120005101/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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