Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the future leadership
team it intends to appoint for the company’s North America
Professional Lines division. 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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Robert C. Cox will serve as Division
Chairman, North America Professional Lines (Photo: Business
Wire)
North America Professional Lines will provide professional and
management liability insurance solutions for the Major Accounts,
Commercial Insurance 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.
As previously announced, 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 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. Mr. Meyer will
report to Mr. Cox.
Underwriting Leadership for Professional Lines
Michael Maloney will serve as Chief Underwriting Officer for
North America Professional Lines. He will drive underwriting
excellence across all product lines, providing oversight for
compliance, pricing/modelling, product development, and underwriter
training and development. Currently Senior Vice President and Chief
Underwriting Officer for Chubb Specialty Insurance, Mr. Maloney
will report jointly to Mr. Cox and Mr. Meyer. Reporting to Mr.
Maloney will be Evan J. Rosenberg, who will head management
liability and professional liability product management. Mr.
Rosenberg is currently Senior Vice President, Global Specialty
Lines Manager for Chubb Specialty Insurance.
Leigh Anne Sherman will lead the Underwriting Service Branch
operations with respect to Professional Lines business in the U.S.
Currently Senior Vice President, Underwriting Service Branch
Manager for Chubb, Ms. Sherman will provide oversight for new and
renewal underwriting and service for all eligible management
liability product offerings through the Commercial Insurance and
Small Commercial business units that serve customers in the U.S.,
as well as the company’s North America Wholesale/E&S business.
Ms. Sherman will report to Mr. Meyer.
Retail Business Practice Leadership for Professional
Lines
The retail business of the U.S. Professional Lines organization
will be organized into five practices: Financial Institutions
Management Liability, Commercial Management Liability for
Commercial Insurance, Commercial Management Liability for Major
Accounts, Private/Not-For-Profit Management Liability, and
Professional Liability, which includes the Privacy and Network
Security suite of products and services. Operations will be further
segmented into two Specialty Risk Centers (SRCs). The Western SRC
will manage identified business submissions for Chicago and west,
and the Eastern SRC will manage identified business submissions
east of Chicago. The executives leading each practice will be
responsible for bringing together the expertise, underwriting
capabilities and services of the ACE and Chubb organizations and
for facilitating a focused, consistent approach to underwriting and
distribution across all regions.
Financial Institutions Management Liability
Steven F. Goldman will lead the Financial Institutions
Management Liability business in the U.S. Currently Executive Vice
President, Professional Lines for ACE, Mr. Goldman will report
jointly to Mr. Meyer and Christopher A. Maleno, who, as previously
announced, will serve as Senior Vice President of the new Chubb
Group and Division President, North America Major Accounts.
Carrie Goesel, Michael Mollica and J. Scott Usilton will report
to Mr. Goldman. Ms. Goesel, currently Vice President, Western SRC
Manager for Chubb, will oversee all Major Account Financial
Institutions business in the Western SRC. Mr. Mollica, currently
Vice President, Professional Lines for ACE, and Mr. Usilton,
currently Vice President, Eastern SRC Manager for Chubb, will
jointly manage all Major Account Financial Institutions business in
the Eastern SRC as well as all middle market Financial Institutions
business nationwide.
Commercial Management Liability for Commercial
Insurance
Paul A. Larson will lead Commercial Management Liability for
Commercial Insurance business in the U.S. Currently Senior Vice
President, Western SRC Manager for Chubb, Mr. Larson will report
jointly to Mr. Meyer and Steven R. Pozzi, who, as previously
announced, will serve as Senior Vice President of the new Chubb
Group and Division President, North America Commercial
Insurance.
Steven M. Hill and David Huck will report to Mr. Larson. Mr.
Hill, currently Vice President, Western SRC Manager for Chubb, will
oversee all middle market Commercial Management Liability business
in the Western SRC, and Mr. Huck, currently Vice President,
Professional Lines for ACE, will oversee all middle market
Commercial Management Liability business in the Eastern SRC.
Commercial Management Liability for Major Accounts
Robert A. Wolfe will lead the Commercial Management Liability
for Major Accounts business in the U.S. Currently Executive Vice
President, Professional Lines for ACE, Mr. Wolfe will report
jointly to Mr. Meyer and Mr. Maleno.
Eric M. Rivera and Jarrod Schlesinger will report to Mr. Wolfe.
Mr. Rivera, currently Senior Vice President, Eastern SRC Manager
for Chubb, will oversee all Major Account Commercial Management
Liability business in the Eastern SRC, and Mr. Schlesinger,
currently Vice President, Professional Lines for ACE, will oversee
all Major Account Commercial Management Liability business in the
Western SRC.
Private/Not-For-Profit Management Liability
Keith M. Lavigne will lead the Private/Not-For-Profit Management
Liability business in the U.S. Currently Executive Vice President,
Professional Lines for ACE, Mr. Lavigne will report jointly to Mr.
Meyer and Mr. Pozzi.
Dorothy Badger, Bob Ellis, Scott Kantrowitz and Bob Lippert will
report to Mr. Lavigne. Ms. Badger, Mr. Lippert and Mr. Ellis will
all manage middle market Private/Not-For-Profit business. Ms.
Badger, currently Vice President, Executive Field Underwriter for
Chubb, will be responsible for the Western region, Mr. Lippert,
currently Vice President, Executive Field Underwriter for Chubb,
will be responsible for the Midwestern region, and Mr. Ellis,
currently Vice President, Executive Field Underwriter for Chubb,
will be responsible for the Eastern region. Mr. Kantrowitz,
currently Vice President, Professional Lines for ACE, will be
responsible for all Major Account Private/Not-For-Profit business
nationwide.
Professional Liability
Michael J. Tanenbaum will lead the Professional Liability
business in the U.S., which includes the Privacy and Network
Security suite of products and services. Currently Executive Vice
President, Professional Lines for ACE, Mr. Tanenbaum will report
jointly to Mr. Meyer and Mr. Pozzi.
Christopher Calnon, Anthony Dagostino and James Rhyner will
report to Mr. Tanenbaum. Mr. Calnon, currently Vice President,
Professional Lines for ACE, will manage all Major Account
Professional Liability business in the Western SRC, and Mr. Rhyner,
currently Vice President, Law Firm Professional and Miscellaneous
Professional Product Manager for Chubb, will manage all Major
Account Professional Liability business in the Eastern SRC. Mr.
Dagostino, currently Vice President, Professional Lines for ACE,
will be responsible for all middle market Professional Liability
business nationwide.
Wholesale/E&S Business Leadership for Professional
Lines
Joseph P. Casey will lead the Wholesale Management Liability
business in the U.S. Currently Division President, Professional
Risk for ACE Westchester, Mr. Casey will be responsible for
bringing together the expertise, underwriting capabilities and
services of the ACE and Chubb Professional Lines organizations to
its wholesale brokerage distribution partners. Mr. Casey will
report jointly to Mr. Meyer and Bruce L. Kessler, who, as
previously announced, will serve as Senior Vice President of the
new Chubb Group and Division President, Chubb Westchester.
“The depth of experience within the combined company is fully
demonstrated by this team – all are seasoned leaders with long
track records of success. These are proven executives with the
vision and drive to take the new Professional Lines organization in
an exciting direction, one that our brokers, agents and clients
will value,” said Mr. Cox. “We have a tremendous opportunity to
become the carrier of choice for all management liability,
professional liability and privacy/network security business, and I
am confident in this teams’ ability to fulfill that promise.”
“This is a remarkably strong leadership team, which represents
the best talent at both ACE and Chubb,” said Mr. Meyer. “These
leaders have a deep knowledge of broker, agent and client
priorities, and offer exceptional management and operational
expertise. They understand what it takes to deliver superior
products and services better than anyone else in the market, and I
look forward to working with them to generate exceptional results
for the organization.”
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 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/20151120005833/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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