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 Commercial
Insurance 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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Steven R. Pozzi will serve as Senior Vice
President of the new Chubb Group and Division President, North
America Commercial Insurance. (Photo: Business Wire)
North America Commercial Insurance will deliver a broad range of
property and casualty and professional lines products to U.S. and
Canadian middle market customers served by independent agents and
brokers. The division will deliver the highest quality products,
services and tailored industry solutions through the company’s
extensive branch network.
As previously announced, Steven R. Pozzi will serve as Senior
Vice President of the new Chubb Group and Division President, North
America Commercial Insurance. Mr. Pozzi’s organization will include
a full complement of product, industry segment and operational
managers as direct reports. Mr. Pozzi will report to Paul Krump,
who, as previously announced, will serve as Executive Vice
President of the new Chubb Group and President, North America
Commercial and Personal Insurance.
Underwriting Leadership
Paul Lewis will serve as Chief Underwriting Officer, Property
and Casualty. Mr. Lewis is currently Senior Vice President and
Chief Underwriting Officer for Chubb Personal Insurance.
James West will serve as North America Segment Leader. Mr. West
is currently Senior Vice President, Global Market Segments Manager,
Chubb Commercial Insurance.
Alex Wells will lead Specialty
Casualty/Contracting/Construction. Mr. Wells is currently Chief
Operating Officer, Specialty Casualty for ACE Westchester.
Paul A. Larson will lead Commercial Insurance Management
Liability. Mr. Larson is currently Senior Vice President and
Western Specialty Risk Center Manager for Chubb. He will report
jointly to Mr. Pozzi and Scott A. Meyer, who, as previously
announced, will serve as Division
President, North America Professional Lines.
Keith M. Lavigne will lead Private/Not-For-Profit Management
Liability. Mr. Lavigne is currently Executive Vice President,
Professional Lines for ACE. He will report jointly to Mr. Pozzi and
Mr. Meyer.
Michael Tanenbaum will lead Professional Liability. Mr.
Tanenbaum is currently Executive Vice President, Professional Lines
for ACE. He will report jointly to Mr. Pozzi and Mr. Meyer.
Andrew Hurley will serve as Product Development and
Implementation Leader. Mr. Hurley is currently Senior Vice
President, ACE USA Regional Operations.
Gerald Ippolito will serve as Customarq Project/Online Platform
Solutions Leader. Mr. Ippolito is currently Senior Vice President,
Small Business Officer for Chubb Commercial Insurance.
Michelle Middleton will serve as head of the Eastern
Underwriting Center. Ms. Middleton is currently Senior Vice
President, Eastern Underwriting Center Manager for Chubb.
Michael Slor will serve as head of the Western Underwriting
Center. Mr. Slor is currently Senior Vice President, Western
Underwriting Center Manager for Chubb.
Regional Field Leadership
In addition, Mr. Pozzi will have a team of Region Managers who
will also report to the previously announced North America Field
Operations organization. The Commercial Insurance Region Managers
will be accountable for underwriting, profit, production, service,
expenses and resource allocation for the region, across all lines
of business and market segments that serve the middle market.
John Mizzi will serve as Region Manager for New York and Boston.
Mr. Mizzi is currently Chubb Commercial Insurance Eastern Territory
Underwriting Officer.
Jane Peterson will serve as Region Manager for Philadelphia and
Atlanta. Ms. Peterson is currently Chubb Specialty Insurance
Eastern Territory Manager.
Kenneth Chung will serve as Region Manager for Los Angeles and
Dallas. Mr. Chung is currently Chubb Commercial Insurance Western
Territory Underwriting Officer.
Jeff Fischer will serve as Region Manager for Chicago. Mr.
Fischer is currently Chubb Commercial Insurance Manager for the
Chicago branch.
Ana Robic will serve as Region Manager for Canada. Ms. Robic is
currently Chubb Commercial Insurance Canadian Zone Officer.
“The joining of Chubb and ACE enables us to offer world-class
underwriting, claims and loss control services to middle market
customers and their agents across the U.S. and Canada,” said Mr.
Pozzi. “We are committed to providing a high quality, total
experience for agents and customers that meets the full range of
middle market insurance needs.”
“Steve and his North America Commercial Insurance team are
proven leaders in the industry,” said Mr. Krump. “They execute
their underwriting with discipline and deep expertise in the
products they sell and the customer segments they serve. Our
extensive branch network enables us to develop lasting
relationships with our agents and brokers, supporting their
customers with broad solutions designed for the middle market.”
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/20151120005831/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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