Appointments to become effective upon completion of ACE’s
acquisition of Chubb
ACE Limited (NYSE: ACE) announced today the leadership team it
intends to appoint for the Latin America region of the new Chubb
Group’s Overseas General Insurance division, which includes
Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru,
Puerto Rico, Central America and the Caribbean. 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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Jorge Luis Cazar will serve as Senior
Vice President of the new Chubb Group and Regional President, Latin
America. (Photo: Business Wire)
As previously announced, Jorge Luis Cazar will serve as Senior
Vice President of the new Chubb Group and Regional President, Latin
America. The leadership team reporting to Mr. Cazar will
include:
- Marcos Gunn will serve as President,
Northern Latin America Region, which includes Mexico, Central
America and the Caribbean, and Chief Operating Officer, Latin
America. Currently, Mr. Gunn is Regional Chief Operating Officer
for ACE’s Latin America region.
- Herman Weiss will serve as President,
Andean Region, which includes Argentina, Chile, Colombia, Ecuador
and Peru. Currently, Mr. Weiss is Senior Vice President and Latin
America Zone Officer, Chubb Group.
- Antonio Trindade will serve as Country
President of Brazil. Currently, Mr. Trindade is Country President,
Brazil, for ACE.
- Pablo Korze will serve as Senior Vice
President, Commercial Property & Casualty, Latin America.
Currently, Mr. Korze is Senior Vice President, Property &
Casualty, for ACE’s Latin America region.
- Fabiola Franco will serve as Senior
Vice President, Accident & Health, Latin America. Currently,
Ms. Franco is Senior Vice President, Accident & Health, for
ACE’s Latin America region.
- David Heard will serve as Senior Vice
President, Personal Lines, Latin America. Currently, Mr. Heard is
Senior Vice President, Personal and Business Insurance, for ACE’s
Latin America region.
Mr. Cazar will report to Juan C. Andrade, Executive Vice
President, ACE Group, Personal Lines and Chief Operating Officer of
ACE Overseas General, and who as previously announced will serve as
Executive Vice President of the Chubb Group and President of the
Overseas General Insurance division.
“ACE has built a broad and deep presence across Latin America
with a very balanced mix of businesses. The team that will lead
this important region is comprised of experienced, capable and
effective managers who understand that insurance is a local
business driven by local relationships,” said Mr. Andrade. “We see
significant, long-term growth opportunities in Latin America on
both the industrial/commercial side, where there is a need to
develop critical infrastructure in many countries, and on the
consumer side, where there is a growing middle class. I am
confident that Jorge Luis, leading this strong team, including new
colleagues from Chubb, will deliver superior products and services
for our clients and partners across Latin America as well as
superior results for the organization.”
“I am very excited to announce the leadership team for the new
Chubb Group’s Latin America region,” said Mr. Cazar. “Marcos is a
strong executive who brings deep experience in Mexico, one of our
most important markets. Antonio is one of the most accomplished and
experienced insurance industry executives in Brazil. Pablo, Fabiola
and David combine an appreciation of the nuances of Latin America’s
different markets with a deep understanding of their respective
product lines. I am also very pleased that Herman will be leading
our important Andean region. He represents the best of Chubb and we
look forward to working with him and other new Chubb colleagues
when the transaction is completed. We will share more information
about our leadership team in Latin America at a later date.”
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151120005107/en/
ACE LimitedInvestors:Helen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia:Jeffrey Zack,
212-827-4444jeffrey.zack@acegroup.com
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