[November 27, 2015] |
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ACE Announces Future Leadership Team for Overseas General Insurance Personal Lines
ACE Limited (NYSE: ACE) announced today the future personal lines
leadership team it intends to appoint for the new Chubb Group's Overseas
General Insurance division. The leadership appointments will take effect
upon completion of the acquisition of Chubb, which is expected in the
first quarter of 2016.
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Darryl Page will serve as Vice President of the new Chubb Group and Division President, Personal Lines, for the Overseas General Insurance division. (Photo: Business Wire)
The new Chubb Group's international personal lines division will provide
a broad range of traditional and specialty insurance products to
targeted customer segments in emerging and developed markets around the
world: auto, residential and other insurance; property and casualty
products for high net worth individuals and families with fine homes,
automobiles, art, jewelry, watercraft and other valuable possessions;
and specialty coverage such as mobile phone handset insurance.
As previously announced, Darryl Page will serve as Vice President of the
new Chubb Group and Division President, Personal Lines, for the Overseas
General Insurance division. The leaders reporting to Mr. Page will
include:
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John Thompson will serve as Chief Underwriting Officer and Senior Vice
President, Personal Lines. Mr. Thompson will lead Mass Motor and Mass
Residential Products. Currently, Mr. Thompson is Chief Underwriting
Officer, Personal and Business Insurance, and Senior Vice President,
Motor and Residential Products, for ACE Overseas General.
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Chris Eappariello will serve as Chief Marketing Officer and Senior
Vice President, Personal Lines. Mr. Eappariello will lead Specialty
Personal Lines. Currently, Mr. Eappariello is Chief Marketing Officer,
Personal and Business Insurance, and Senior Vice President, Specialty
Personal Lines, for ACE Overseas General.
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Simon Mobey will serve as Senior Vice President, Personal Lines, and
will lead High Net Worth. Currently, Mr. Mobey is Senior Vice
President and Personal Lines Manager, Europe, for Chubb.
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Raul Cisneros will serve as Vice President, Personal Lines, and Chief
Actuary. Currently, Mr. Cisneros is Vice President, Personal and
Business Insurance, and Chief Actuary, for ACE Overseas General.
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Justin Boyson will serve as Vice President, Personal Lines, and Head
of Operations and Strategy. Currently, Mr. Boyson is Vice President,
Personal and Business Insurance, and Vice President, Small and Medium
Sized Enterprises, for ACE Overseas General.
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As previously announced, Gary Willoughby will serve as Vice President,
Personal Lines Claims. Currently, Mr. Willoughby is Vice President
Claims, Personal and Business Insurance, for ACE Overseas General.
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David Byrne will serve as Vice President, Personal Lines, and Division
Finance Officer. Currently, Mr. Byrne is Vice President, Personal and
Business Insurance, and Division Finance Officer, for ACE Overseas
General.
As previously announced, Mr. Page will report to Juan C. Andrade, who
will serve as Executive Vice President of the new Chubb Group and
President of the Overseas General Insurance division.
"I am pleased to announce this team of professionals who will lead
Chubb's international personal lines organization," said Mr. Page. "I am
particularly delighted to welcome Simon Mobey and our Chubb teammates,
who will help us enhance our product reach and enable us to continue to
serve ACE's personal lines clients outside of North America. Simon
brings deep high net worth knowledge and expertise to our team, and I am
excited to leverage his talents more broadly."
"By bringing together the best of ACE and Chubb, we will have a broader
and deeper capability to serve consumers in both developed and emerging
markets," said Mr. Andrade. "I have tremendous confidence in Darryl and
his team of professionals to continue to profitably grow our
international personal lines portfolio."
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 (News - Alert)") 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151127005179/en/
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