Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the future personal
lines 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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Darryl Page will serve as Vice President
of the new Chubb Group and Division President, Personal Lines, for
the Overseas General Insurance division. (Photo: Business Wire)
The new Chubb Group’s international personal lines division will
provide a broad range of traditional and specialty insurance
products to targeted customer segments in emerging and developed
markets around the world: auto, residential and other insurance;
property and casualty products for high net worth individuals and
families with fine homes, automobiles, art, jewelry, watercraft and
other valuable possessions; and specialty coverage such as mobile
phone handset insurance.
As previously announced, Darryl Page will serve as Vice
President of the new Chubb Group and Division President, Personal
Lines, for the Overseas General Insurance division. The leaders
reporting to Mr. Page will include:
- John Thompson will serve as Chief
Underwriting Officer and Senior Vice President, Personal Lines. Mr.
Thompson will lead Mass Motor and Mass Residential Products.
Currently, Mr. Thompson is Chief Underwriting Officer, Personal and
Business Insurance, and Senior Vice President, Motor and
Residential Products, for ACE Overseas General.
- Chris Eappariello will serve as Chief
Marketing Officer and Senior Vice President, Personal Lines. Mr.
Eappariello will lead Specialty Personal Lines. Currently, Mr.
Eappariello is Chief Marketing Officer, Personal and Business
Insurance, and Senior Vice President, Specialty Personal Lines, for
ACE Overseas General.
- Simon Mobey will serve as Senior Vice
President, Personal Lines, and will lead High Net Worth. Currently,
Mr. Mobey is Senior Vice President and Personal Lines Manager,
Europe, for Chubb.
- Raul Cisneros will serve as Vice
President, Personal Lines, and Chief Actuary. Currently, Mr.
Cisneros is Vice President, Personal and Business Insurance, and
Chief Actuary, for ACE Overseas General.
- Justin Boyson will serve as Vice
President, Personal Lines, and Head of Operations and Strategy.
Currently, Mr. Boyson is Vice President, Personal and Business
Insurance, and Vice President, Small and Medium Sized Enterprises,
for ACE Overseas General.
- As previously announced, Gary
Willoughby will serve as Vice President, Personal Lines Claims.
Currently, Mr. Willoughby is Vice President, Claims, Personal and
Business Insurance, for ACE Overseas General.
- David Byrne will serve as Vice
President, Personal Lines, and Division Finance Officer. Currently,
Mr. Byrne is Vice President, Personal and Business Insurance, and
Division Finance Officer, for ACE Overseas General.
As previously announced, Mr. Page will report to Juan C.
Andrade, who will serve as Executive Vice President of the new
Chubb Group and President of the Overseas General Insurance
division.
“I am pleased to announce this team of professionals who will
lead Chubb’s international personal lines organization,” said Mr.
Page. “I am particularly delighted to welcome Simon Mobey and our
Chubb teammates, who will help us enhance our product reach and
enable us to continue to serve ACE’s personal lines clients outside
of North America. Simon brings deep high net worth knowledge and
expertise to our team, and I am excited to leverage his talents
more broadly.”
“By bringing together the best of ACE and Chubb, we will have a
broader and deeper capability to serve consumers in both developed
and emerging markets,” said Mr. Andrade. “I have tremendous
confidence in Darryl and his team of professionals to continue to
profitably grow our international personal lines portfolio.”
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/20151127005179/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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