ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today the leadership team it intends to appoint for the company’s North America excess and surplus (E&S) lines wholesale business upon the completion of the acquisition of Chubb. The business will be called Westchester, a Chubb company, and it will include wholesale business currently written in ACE Westchester, ACE Commercial Risk Services, Chubb Custom Market, Chubb Specialty Insurance and Chubb Commercial Insurance. The acquisition is expected to close in the first quarter of 2016.
As previously announced, Bruce Kessler will serve as Senior Vice President of the new Chubb Group and Division President of Westchester. He will be responsible for integrating the E&S, small commercial and programs businesses within ACE and Chubb, focusing on the company’s wholesale distribution partners. Mr. Kessler 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.
The company also announced that David Lupica will serve as Chief Operating and Distribution Management Officer. Reporting to Mr. Lupica, who is currently Division President of ACE Commercial Risk Services, will be the small commercial group, which will include the wholesale, micro specialty and programs businesses currently written by ACE Commercial Risk Services, Chubb Commercial Insurance and Chubb Specialty Insurance. Mr. Lupica will report to Mr. Kessler.
Westchester will also continue its focus on the Property, Casualty, Professional Risk, Inland Marine, Environmental and Product Recall lines of business for wholesale distribution partners. Leading these businesses and continuing to report to Mr. Kessler are the following individuals:
Leading the small commercial group and reporting to David Lupica are the following individuals:
"I’m very pleased to have this seasoned and talented group of leaders that I expect will continue to generate strong results as we broaden our capabilities in the wholesale market, invest in new technologies and build out our distribution,” said Mr. Kessler. “I am fortunate to have a team in which I have the fullest confidence to achieve our ambitious targets for growth and profitability."
“Westchester’s commitment to the wholesale market is demonstrated by the future additions of the small business specialty and programs leadership,” said John Lupica. “Bruce and his expanded team will focus on building out the combined product portfolio of Chubb and ACE in order to position Westchester as the specialty insurer of choice for a broad array of challenging risks.”
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.