ZURICH--Nov. 20, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the leadership team it intends to appoint for the company’s North America Major Accounts division, which serves the large corporate marketplace and will include the major accounts business currently written in ACE USA, Chubb Commercial Insurance and Chubb Specialty Insurance. The appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.
North America Major Accounts will serve the risk management segment of large U.S. and Canadian-based companies that require tailored coverage solutions, often involving global underwriting expertise in regulation, loss assessment and mitigation, and claims handling supported through coordinated relationship management. The division is dedicated to working collaboratively with clients and their brokers in delivering differentiated solutions through its extensive global services and claims operations.
As previously announced, Christopher A. Maleno will serve as Senior Vice President of the new Chubb Group and Division President, North America Major Accounts. Mr. Maleno will 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 individuals on the product underwriting, industry practice, distribution and service management team reporting to Mr. Maleno are as follows:
Mr. Maleno stated: "This division will bring together the strengths of both ACE and Chubb. It will provide the large corporate market with exceptional depth and breadth of products, underwriting and service administration. ACE’s global network and award-winning technologies, such as Worldview®, will continue to support the robust and diversified insurance programs our clients and brokers have come to expect. The delivery of this will be coordinated through our experienced team of underwriting managers, claim technicians, service professionals and dedicated group of global client executives and regionally based distribution leaders. North America Major Accounts will deliver tailored risk management services and coverage solutions to our large account customers and distribution partners."
Mr. Lupica stated: “The North America Major Accounts team is made of recognized experts in their respective fields. We’re creating this division to serve the largest 5,000 U.S. and Canadian-based organizations, representing some of the most complex global risks. Having worked with Chris for almost a decade, I have the fullest confidence in Chris’ leadership and the capabilities of his team. We look forward to serving our existing and prospective clients and distribution partners with world class service, underwriting expertise, claims support, and global program coordination.”
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.