ZURICH--Nov. 20, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today key leaders it intends to appoint for the Asia Pacific region of the new Chubb Group’s Overseas General Insurance division, which includes Australia, China, Hong Kong, Indonesia, Korea, Macao, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam. 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, Juan Luis Ortega will serve as Senior Vice President of the new Chubb Group and Regional President, Asia Pacific. The leaders reporting to Mr. Ortega will include:
Mr. Ortega 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 new Chubb Group and President of the Overseas General Insurance division.
“The long-term growth opportunities in Asia Pacific are perhaps the greatest of any region. Our presence extends from large, developed markets to dynamic, faster-growing Southeast Asian economies, and our commercial and non-life consumer businesses serve a highly diverse customer base,” said Mr. Andrade. “Reaching our potential in Asia Pacific requires strong, capable, talented and effective leaders. That’s what we are announcing today. I am confident that Juan Luis and his team, including our new colleagues from Chubb, will continue to grow and diversify our geographic footprint, product mix, and distribution channels to meet the needs of the region’s growing middle class, small businesses and large regional and global companies.”
“I am very excited to announce these appointments for the new Chubb Group’s Asia Pacific region,” said Mr. Ortega. “These are key leadership appointments – they each have a strong proven track record and are hands-on, results-oriented insurance professionals. I look forward to continuing to work with Paul, Glen, Edward and John and welcome Matt, Greg and Kevin to our Asia Pacific team. I am confident in their ability to further build our company in the region, with the enhanced capabilities of product and distribution our combined businesses will have in the near future. We will share more information about our leadership team in Asia Pacific at a later date.”
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.