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 Boston Region of the company’s North America field
organization. The appointments will take effect upon completion of the
acquisition of Chubb, which is expected in the first quarter of 2016.
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Mitchell C. Schmidt will serve as Senior Vice President, North America Insurance and Regional Executive Officer (REO) of the Boston Region. (Photo: Business Wire)
Mitchell C. Schmidt will serve as Senior Vice President, North America
Insurance, and Regional Executive Officer (REO) of the Boston Region.
Currently, Mr. Schmidt is REO, Northeast, ACE USA. Mr. Schmidt, who was
named in an earlier announcement to serve as Regional Chief Operating
Officer (RCOO) for the Boston Region, will have responsibilities that
were previously announced for John M. Swords, who will be retiring from
Chubb at the end of 2015. Mr. Schmidt will report to Harold L. Morrison,
Jr., who, as previously announced, will serve as Senior Vice President
of the new Chubb Group and Division President, Field Operations for the
North America Insurance division.
As REO, Mr. Schmidt will be responsible for executing the underwriting
and sales strategies of the new Chubb’s business units, staff
management, production, profit and loss, and distribution management in
the Boston Region, which will be one of eight North America Insurance
regions across the United States and Canada. In addition to his REO
duties, Mr. Schmidt will manage the Boston office.
Jeffrey A. Updyke will serve as RCOO of the Boston Region and report to
Mr. Schmidt. Currently, Mr. Updyke is Senior Vice President and New
Haven Branch Manager for Chubb. In addition to his RCOO duties, Mr.
Updyke will manage the New Haven branch office, and the Rochester branch
office will report to him.
“Given the wide spectrum of risks that are unique to each region, it's
imperative our future field organization is nimble,” said Mr. Morrison.
"Mitch and Jeff are talented field leaders who represent the deep bench
strength in the Northeast. They possess the management skills, sound
industry insights and strong distribution relationships that will help
our new organization generate significant profitable growth in that
market."
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.
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