News Releases

ZURICH--Nov. 20, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the future leadership team it intends to appoint for the company’s North America Professional Lines division. The appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.

North America Professional Lines will provide professional and management liability insurance solutions for the Major Accounts, Commercial Insurance and Small Commercial business units that serve customers in the U.S. and Canada, as well as the company’s North America Wholesale/E&S business and its operations in Bermuda.

As previously announced, Robert C. Cox will serve as Division Chairman, North America Professional Lines, and Scott A. Meyer will serve as Division President, North America Professional Lines. Mr. Cox 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. Mr. Meyer will report to Mr. Cox.

Underwriting Leadership for Professional Lines

Michael Maloney will serve as Chief Underwriting Officer for North America Professional Lines. He will drive underwriting excellence across all product lines, providing oversight for compliance, pricing/modelling, product development, and underwriter training and development. Currently Senior Vice President and Chief Underwriting Officer for Chubb Specialty Insurance, Mr. Maloney will report jointly to Mr. Cox and Mr. Meyer. Reporting to Mr. Maloney will be Evan J. Rosenberg, who will head management liability and professional liability product management. Mr. Rosenberg is currently Senior Vice President, Global Specialty Lines Manager for Chubb Specialty Insurance.

Leigh Anne Sherman will lead the Underwriting Service Branch operations with respect to Professional Lines business in the U.S. Currently Senior Vice President, Underwriting Service Branch Manager for Chubb, Ms. Sherman will provide oversight for new and renewal underwriting and service for all eligible management liability product offerings through the Commercial Insurance and Small Commercial business units that serve customers in the U.S., as well as the company’s North America Wholesale/E&S business. Ms. Sherman will report to Mr. Meyer.

Retail Business Practice Leadership for Professional Lines

The retail business of the U.S. Professional Lines organization will be organized into five practices: Financial Institutions Management Liability, Commercial Management Liability for Commercial Insurance, Commercial Management Liability for Major Accounts, Private/Not-For-Profit Management Liability, and Professional Liability, which includes the Privacy and Network Security suite of products and services. Operations will be further segmented into two Specialty Risk Centers (SRCs). The Western SRC will manage identified business submissions for Chicago and west, and the Eastern SRC will manage identified business submissions east of Chicago. The executives leading each practice will be responsible for bringing together the expertise, underwriting capabilities and services of the ACE and Chubb organizations and for facilitating a focused, consistent approach to underwriting and distribution across all regions.

Financial Institutions Management Liability

Steven F. Goldman will lead the Financial Institutions Management Liability business in the U.S. Currently Executive Vice President, Professional Lines for ACE, Mr. Goldman will report jointly to Mr. Meyer and Christopher A. Maleno, who, as previously announced, will serve as Senior Vice President of the new Chubb Group and Division President, North America Major Accounts.

Carrie Goesel, Michael Mollica and J. Scott Usilton will report to Mr. Goldman. Ms. Goesel, currently Vice President, Western SRC Manager for Chubb, will oversee all Major Account Financial Institutions business in the Western SRC. Mr. Mollica, currently Vice President, Professional Lines for ACE, and Mr. Usilton, currently Vice President, Eastern SRC Manager for Chubb, will jointly manage all Major Account Financial Institutions business in the Eastern SRC as well as all middle market Financial Institutions business nationwide.

Commercial Management Liability for Commercial Insurance

Paul A. Larson will lead Commercial Management Liability for Commercial Insurance business in the U.S. Currently Senior Vice President, Western SRC Manager for Chubb, Mr. Larson will report jointly to Mr. Meyer and Steven R. Pozzi, who, as previously announced, will serve as Senior Vice President of the new Chubb Group and Division President, North America Commercial Insurance.

Steven M. Hill and David Huck will report to Mr. Larson. Mr. Hill, currently Vice President, Western SRC Manager for Chubb, will oversee all middle market Commercial Management Liability business in the Western SRC, and Mr. Huck, currently Vice President, Professional Lines for ACE, will oversee all middle market Commercial Management Liability business in the Eastern SRC.

Commercial Management Liability for Major Accounts

Robert A. Wolfe will lead the Commercial Management Liability for Major Accounts business in the U.S. Currently Executive Vice President, Professional Lines for ACE, Mr. Wolfe will report jointly to Mr. Meyer and Mr. Maleno.

Eric M. Rivera and Jarrod Schlesinger will report to Mr. Wolfe. Mr. Rivera, currently Senior Vice President, Eastern SRC Manager for Chubb, will oversee all Major Account Commercial Management Liability business in the Eastern SRC, and Mr. Schlesinger, currently Vice President, Professional Lines for ACE, will oversee all Major Account Commercial Management Liability business in the Western SRC.

Private/Not-For-Profit Management Liability

Keith M. Lavigne will lead the Private/Not-For-Profit Management Liability business in the U.S. Currently Executive Vice President, Professional Lines for ACE, Mr. Lavigne will report jointly to Mr. Meyer and Mr. Pozzi.

Dorothy Badger, Bob Ellis, Scott Kantrowitz and Bob Lippert will report to Mr. Lavigne. Ms. Badger, Mr. Lippert and Mr. Ellis will all manage middle market Private/Not-For-Profit business. Ms. Badger, currently Vice President, Executive Field Underwriter for Chubb, will be responsible for the Western region, Mr. Lippert, currently Vice President, Executive Field Underwriter for Chubb, will be responsible for the Midwestern region, and Mr. Ellis, currently Vice President, Executive Field Underwriter for Chubb, will be responsible for the Eastern region. Mr. Kantrowitz, currently Vice President, Professional Lines for ACE, will be responsible for all Major Account Private/Not-For-Profit business nationwide.

Professional Liability

Michael J. Tanenbaum will lead the Professional Liability business in the U.S., which includes the Privacy and Network Security suite of products and services. Currently Executive Vice President, Professional Lines for ACE, Mr. Tanenbaum will report jointly to Mr. Meyer and Mr. Pozzi.

Christopher Calnon, Anthony Dagostino and James Rhyner will report to Mr. Tanenbaum. Mr. Calnon, currently Vice President, Professional Lines for ACE, will manage all Major Account Professional Liability business in the Western SRC, and Mr. Rhyner, currently Vice President, Law Firm Professional and Miscellaneous Professional Product Manager for Chubb, will manage all Major Account Professional Liability business in the Eastern SRC. Mr. Dagostino, currently Vice President, Professional Lines for ACE, will be responsible for all middle market Professional Liability business nationwide.

Wholesale/E&S Business Leadership for Professional Lines

Joseph P. Casey will lead the Wholesale Management Liability business in the U.S. Currently Division President, Professional Risk for ACE Westchester, Mr. Casey will be responsible for bringing together the expertise, underwriting capabilities and services of the ACE and Chubb Professional Lines organizations to its wholesale brokerage distribution partners. Mr. Casey will report jointly to Mr. Meyer and Bruce L. Kessler, who,as previously announced, will serve as Senior Vice President of the new Chubb Group and Division President, Chubb Westchester.

“The depth of experience within the combined company is fully demonstrated by this team – all are seasoned leaders with long track records of success. These are proven executives with the vision and drive to take the new Professional Lines organization in an exciting direction, one that our brokers, agents and clients will value,” said Mr. Cox. “We have a tremendous opportunity to become the carrier of choice for all management liability, professional liability and privacy/network security business, and I am confident in this teams’ ability to fulfill that promise.”

“This is a remarkably strong leadership team, which represents the best talent at both ACE and Chubb,” said Mr. Meyer. “These leaders have a deep knowledge of broker, agent and client priorities, and offer exceptional management and operational expertise. They understand what it takes to deliver superior products and services better than anyone else in the market, and I look forward to working with them to generate exceptional results for the organization.”

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 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.