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 Major Accounts
division, which serves the large corporate marketplace and will
include the major accounts business currently written in ACE USA,
Chubb Commercial Insurance and Chubb Specialty Insurance. The
appointments will take effect upon completion of the acquisition of
Chubb, which is expected in the first quarter of 2016.
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Christopher A. Maleno will serve as
Senior Vice President of the new Chubb Group and Division
President, North America Major Accounts. (Photo: Business Wire)
North America Major Accounts will serve the risk management
segment of large U.S. and Canadian-based companies that require
tailored coverage solutions, often involving global underwriting
expertise in regulation, loss assessment and mitigation, and claims
handling supported through coordinated relationship management. The
division is dedicated to working collaboratively with clients and
their brokers in delivering differentiated solutions through its
extensive global services and claims operations.
As previously announced, Christopher A. Maleno will serve as
Senior Vice President of the new Chubb Group and Division
President, North America Major Accounts. Mr. Maleno will report to
John Lupica, who, as previously announced, will serve as Vice
Chairman of the new Chubb Group and President, North America Major
Accounts and Specialty Insurance.
The individuals on the product underwriting, industry practice,
distribution and service management team reporting to Mr. Maleno
are as follows:
- Ross Bertossi will lead Excess Casualty
& Medical Liability. Mr. Bertossi is currently Division
President, ACE USA Casualty Lines.
- Teresa Black will lead Commercial
Surety. Ms. Black is currently Chief Operating Officer, ACE
Surety.
- Christopher Calnon will lead Major
Accounts Professional Liability (Western Specialty Risk Center).
Mr. Calnon is currently Vice President, ACE USA Professional
Lines.
- James Rhyner will lead Major Accounts
Professional Liability (Eastern Specialty Risk Center). Mr. Rhyner
is currently Vice President, Chubb Specialty Insurance.
- Michael Chang will lead Real Estate
& Hospitality. Mr. Chang is currently Senior Vice President,
Chubb Risk Management and Real Estate.
- Brian Church will lead Property. Mr.
Church is currently Senior Vice President, ACE USA Property.
- Caroline Clouser will lead Healthcare.
Ms. Clouser is currently Executive Vice President, ACE USA Medical
Risk.
- Seth Gillston will lead Private Equity.
Mr. Gillston is currently Executive Vice President, ACE Risk
Management.
- Steven Goldman will lead Financial
Institutions & Transactional Risk. Mr. Goldman is currently
Executive Vice President, ACE USA Professional Lines.
- William Hazelton will lead Construction
& Environmental. Mr. Hazelton is currently Division President,
ACE USA Construction and Environmental.
- Bruce Jervis will lead Inland &
Commercial Marine. Mr. Jervis is currently Executive Vice
President, Commercial and Inland Marine for ACE.
- Scott Kantrowitz will lead Private
Company/Not-for-Profit. Mr. Kantrowitz is currently Vice President,
ACE USA Professional Lines.
- Matthew Lubin will lead Contract and
International Surety. Mr. Lubin is currently Senior Vice President
and Chief Underwriting Officer, Chubb Surety.
- Matthew Merna will lead Global Primary
Casualty. Mr. Merna is currently Division President, ACE Risk
Management.
- Joe Vasquez will lead ESIS® (Third
Party Administration). Mr. Vasquez is currently Division President,
ESIS, ACE USA.
- James Walloga will lead U.S. Accident
and Health. Mr. Walloga is currently Executive Vice President, ACE
USA Accident & Health.
- Robert Wolfe will lead Management
Liability. Mr. Wolfe is currently Executive Vice President, ACE USA
Professional Lines.
- Gary Kramer will lead Global Services,
including Worldview®. Mr. Kramer is currently Senior Vice
President, Global Services at ACE.
- Joseph Connelly, Adrian Matthews and
Brian Witzmann will drive the company’s Major Accounts Distribution
& Client Executive Programs. Messrs. Connelly, Matthews and
Witzmann are currently Senior Vice Presidents for ACE’s Regional
Operations.
Mr. Maleno stated: "This division will bring together the
strengths of both ACE and Chubb. It will provide the large
corporate market with exceptional depth and breadth of products,
underwriting and service administration. ACE’s global network and
award-winning technologies, such as Worldview®, will continue to
support the robust and diversified insurance programs our clients
and brokers have come to expect. The delivery of this will be
coordinated through our experienced team of underwriting managers,
claim technicians, service professionals and dedicated group of
global client executives and regionally based distribution leaders.
North America Major Accounts will deliver tailored risk management
services and coverage solutions to our large account customers and
distribution partners."
Mr. Lupica stated: “The North America Major Accounts team is
made of recognized experts in their respective fields. We’re
creating this division to serve the largest 5,000 U.S. and
Canadian-based organizations, representing some of the most complex
global risks. Having worked with Chris for almost a decade, I have
the fullest confidence in Chris’ leadership and the capabilities of
his team. We look forward to serving our existing and prospective
clients and distribution partners with world class service,
underwriting expertise, claims support, and global program
coordination.”
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/20151120005829/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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