ZURICH--Nov. 16, 2015--BUSINESS WIRE)--ACE Limited announced today that Paul J. Krump, currently President of Personal Lines and Claims for Chubb, will serve as President, North America Commercial and Personal Lines of the new Chubb Group. The intended appointment will take effect upon ACE’s completion of the acquisition of Chubb, which is expected in the first quarter of next year.
Mr. Krump, who was named in an earlier announcement to serve as Executive Vice President for Global Underwriting and Claims, will have North America executive operating responsibilities that were previously announced for Dino E. Robusto, who is leaving Chubb to pursue another opportunity as Chairman and CEO of CNA.
Mr. Krump will have executive operating responsibility for the retail commercial property and casualty (P&C) insurance businesses serving the middle market and small commercial customer segments for all products in the United States and Canada through a broad distribution system that includes independent agents and brokers. In addition, the company’s personal lines insurance business serving affluent and high net worth (HNW) individuals and families in North America will report to Mr. Krump. Mr. Krump’s scope of responsibility will include all P&C products, underwriting, claims, actuarial and support functions related to these businesses, as well as a matrixed responsibility for the field organization personnel responsible for the sales and servicing of the middle market, small commercial and HNW personal lines markets.
As previously announced, Mr. Krump will have senior executive responsibility as head of global claims, and he will report to John Keogh, who is currently Vice Chairman and Chief Operating Officer of ACE Group and who will continue to serve in that role.
“Paul Krump is a veteran, experienced insurance executive and I am pleased he will lead our North American commercial and personal lines businesses. We also wish Dino well with his new responsibilities,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Group. “Paul has deep knowledge of all of Chubb’s businesses, particularly middle market commercial and personal lines. He is a natural leader and a great underwriter. The appointment of Paul to this senior executive position clearly demonstrates the deep bench of leadership talent within the new Chubb organization. John Keogh and I have great confidence in Paul’s abilities and his desire to drive the success of our new North American organization.”
The company also announced a change in title for John Lupica, who will now serve as President, North America Major Accounts & Specialty Insurance of the new Chubb Group. Currently, Mr. Lupica is Vice Chairman of ACE Group and Chairman of the company’s Insurance — North American businesses.
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.