ZURICH--DEC 4, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the future accident and health (A&H) insurance leadership team it intends to appoint for the company’s Overseas General Insurance division. The leadership appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.
The company’s international A&H division works with distribution partner organizations worldwide to offer personal accident, disability, travel and supplemental health insurance products to employees, members and customers. The combined business will enjoy leading positions in the distribution of individual A&H products through affinity marketing programs, associations and agents as well as in the commercial market for group coverage.
As previously announced, Edward M. Levin will serve as Senior Vice President of the new Chubb Group and Division President, Accident & Health, for the Overseas General Insurance division. The international A&H leadership team will include:
As previously announced, Mr. Levin will report to Juan C. Andrade, who will serve as Executive Vice President of the Chubb Group and President of the Overseas General Insurance division. In addition to reporting to Mr. Andrade, Mr. Levin will continue to report to Ed Clancy, who is currently Executive Vice President, Global Accident & Health and Life for ACE Group and will continue to serve in that role. Messrs. Blake, Grillo, Jacox, Termeer, Watson and Zacharias will report to Mr. Levin. Mr. Dargakis will report to Mr. Levin and to John Jones, who, as previously announced, will serve as Executive Vice President and Chief Financial Officer for the Overseas General Insurance division.
“Our future A&H leadership team has extensive distribution and product experience, a proven track record and a deep understanding of local markets,” said Mr. Levin. “The ACE executives on this team have been trusted colleagues and partners as we’ve worked to build this business. I am also pleased to welcome Spero and other new Chubb colleagues to the team. The integration with Chubb A&H will create an unmatched capability and presence in the accident and health market.”
“Our international A&H business shows our extensive geographic reach, the breadth of our product offering and our innovative distribution capabilities, including brokers, agency, direct marketing, bancassurance and growing digital channels such as mobilassurance,” said Mr. Andrade. “I have confidence in Ed and his team to bring together ACE and Chubb and advance the significant growth opportunities for this business across all of our international markets.”
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.