Appointments to become effective upon
completion of ACE’s acquisition of Chubb
ACE Limited (NYSE: ACE) announced today key leaders it intends
to appoint for the Asia Pacific region of the new Chubb Group’s
Overseas General Insurance division, which includes Australia,
China, Hong Kong, Indonesia, Korea, Macao, Malaysia, New Zealand,
Philippines, Singapore, Taiwan, Thailand and Vietnam. 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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Juan Luis Ortega will serve as Senior
Vice President of the new Chubb Group and Regional President, Asia
Pacific. (Photo: Business Wire)
As previously announced, Juan Luis Ortega will serve as Senior
Vice President of the new Chubb Group and Regional President, Asia
Pacific. The leaders reporting to Mr. Ortega will include:
- Paul McNamee will serve as Deputy
Regional President and Executive Vice President, Commercial
Property & Casualty, Asia Pacific. Currently, Mr. McNamee is
Deputy Regional President and Executive Vice President, Property
& Casualty, for ACE’s Asia Pacific region. Continuing to report
to Mr. McNamee will be John French, who will serve as Country
President of Australia and New Zealand. Currently, Mr. French is
Country President, Australia and New Zealand, for ACE. Reporting to
Mr. French and serving as Senior Vice President and Chief Operating
Officer for Australia and New Zealand will be Matthew Doquile.
Currently, Mr. Doquile is Australia Country Manager for Chubb.
- Glen Browne will serve as Senior Vice
President, Accident & Health, Asia Pacific. Currently, Mr.
Browne is Senior Vice President, Accident & Health, for ACE’s
Asia Pacific region.
- Edward Ler will serve as Senior Vice
President, Personal Lines, Asia Pacific, and Country President of
Indonesia. Currently, Mr. Ler is Senior Vice President, Personal
& Business Insurance, and Country President, Indonesia, for
ACE’s Asia Pacific region. Reporting to Mr. Ler and serving as
Senior Vice President, High Net Worth, Asia Pacific, will be Greg
Hicks. Currently, Mr. Hicks is Asia Pacific Zone and Australia
Personal Insurance Manager for Chubb.
- Kevin Bogardus will join the Asia
Pacific leadership team as Managing Director, China. Currently, Mr.
Bogardus is Managing Director of ACE Division at Lloyd's
China.
Mr. Ortega will report to Juan C. Andrade, Executive Vice
President, ACE Group, Personal Lines and Chief Operating Officer of
ACE Overseas General, and who as previously announced will serve as
Executive Vice President of the new Chubb Group and President of
the Overseas General Insurance division.
“The long-term growth opportunities in Asia Pacific are perhaps
the greatest of any region. Our presence extends from large,
developed markets to dynamic, faster-growing Southeast Asian
economies, and our commercial and non-life consumer businesses
serve a highly diverse customer base,” said Mr. Andrade. “Reaching
our potential in Asia Pacific requires strong, capable, talented
and effective leaders. That’s what we are announcing today. I am
confident that Juan Luis and his team, including our new colleagues
from Chubb, will continue to grow and diversify our geographic
footprint, product mix, and distribution channels to meet the needs
of the region’s growing middle class, small businesses and large
regional and global companies.”
“I am very excited to announce these appointments for the new
Chubb Group’s Asia Pacific region,” said Mr. Ortega. “These are key
leadership appointments – they each have a strong proven track
record and are hands-on, results-oriented insurance professionals.
I look forward to continuing to work with Paul, Glen, Edward and
John and welcome Matt, Greg and Kevin to our Asia Pacific team. I
am confident in their ability to further build our company in the
region, with the enhanced capabilities of product and distribution
our combined businesses will have in the near future. We will share
more information about our leadership team in Asia Pacific at a
later date.”
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/20151120005109/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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