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 excess and
surplus (E&S) lines wholesale business upon the completion of
the acquisition of Chubb. The business will be called Westchester,
a Chubb company, and it will include wholesale business currently
written in ACE Westchester, ACE Commercial Risk Services, Chubb
Custom Market, Chubb Specialty Insurance and Chubb Commercial
Insurance. The acquisition is expected to close in the first
quarter of 2016.
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Bruce Kessler will serve as Senior Vice
President of the new Chubb Group and Division President of
Westchester (Photo: Business Wire)
As previously announced, Bruce Kessler will serve as Senior Vice
President of the new Chubb Group and Division President of
Westchester. He will be responsible for integrating the E&S,
small commercial and programs businesses within ACE and Chubb,
focusing on the company’s wholesale distribution partners. Mr.
Kessler will continue to 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 company also announced that David Lupica will serve as Chief
Operating and Distribution Management Officer. Reporting to Mr.
Lupica, who is currently Division President of ACE Commercial Risk
Services, will be the small commercial group, which will include
the wholesale, micro specialty and programs businesses currently
written by ACE Commercial Risk Services, Chubb Commercial Insurance
and Chubb Specialty Insurance. Mr. Lupica will report to Mr.
Kessler.
Westchester will also continue its focus on the Property,
Casualty, Professional Risk, Inland Marine, Environmental and
Product Recall lines of business for wholesale distribution
partners. Leading these businesses and continuing to report to Mr.
Kessler are the following individuals:
- Bob Meyer will lead Property and Inland
Marine. Mr. Meyer is currently Division President, ACE Westchester
Property.
- Dean Andrighetto will lead Casualty.
Mr. Andrighetto is currently Division President, ACE Westchester
Casualty.
- Joseph Casey will lead Professional
Risk. Mr. Casey is currently Division President, ACE Westchester
Professional Risk. Mr. Casey will also report to Scott Meyer, who,
as previously announced, will serve as Division President, North
America Professional Lines.
- Rob Owens will lead Environmental. Mr.
Owens is currently Senior Vice President, ACE Westchester
Environmental.
- Florian Beerli will lead Product
Recall. Mr. Beerli is currently Senior Vice President, ACE
Westchester Product Recall.
Leading the small commercial group and reporting to David Lupica
are the following individuals:
- David Charlton will lead the Micro
Specialty business. Mr. Charlton is currently President, ACE
Commercial Risk Services Specialty & Micro Products.
- Franklin Sanders, Jr., will lead the
Programs business. Mr. Sanders is currently Senior Vice President,
Chubb Programs Business Management.
"I’m very pleased to have this seasoned and talented group of
leaders that I expect will continue to generate strong results as
we broaden our capabilities in the wholesale market, invest in new
technologies and build out our distribution,” said Mr. Kessler. “I
am fortunate to have a team in which I have the fullest confidence
to achieve our ambitious targets for growth and profitability."
“Westchester’s commitment to the wholesale market is
demonstrated by the future additions of the small business
specialty and programs leadership,” said John Lupica. “Bruce and
his expanded team will focus on building out the combined product
portfolio of Chubb and ACE in order to position Westchester as the
specialty insurer of choice for a broad array of challenging
risks.”
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/20151201006348/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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