ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) announced today that John Keogh, Vice Chairman and Chief Operating Officer, has been appointed Executive Vice Chairman of the company. Mr. Keogh will continue to serve as Chief Operating Officer with responsibility for all property and casualty (P&C) insurance operations of the company globally. The appointment is effective immediately and will continue upon completion of the acquisition of Chubb, which is expected in the first quarter of 2016.
“It is with great pleasure that I announce the appointment of John Keogh to Executive Vice Chairman of ACE,” said Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited. “John has made substantial contributions to the success of our company and this great recognition is well deserved. As our number two executive and my longtime trusted colleague, John is an exceptional insurance executive with tremendous leadership and global industry experience. As we look to the future of the company following our acquisition of Chubb, John will play a significant role in executing our ambitious growth strategies and realizing our full potential as the world’s largest publicly traded P&C company.”
Mr. Keogh joined ACE in 2006 to head the company’s Overseas General business. He was appointed Vice Chairman of ACE Limited in 2010 and Chief Operating Officer in 2011. Mr. Keogh joined ACE after more than 20 years with American International Group (AIG), where he last served as Senior Vice President, Domestic General Insurance, and President and Chief Executive Officer of National Union Fire Insurance Company, AIG's company that specializes in directors and officers liability and fiduciary liability coverages. Mr. Keogh holds a Bachelor of Arts degree in Economics from Brown University.
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.