NEW YORK, Feb. 2, 2017 /PRNewswire/ -- Chubb today released the following statement:
The Chubb family is saddened by the passing of John R. Cox, the founding Chairman and first employee of ACE Limited, which was established in 1985 and last year acquired The Chubb Corporation, adopting its name. Mr. Cox, a giant in the property and casualty insurance industry, was 84.
"John Cox was a respected and accomplished industry leader of his generation," said Evan Greenberg, Chairman and Chief Executive Officer of Chubb. "What John put in motion more than 30 years ago in helping to found, lead and shape ACE in its formative years is a noteworthy legacy, and we honor his vision and achievements. Those who knew and worked with John remember him giving generously of his time in order to share his industry knowledge, and of fostering a dynamic environment where people could learn and grow. He will be missed by colleagues and friends. Our thoughts are with his family."
In the mid-1980s, Mr. Cox was among a handful of forward-thinking pioneers who helped create a new insurance company to respond to an availability crisis in the U.S. insurance marketplace for excess liability and directors and officers insurance coverage. The founding sponsors of ACE were 34 blue-chip companies from a broad range of industries. Mr. Cox played a critical role in forming this consortium.
By the time ACE was founded in 1985, Mr. Cox was already a recognized industry leader. He began his career in the insurance industry in 1959 as an accounting clerk at American International Group, where his career flourished. He later joined the Insurance Company of North America, becoming President and, in 1981, Senior Executive Vice President and Chief Operating Officer of the insurer's parent company, INA Corporation. When INA merged with the Connecticut General Life Insurance Company to form Cigna, Mr. Cox was Executive Vice President for its P&C insurance operations. Mr. Cox left Cigna in 1983 and served for a time as Deputy Chairman and Chief Executive Officer of Associated Madison Companies, a financial services group owned by the American Can Company. He retired from ACE in 1990.
The Insurance Company of North America, founded in 1792 and the oldest stock insurance company in the United States, played a central role in the corporate history of Chubb. INA's global P&C business, then a part of Cigna, was acquired by ACE in 1999. The transformational deal provided ACE with a global network, including the U.S., upon which to build.
Mr. Cox grew up in Boston, Mass. and Newburgh, N.Y. He served in the Marine Corps in the Korean War and, following his military service, graduated from New York University and attended NYU's Graduate School of Business Administration.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.