ACE Announces Future Leadership Team for Far East Region
20 November 2015 - 10:42PM
Business Wire
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 Far East region of the new Chubb Group’s
Overseas General Insurance division, which includes Japan. 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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Jeff Hager will serve as Regional
President, Far East, for the new Chubb Group. (Photo: Business
Wire)
As previously announced, Jeff Hager will serve as Regional
President, Far East. The leadership team reporting to Mr. Hager
will include:
- Mike Cellura will serve as Vice
President, Property & Casualty, Far East. Currently, Mr.
Cellura is Vice President, Property & Casualty, for ACE in
Japan.
- Andrew Nisbet will serve as Vice
President, Accident & Health, Far East. Currently, Mr. Nisbet
is Vice President, Accident & Health, for ACE in Japan.
- Taras Lykho will serve as Vice
President, Personal Lines, Far East. Currently, Mr. Lykho is Vice
President, Personal Lines, for ACE in Japan.
- Hisahiko Sasaki will serve as Vice
President and Chief Distribution Officer, Far East. Currently, Mr.
Sasaki is Vice President and Chief Distribution Officer for ACE in
Japan.
- Leo Takagi will serve as Chief
Operations Officer for the Far East region. Currently, Mr. Takagi
is Vice President and Japan Country Manager for Chubb.
Mr. Hager 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 Chubb Group and President of the
Overseas General Insurance division.
“In Asia, Japan is the largest developed market and the
second-largest economy, and we serve a broad range of consumer and
commercial customers,” said Mr. Andrade. “I am pleased that we have
a strong and capable team in place to lead the business going
forward. I am confident that under Jeff’s leadership we will
continue to build on our success in the Japanese market.”
“I am very excited to announce the leadership team for the new
Chubb Group’s Far East region,” said Mr. Hager. “I look forward to
continuing to work closely with my trusted colleagues Mike, Andrew,
Taras and Hisahiko, who are experienced and energetic insurance
industry professionals with a deep understanding of the market in
Japan. I am also very excited to welcome Leo to our team in the
important role of chief operations officer. He represents the best
of Chubb and we look forward to working with him.”
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151120005111/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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