ZURICH--Nov. 23, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today members of the leadership team it intends to appoint for the European Group of the new Chubb Group’s Overseas General Insurance division, which includes Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The leadership appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.
As previously announced, Andrew Kendrick will serve as Senior Vice President of the new Chubb Group and Regional President, European Group. The leadership team reporting to Mr. Kendrick will include:
ACE expects to announce additional appointments to the future European Group leadership team at a later date.
Mr. Kendrick will report to Juan C. Andrade, Executive Vice President, ACE Group, Personal Lines and Chief Operating Officer of ACE Overseas General, and who as previously announced will serve as Executive Vice President of the Chubb Group and President of the Overseas General Insurance division.
“Europe is our company’s second-largest region and the addition of Chubb’s business and talent gives us an opportunity to add even greater depth and strength,” said Mr. Andrade. “Andrew is recognized across the U.K. and Europe as a visionary and energetic industry leader. We also know him as a trusted colleague and a superior leader of businesses and people with a long and proven track record. Under Andrew’s leadership, with the support of his strong team comprised of the best of ACE and Chubb, I am confident Europe will continue to be an important franchise business for the new Chubb Group. I am also pleased to welcome Jalil, a highly regarded insurance practitioner who has deep experience and relationships with clients and brokers in the region. His strong leadership, market knowledge and general management skills will help ensure the successful integration and ongoing success of the European Group.”
“I am very excited to announce our first round of leadership appointments for the new Chubb Group’s Europe region,” said Mr. Kendrick. “Those who know us as an underwriting company will not be surprised to see Matthew and David, who grew up as underwriters, continue in their respective roles. I’ve worked closely with David for more than a decade and I’m confident our important U.K. and Ireland region will remain in good hands under his and Phil’s leadership. Matthew has played an important role in building our capabilities and recognized leadership within the London wholesale market, which will continue to be a very important platform for our new organization. I am particularly delighted to welcome Jalil, who brings significant experience to us from Chubb, and Jeremy, a seasoned insurance professional with exceptionally strong market relationships. I look forward to sharing more information about our leadership team in Europe as we continue to bring together the best talent from both companies to serve our brokers, partners and clients.”
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.