News Releases

ZURICH--Nov. 20, 2015--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the senior leadership team it intends to appoint for the new Chubb Group’s Overseas General Insurance division. This division comprises two major businesses: one with distribution through retail brokers in five regions of the world – Asia Pacific, Europe, Latin America, Far East and Eurasia & Africa – and the other an excess and surplus (E&S) lines business with distribution through brokers in the London wholesale market and Lloyd’s. As previously announced, Juan C. Andrade will serve as Executive Vice President of the new Chubb Group and President of the Overseas General Insurance division. The leadership appointments for these regions, international products and functions will all take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.

Regional Leadership Team

Asia Pacific: Juan Luis Ortega will serve as Senior Vice President of the new Chubb Group and Regional President, Asia Pacific. Currently Senior Vice President, ACE Group, and Regional President of ACE’s Asia Pacific region, Mr. Ortega will continue to have overall responsibility for the general management and business results for all operations in the region, which includes Australia, China, Hong Kong, Indonesia, Korea, Macao, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.

Europe: Andrew Kendrick will serve as Senior Vice President of the new Chubb Group and Regional President, European Group. Currently Senior Vice President, ACE Group, and President of ACE European Group, Mr. Kendrick will continue to have overall responsibility for the general management and business results for all operations in the region, 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. He will also continue to be responsible for the company’s international E&S wholesale business headquartered in London, which will become Chubb Global Markets.

Latin America: Jorge Luis Cazar will serve as Senior Vice President of the new Chubb Group and Regional President, Latin America. Currently Senior Vice President, ACE Group, and Regional President of ACE’s Latin America region, Mr. Cazar will continue to have overall responsibility for the general management and business results for all operations in the region, which includes Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Puerto Rico, Central America and the Caribbean.

Far East: Jeff Hager will serve as Regional President, Far East. Currently Regional President, ACE Far East, Mr. Hager will continue to have overall responsibility for the general management and business results for all operations in Japan.

Eurasia & Africa: Giles Ward will serve as Regional President, Eurasia & Africa. Currently Regional President of ACE’s Eurasia & Africa region, Mr. Ward will continue to have overall responsibility for the general management and business results for all operations in the region, which includes Bahrain, Egypt, Pakistan, Russia, Saudi Arabia, South Africa, Tunisia, Turkey and the United Arab Emirates.

Messrs. Ortega, Kendrick, Cazar, Hager and Ward will report to Mr. Andrade.

Key International Product Lines Leadership Team

Commercial Property & Casualty: David Furby will serve as Vice President of the new Chubb Group and Division President, Commercial Property & Casualty. Currently Vice President of ACE Group and Division President, Commercial Property & Casualty, ACE Overseas General, Mr. Furby will continue to have responsibility for the company’s international commercial property and casualty (P&C) insurance business, including property, casualty, professional lines, energy and marine product lines, as well as for the reinsurance the company will purchase for its international insurance operations. Reporting to Mr. Furby and serving as Chief Operating Officer, Commercial Property & Casualty, will be Timothy O’Donnell. Currently, Mr. O’Donnell is Executive Vice President, Professional Lines, ACE Overseas General, and he will retain those responsibilities in his new role.

Accident & Health: Edward Levin will serve as Senior Vice President of the new Chubb Group and Division President, Accident & Health (A&H). Currently Senior Vice President, ACE Group, and Division President, International Accident & Health, ACE Overseas General, Mr. Levin will continue to be responsible for the company’s international personal accident, supplemental health and travel insurance business.

Personal Lines: Darryl Page will serve as Vice President of the new Chubb Group and Division President, Personal Lines. Currently Vice President, ACE Group, and Division President, Personal and Business Insurance, ACE Overseas General, Mr. Page will continue to have responsibility for the company’s international personal lines.

Messrs. Furby, Levin and Page will report to Mr. Andrade.

Operating Functions Leadership Team

The company also announced the leaders it intends to appoint for key functional areas of the Overseas General Insurance division, including claims, information technology, operations, finance, human resources and legal.

Claims: Andrew McBride will serve as Executive Vice President, Claims. Currently, Mr. McBride is Executive Vice President, Claims, ACE Overseas General. In addition to reporting to Mr. Andrade, Mr. McBride will continue to have a reporting relationship to Frank Lattal, who is currently Chief Claims Officer and Senior Vice President, ACE Group and will continue to serve in that role.

Information Technology: Keith Schlosser will serve as Executive Vice President and Chief Information Officer. Currently, Mr. Schlosser is Executive Vice President and Chief Information Officer, ACE Overseas General. In addition to reporting to Mr. Andrade, Mr. Schlosser will continue to have a reporting relationship to Kevin Shearan, who is currently Chief Information Officer and Vice President, ACE Group and will continue to serve in that role.

Operations: Anne Rocco will serve as Executive Vice President, Operations. Currently, Ms. Rocco is Senior Vice President and International Field Operations Manager for Chubb. In addition to reporting to Mr. Andrade, Ms. Rocco will have a reporting relationship to Patrick Markowski, who is currently Executive Vice President, Global Operations and Re-Engineering for ACE and will continue to serve in that role. Reporting to Ms. Rocco will be Tricia Callinan, who is currently Senior Vice President, Operations, ACE Overseas General.

Finance: John Jones will serve as Executive Vice President and Chief Financial Officer. Currently, Mr. Jones is Executive Vice President and Chief Financial Officer, ACE Overseas General. In addition to reporting to Mr. Andrade, Mr. Jones will continue to have a reporting relationship to Philip Bancroft, who is currently Chief Financial Officer, ACE Limited, and Executive Vice President, ACE Group and will continue to serve in that role. Reporting to Mr. Jones will be Mike Kessler, who will serve as Executive Vice President and Chief Actuary. Currently, Mr. Kessler is Executive Vice President and Chief Actuary, ACE Overseas General.

Human Resources: Becket McNab will serve as Executive Vice President, Human Resources. Currently, Ms. McNab is Executive Vice President, Human Resources, ACE Overseas General. In addition to reporting to Mr. Andrade, Ms. McNab will continue to have a reporting relationship to Phillip Cole, who is currently Global Human Resources Officer and Senior Vice President, ACE Group and will continue to serve in that role.

Legal: Howard Schrader will serve as Executive Vice President and General Counsel. Currently, Mr. Schrader is Executive Vice President and General Counsel, ACE Overseas General. In addition to reporting to Mr. Andrade, Mr. Schrader will continue to have a reporting relationship to Joseph Wayland, who is currently General Counsel, ACE Limited, and Executive Vice President, ACE Group and will continue to serve in that role.

“We are pleased to announce the leadership of our Overseas General Insurance division, which is comprised of a team of true internationalists who have deep knowledge of and experience in local markets around the world,” said John Keogh, Executive Vice Chairman and Chief Operating Officer of ACE Limited. “Chubb complements and deepens ACE’s significant global presence and capabilities in a meaningful way. Our strong team will position the company’s international businesses to continue to be a very important part of the company’s growth story into the future.”

“The executives who will lead our five regions, major international business lines and key functions have proven experience, energy, a passion for the business, the know-how to execute and a deep knowledge of local markets, all of which is essential for serving our diverse group of clients,” said Mr. Andrade, Executive Vice President, ACE Group, Personal Lines and Chief Operating Officer of ACE Overseas General. “Together, we will build on the best of each company to achieve long-term sustainable growth. We look forward to making additional announcements in each of our regions. I also look forward to welcoming our new Chubb colleagues from around the world.”

Leadership Bios

Juan Luis Ortega has 16 years of insurance industry experience. Appointed Regional President of ACE’s Asia Pacific operations in 2013, Mr. Ortega has overall responsibility for the general management and business results of the commercial and personal P&C and personal accident insurance operations in the region’s 13 countries and territories. Previously, Mr. Ortega served as Senior Vice President, A&H, for the Asia Pacific region. He joined ACE in 1999 and advanced through a series of accident and health and credit insurance management positions in Miami, Puerto Rico and Mexico, before being named Country President of Chile in 2005, where he was responsible for ACE’s P&C, A&H and life insurance businesses in that country. Mr. Ortega has also served as Senior Vice President and Regional Head of Accident & Health for the company’s nine-country Latin America region. Mr. Ortega earned a Bachelor of Science degree in Finance and Business Administration from Universidad Diego Portales, Chile.

Andrew Kendrick has more than 35 years of insurance industry experience. Named President of ACE European Group in 2004, Mr. Kendrick is responsible for the company’s P&C, A&H, life and specialty personal lines insurance operations in 19 countries and territories across the region. He is also responsible for ACE Global Markets, the company’s global wholesale business headquartered in London. He joined ACE in 1996 when the company acquired Ockham Underwriting Agency. Prior to his current role, he served as Division President, ACE Bermuda and, before that, as ACE's Director of Underwriting and Active Underwriter of Syndicate 2488 at Lloyd’s, which forms part of ACE Global Markets. Mr. Kendrick started his career at Sturge Syndicate 210 in 1978. Mr. Kendrick has served as a non-executive director to the Lloyd’s Franchise Board since 2007. He has been a director of the London Market Association (LMA) since 2005, and was its Chairman from 2006 to 2007. He was also a member of former U.K. Chancellor Gordon Brown’s London Insurance Market Review Group.

Jorge Luis Cazar has more than 25 years of insurance industry experience. Since 2006, he has served as Regional President of ACE’s Latin America region, responsible for the general management and business results for all operations in the region. An experienced international executive, Mr. Cazar has held senior underwriting and general management positions in Latin America and Asia Pacific. Before his current assignment, Mr. Cazar served as Senior Vice President, A&H, in ACE’s Asia Pacific region; Regional Vice President, A&H, in Latin America; and President of ACE Seguros in Argentina and ACE Seguros in Chile. Before joining ACE in 2001, Mr. Cazar held positions of increasing responsibility with CIGNA International, a global property and casualty company that ACE purchased in 1999. He began his career at Bolivar Insurance Company in Ecuador. Mr. Cazar holds a Bachelor’s degree in Political Science and a law degree from Catholic University in Guayaquil, Ecuador. He is also the former director of the Association of Insurers of Ecuador and former director of the Associacion de Aseguradores de Chile A.G.

Jeff Hager has more than 25 years of insurance industry experience in Asia and North America. In 2011, he joined ACE as Regional President, ACE Far East, responsible for the company’s P&C and A&H insurance businesses in Japan. Previously, Mr. Hager was with Fireman’s Fund Insurance Company in Dallas, where he was the company’s National Sales Leader from 2009 to 2011. Prior to that, he served as Executive Vice President in charge of AIU’s P&C and A&H insurance company in Japan, following executive leadership assignments in the sales and distribution division of AIU’s Japan and Korea P&C businesses. Previously, Mr. Hager held a variety of increasingly responsible positions in sales, distribution, marketing and claims over 14 years and in multiple U.S. locations, including Regional Sales & Distribution Leader for nine states and 7,000 independent agents in the central U.S. from 2002 to 2004. He began his insurance career in 1991 as Claims Adjuster at Safeco in Denver.

Mr. Hager earned a Bachelor’s degree in Marketing from Kansas State University.

Giles Ward has more than 25 years of insurance industry experience. As President of ACE’s Eurasia & Africa region, a role he assumed with the creation of the region in April 2014, he is responsible for ACE’s P&C, A&H and personal and business insurance operations in the nine countries that make up this region. He is also responsible for driving strategy and business development in the region, including future expansion into new markets. Mr. Ward joined ACE in 2006 as Regional Managing Director for the company’s Middle East and North Africa region. In 2010, he moved to Sydney to take up the role of Country Present, Australia and New Zealand. Prior to joining ACE, Mr. Ward held a number of underwriting and management roles within the insurance industry in the U.K. and Asia, including Regional Director of Distribution & Marketing for AXA’s general insurance operations throughout Asia. Mr. Ward holds a BA degree in Economics from the University of Manchester.

David Furby has more than 30 years of insurance industry experience. As Division President, Commercial Property & Casualty, ACE Overseas General, he is responsible for the company’s P&C insurance business outside of North America, including property, casualty, professional lines, energy and marine product lines, as well as for the reinsurance ACE purchases for its international insurance operations. Prior to his current assignment, Mr. Furby was the Regional President responsible for the company’s P&C business in Continental Europe. From 2002 to 2005, Mr. Furby was Division President of ACE Tempest Re Group, where he oversaw ACE’s worldwide reinsurance operations and was responsible for the continued development of those businesses. He has also served as the company’s Corporate Reinsurance Officer. Mr. Furby joined ACE Group in 1996 when the company acquired the Ockham Syndicate. He was Treaty Underwriter for Syndicate 219, and later Director of Inwards and Outwards Reinsurance for Syndicate 2488, ACE Global Markets. Earlier in his career, he was a broker at Greig Fester from 1981 to 1989.

Edward Levin has more than 15 years of insurance industry experience. As Division President, Accident & Health, ACE Overseas General, Mr. Levin is responsible for ACE’s personal accident, supplemental health and travel insurance business in more than 50 countries outside North America. ACE distributes these A&H products to individuals and organizations through a wide variety of channels including insurance brokers, affinity partnerships, telemarketing, television and the Internet. Mr. Levin joined ACE in 2004 as Regional Executive Vice President of the company’s A&H, personal lines and life insurance operations in the Europe, Middle East and Africa region, based in London. Prior to joining ACE, he served as Executive Vice President for Citigroup’s Europe, Middle East and Africa insurance operations in London and Senior Vice President, Personal Lines, for Travelers. He also has a decade of management experience at Citibank and Booz Allen & Hamilton in New York and Buenos Aires. Mr. Levin holds a Bachelor’s degree in Economics from Harvard College and a Master’s degree in International Business and Marketing from Columbia Business School.

Darryl Page has more than 30 years of insurance industry experience. As Division President, Overseas Personal and Business Insurance, ACE Overseas General, Mr. Page has responsibility for ACE’s personal lines and small- and mid-sized commercial insurance operations in 50 countries outside of North America. Prior to joining ACE, he served as President of Personal Insurance at Fireman’s Fund in the U.S. Preceding this position, he spent 27 years at Allstate in several leadership roles, including Field Vice President with responsibilities in three regions; Vice President, Product Operations, where he was responsible for product management, pricing and underwriting for 29 states in the western U.S.; and Vice President, Western Market Operating Committee, where he oversaw all field operations for 29 U.S. states. In addition, Mr. Page served as Chairman of Allstate Canada. Mr. Page holds a Bachelor’s degree in Economics from Santa Clara University in California.

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.