ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the future leadership team it intends to appoint for the company’s North America and international Risk Engineering Practices. The leadership appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.
The Risk Engineering Practices will offer commercial clients of the new Chubb a range of services focused on identifying exposures, assessing the adequacy of existing controls and working with customers to improve their efforts to minimize losses. The practices will offer customized risk management and loss control programs and specialized consulting geared to the identification of obstacles to quick disaster recovery, such as hard-to-replace machine parts or dependence on a single supplier. The practices will serve the wide range of industries represented in the company’s customer base.
Steven Hernandez will lead the company’s North America Risk Engineering Practice and Home Office Technical Staff. Currently, Mr. Hernandez is Senior Vice President, Worldwide Loss Control Manager for Chubb Commercial Insurance. Mr. Hernandez will be responsible for risk engineering service programs for commercial customers in North America. Mr. Hernandez will also be responsible for the company’s thought leadership on major loss control, environmental health and safety topics.
Reporting to Mr. Hernandez will be:
Mr. Hernandez will report to Paul O’Neill, who is currently Senior Vice President and Chief Underwriting Officer for ACE’s North America Property & Specialty Lines division and will continue in that role. Mr. Hernandez will also have a reporting relationship to Christopher A. Maleno, who, as previously announced, will serve as Senior Vice President of the new Chubb Group and Division President, North America Major Accounts, and to Steven R. Pozzi, who, as previously announced, will serve as Senior Vice President of the new Chubb Group and Division President, North America Commercial Insurance.
Raimund Navakas will lead the Risk Engineering Practice for the company’s Overseas General Insurance division. Currently, Mr. Navakas is Senior Vice President and Head of ACE Global Property Risk Engineering. In his new role, he will be responsible for leading the integration of the current ACE and Chubb risk engineering units outside North America, working closely with the international property and casualty lines leadership team to ensure that the units support the Overseas General Insurance division’s underwriting strategies. Mr. Navakas, working closely with Mr. Hernandez, will also lead development and implementation of service strategies targeted to the company’s global client base. Mr. Navakas will report to Mr. O’Neill. Mr. Navakas will also have a reporting relationship to David Furby, who, as previously announced, will serve as Senior Vice President of the new Chubb Group and Division President, Commercial Property & Casualty for the Overseas General Insurance division, and Joseph S. Clabby, who, as previously announced, will serve as Vice President of the new Chubb Group and Division President, Bermuda and Global Accounts.
The company expects to announce additional appointments to the international Risk Engineering Practice at a later date.
In his new role, Mr. O’Neill will have executive responsibility for the company’s more than 400 risk engineering professionals worldwide and for all aspects of risk engineering processes and protocols required to serve the new Chubb's policyholders and distribution network of agents and brokers. For his risk engineering and loss control responsibilities, Mr. O’Neill will report to Paul J. Krump, who, as previously announced, will serve as Executive Vice President of the new Chubb Group and President, North America Commercial and Personal Insurance. For his North America property and specialty lines responsibilities, Mr. O’Neill will continue to report to John Lupica, who, as previously announced, will serve as Vice Chairman of the new Chubb Group and President, North America Major Accounts and Specialty Insurance.
“We are pleased to announce the team that will lead the new Chubb’s Risk Engineering Practices, which draw on the strengths of both companies, including the value-added loss control services that have been an important part of Chubb’s strong relationship with middle market commercial clients,” said Mr. O’Neill. “Steven and Raimund are experienced leaders with a proven track record managing loss control services. Our new team will integrate the best practices of ACE and Chubb as we build a world-class global loss control organization.”
“One of the most powerful ways we can help commercial customers manage their risk is by mitigating or avoiding a costly loss. The combined Chubb and ACE organization will have a network of experienced risk engineers with unmatched industry and technical expertise,” said Mr. Krump. “I am confident that under the leadership of Paul, Steve and Rai, the new Chubb’s Risk Engineering Practices will build on the respective strengths of both companies to deliver trusted advice, insights and solutions that will have a meaningful and positive impact on our customers’ risk management strategies.”
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.
Contact:
ACE Limited
Investors:
Helen Wilson, 441-299-9283
helen.wilson@acegroup.com
or
Media:
Jeffrey Zack, 212-827-4444
jeffrey.zack@acegroup.com