ZURICH--Nov. 24, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the leadership team it intends to appoint for the company’s Global Surety business unit. The appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.
As previously announced, Stephen Haney will serve as Division Chairman, North America Surety, and Chief Underwriting Officer, Global Surety. Mr. Haney is currently Division President, Surety for ACE USA, and Chief Underwriting Officer, Global Surety for ACE Group. Mr. Haney will continue to report to John Lupica, who will serve as Vice Chairman of the new Chubb Group, and President, North America Major Accounts and Specialty Insurance.
As previously announced, Richard Ciullo will serve as Chief Operating Officer of North America Surety. Currently Senior Vice President and Chief Operating Officer for Chubb Surety, Mr. Ciullo will assist in the P&L performance of the product line and, together with Mr. Haney, will be responsible for the successful integration of ACE and Chubb surety products in order to deliver a best-in-class offering to the company’s brokerage distribution partners.
Teresa Black will serve as Head of Commercial Surety for the United States and Canada. Ms. Black is currently Senior Vice President and Chief Operating Officer for ACE’s Surety division. Ms. Black will be responsible for the strategy and product management of commercial surety products and services offered through the Major Accounts, Commercial Insurance and Small Commercial business units that serve customers in the U.S. and Canada.
Matthew Lubin will serve as Head of Construction and International Surety. Mr. Lubin is currently Senior Vice President and Chief Underwriting Officer for Chubb Surety. Mr. Lubin will be responsible for the strategy and product management of contract surety products and services offered through the Major Accounts, Commercial Insurance and Small Commercial business units that serve customers globally.
Messrs. Ciullo and Lubin and Ms. Black will report to Mr. Haney.
Global Surety underwriting will be organized by client size, scope and territory. The three business segments are Engineering & Construction, Construction Surety, and Commercial Surety.
Engineering & Construction Leadership
Richard Barnett will serve as Director, Engineering & Construction. Mr. Barnett will have underwriting responsibility for clients that operate with a broad footprint in North America and/or globally, and will also support surety branch underwriting activities in Asia, Canada and Europe. Mr. Barnett is currently Senior Vice President and Surety Director, National Engineering & Construction for Chubb. He will report to Mr. Lubin.
Latin America Leadership
Arturo Martinez will lead the geographic expansion, strategy and management for surety products and services offered in Latin America. Mr. Martinez is currently Senior Vice President, Surety Latin America for ACE. He will report to Jorge Luis Cazar, who, as previously announced, will serve as Senior Vice President of the new Chubb Group and Regional President, Latin America, and to Mr. Haney.
Dekker Buckley will be responsible for the oversight and monitoring of surety underwriting throughout Latin America. Mr. Buckley is currently Vice President and Surety Director for Chubb Latin America. He will provide underwriting support for complex surety transactions, oversee the execution of underwriting best practices, and lead portfolio management for Surety operations in Latin America. Mr. Buckley will report to Mr. Lubin.
U.S. Construction Leadership
The U.S. Construction segment will serve clients that operate within a regional or local footprint.
Commercial Surety Leadership
The Commercial Surety segment will serve clients of all sizes that operate domestically and globally.
Catherine Donahue will serve as Surety Operations Manager. Ms. Donahue will be responsible for servicing current clients, supporting underwriting workflow, and leveraging technology. Ms. Donahue is currently Vice President and Surety Operations Manager and Construction Director for Chubb. In addition to reporting to Mr. Ciullo, Ms. Donahue will report to James English, who is currently North America Chief Operations Officer for ACE and will continue to serve in that role.
Christopher Parker will serve as Surety Chief Credit Officer. Mr. Parker will be responsible for portfolio management and underwriting compliance. Mr. Parker is presently Vice President and Surety Commercial Director for Chubb. Mr. Parker will report to Mr. Haney.
“This is a truly high-performing team that represents the best surety talent in the market,” said Mr. Haney. “I highly respect the Chubb Surety team, and I have had the privilege of working with the ACE team for many years. As a combined team, we will pool our collective strengths in order to deliver best-in-class product, service and global delivery for our clients and brokers."
“Global Surety is poised for ongoing growth and success, with Steve leading a strong team of professionals who combine industry expertise with geographical coverage,” said Mr. Lupica. “I’m excited about our prospects and look forward to providing a broad portfolio of surety solutions and services to existing and prospective clients and brokers.”
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.