LONDON, May 17, 2017 /PRNewswire/ -- Chubb today announced the appointment of Adair, Lord Turner as non-executive Chairman of two of its key European companies, Chubb European Group Limited and Chubb Underwriting Agencies Limited, subject to regulatory approval.
Adair Turner was Executive Chairman of the UK's Financial Services Authority (FSA) from 2008 to 2013, overseeing the UK's policy and regulatory response to the Global Financial Crisis. He spent much of his early career in banking and subsequently consultancy with McKinsey, where he advised British and European companies across a wide range of industries. He was Director General of the Confederation of British Industry (CBI) from 1995 to 2000 and subsequently returned to banking as Vice Chairman of Merrill Lynch Europe, prior to assuming the FSA Executive Chairmanship.
Over the past two decades, he has also served in several non-executive directorships across a wide range of financial, business, government and not-for-profit boards, including the insurer Prudential since 2015.
In his new role, Adair Turner will work closely with Andrew Kendrick, Regional President for Chubb in Europe, who continues to have executive management responsibility for Chubb's operations across the region. He succeeds John Napier, who recently stepped down from the position and his appointment remains subject to regulatory approval.
Juan Andrade, Executive Vice President of Chubb Group and President, Overseas General Insurance at Chubb, said:
"Adair Turner's exceptional background in business, government and supervision will be of great benefit to our Boards and our business as we continue to navigate the evolving market and regulatory landscape in Europe. I am delighted to welcome him to Chubb."
Andrew Kendrick, Regional President, Europe at Chubb, said:
"I am very much looking forward to working alongside Lord Adair. His extensive knowledge and unique insights will be greatly valued by our board members and will add real value to our customer and market proposition in Europe.
"I would also like to extend my sincere thanks on behalf of the Boards and Chubb management team to John Napier for his counsel, guidance and support over the past four years and we wish him well for the future."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com/uk