Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the future claims
leadership team it intends to appoint for the new Chubb Group’s
Overseas General Insurance division. The leadership appointments
will take effect upon completion of the acquisition of Chubb, which
is expected in the first quarter of 2016.
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Andrew McBride will serve as Executive
Vice President, Claims, for the new Chubb Group's Overseas General
Insurance division. (Photo: Business Wire)
As previously announced, Andrew McBride will serve as Executive
Vice President, Claims, for the Overseas General Insurance
division. The leaders reporting to Mr. McBride will include:
- Julie Chalmers will serve as Senior
Vice President, Professional Lines and High Net Worth Claims.
Currently, Ms. Chalmers is Senior Vice President and International
Claims Field Operations Manager for Chubb.
- William Clark will serve as Senior Vice
President, Accident & Health and Life Claims. Currently, Mr.
Clark is Senior Vice President, Accident & Health and Life
Claims for ACE Overseas General.
- Michael Noonan will serve as Senior
Vice President, Property and Casualty Claims. Currently, Mr. Noonan
is Vice President of Property and Casualty Claims for ACE Overseas
General.
- Mitchell Sacks will serve as Vice
President, Claims Performance Development. Currently, Mr. Sacks is
Vice President, Claims Performance Development for ACE Overseas
General.
- Graham Chesman will serve as Vice
President, Multinational Claims. Currently, Mr. Chesman is Vice
President, Multinational Claims for ACE Overseas General.
- Gary Willoughby will serve as Vice
President, Personal Lines Claims. Currently, Mr. Willoughby is Vice
President, Claims, Personal & Business Insurance, ACE Overseas
General. He will report jointly to Darryl Page, who as previously
announced will serve as Vice President of the new Chubb Group and
Division President, Personal Lines, Overseas General Insurance, and
to Mr. McBride.
ACE also announced the following claims leaders it intends to
appoint for its regional operations:
- Simon Priebbenow will serve as Vice
President, Claims, Latin America. Currently, Mr. Priebbenow is Vice
President, Claims, Latin America, for ACE. Mr. Priebbenow will
report jointly to Marcos Gunn, who as previously announced will
serve as President, Northern Latin America Region, and Chief
Operating Officer, Latin America, and to Mr. McBride.
- Kevin Yoo will serve as Senior Vice
President, Claims, Asia Pacific. Currently, Mr. Yoo is Senior
Vice President, Claims, Asia Pacific, for ACE. Mr. Yoo will report
jointly to Juan Luis Ortega, who as previously announced will serve
as Senior Vice President of the new Chubb Group and Regional
President, Asia Pacific, and to Mr. McBride. Reporting to Mr. Yoo
and serving as Deputy Head of Claims, Asia Pacific, will be Ben
Chin. Currently, Mr. Chin is Asia Pacific Zone Claims Manager for
Chubb.
- The future claims team for the European
Group will be announced at a later date.
Mr. McBride will report to Juan C. Andrade and Frank Lattal. Mr.
Andrade is Executive Vice President, ACE Group, Personal Lines and
Chief Operating Officer of ACE Overseas General and, as previously
announced, will serve as Executive Vice President of the Chubb
Group and President of the Overseas General Insurance division. Mr.
Lattal is currently Chief Claims Officer for ACE Group and, as
previously announced, will continue to serve in that role.
“The future claims leadership team for our Overseas General
Insurance division has deep experience in claims operations,
technical expertise and a track record of delivering superior
claims service to a diverse group of international clients,” said
Mr. Lattal. “By bringing together the best of ACE and Chubb, we
will have an unmatched ability to manage claims around the world
for our clients, from small and middle market businesses to high
net worth individuals to multinational companies. I am confident
that Andrew and his team will continue to deliver an exceptional
claims experience for our policyholders and our distribution
partners.”
“I am excited to announce the team that will lead our
international claims organization,” said Mr. McBride. “These
executives are seasoned, capable professionals who understand that
when it comes to the prompt and fair handling of claims, client
expectations have no borders. I look forward to continuing to work
closely with Bill, Mike, Mitch and Graham. Julie brings significant
experience from Chubb and we are delighted to have her join our
team. We also look forward to working with Gary, Simon, Kevin and
our new colleague Ben as part of a focused and results-oriented
team.”
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/20151120005113/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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