PHILADELPHIA--(BUSINESS WIRE)--ACE Group today announced the expansion of its Mergers and Acquisitions (M&A) Practice into a Private Equity Practice concentrating on insurance solutions for private equity firms, their portfolio companies as well as their M&A transactions. Seth Gillston, based in New York City, was named Executive Vice President to lead the expanded practice. He will coordinate a dedicated team of underwriters who apply their knowledge and expertise to address the specialized needs of the private equity industry and the M&A process.
ACE’s successful Mergers and Acquisitions Practice has been enhanced to broaden its comprehensive suite of risk management solutions, insurance products across all North American business units, and claims coordination to respond to the needs of the private equity industry and their portfolio companies. It will also work in concert globally with our newly established Global Accounts Division headed by Joe Clabby, Division President. This expansion involves enhanced coordination of ACE’s team of U.S.-based underwriters who respond to deal-specific M&A transactions as well as existing portfolio companies.
“Private equity transactions and M&A deal flow continue to pick up pace,” said John Lupica, Chairman, Insurance - North America. “We are responding by coordinating the ACE resources on these transactions and dedicating a team of experienced underwriters. Our insurance professionals apply their knowledge of specialized underwriting products and services while developing creative solutions.”
“Private equity firms and their advisors are moving towards a more coordinated approach as it relates to the risk management needs of their global portfolio of companies,” Mr. Gillston commented. “With M&A on the rise, companies are balancing multiple and shifting priorities that add layers of risk. ACE’s underwriting approach has evolved, as we consider this broader relationship with private equity firms and their portfolio companies. A global carrier needs to coordinate their response with tailored property, casualty, management liability, and transactional insurance products. These products can help facilitate a merger, acquisition, or divestiture as well as respond to a new insurance program for a carve-out division.”
Mr. Gillston adds this responsibility to his current role within ACE Risk Management, ACE’s primary casualty business, as well as underwriting transactional-specific products done through ACE Financial Solutions, such as loss portfolio transfers that can help facilitate M&A transactions. He will continue to report to Matt Merna, Division President, ACE Risk Management.
Mr. Gillston joined ACE in 2000 and has more than 18 years of insurance industry experience. During his tenure, Mr. Gillston has been at the forefront of the growth and development of the ACE Mergers and Acquisitions Practice. Mr. Gillston received his Bachelor of Science degree with a dual major in Risk Management and Economics from Temple University in Philadelphia, Pa. Further information is available by contacting Seth Gillston by telephone at (212) 209-2273 or by email at seth.gillston@acegroup.com.
ACE’s Mergers and Acquisitions Practice offers a broad suite of products and services including the following underwriting groups:
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.
Contact:
ACE North America Communications
Carla Ferrara, 215-640-4744
carla.ferrara@acegroup.com