Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$ACE Management Update: ACE Group announced today the appointment of Dang Hoang Tung as its new Country President for its general insurance operation in Vietnam, effective 29 June. In his new role, Mr. Dang will oversee the operations & business development activities in Vietnam namely, Property & Casualty, Accident & Health and Travel Insurance.
Insurance company $ACE said its risk management services company ESIS, Inc. has launched ESIS On Call for Construction, a rapid response tool for severe workers compensation or complex automobile and general liability insurance claims. It facilitates quick response to critical incidents and is accessible 24/7 via mobile app, Internet or telephone.
$ACE appointed Rahim Firozali as General Manager for Combined in Europe. In his new role, Rahim will continue to be based in Portugal and to lead the Combined Portugal business. He will report to Andrew Kendrick, President of ACE European Group, with a matrix reporting line into Brad Bennett, President of Combined Insurance.
$ACE appointed Drazen Jaksic as SVP, Accident and Health for Europe and Eurasia and Africa. Drazen will continue to be based in London, reporting to Andrew Kendrick, President of ACE European Group and Edward Levin, SVP, ACE Group, and Division President, Accident and Health, for ACE Overseas General.
$ACE promoted GM of Combined Insurance in Portugal, Rahim Firozali, to the role of General Manager for Combined in Europe, succeeding Drazen Jaksic. In new role, Rahim will be responsible for performance and future development of Combined Insurance's European operations, which currently include businesses in the UK, Portugal and Germany.
$ACE said it intends to appoint Mitchell Schmidt as SVP for North America Insurance Division and Jeffrey Updyke as RCOO of the Boston Region. Schmidt will report to Harold Morrison, SVP of the new Chubb Group for North America Insurance division. The appointments are effective upon completion of the acquisition of $CB, which is expected in 1Q16.
Insurance company $ACE said it will appoint a leadership team for its North America and international Risk Engineering Practices which will take effect upon completion of the Chubb acquisition expected in 1Q16. The Risk Engineering Practice will be led by Steven Hernandez in North America and by Raimund Navakas in Overseas General Insurance.
Provider of insurance products $ACE said that it has appointed David Furby as Vice President of the new Chubb Group and Division President, Commercial Property & Casualty for the Overseas General Insurance division. Furby will report to Juan Andrade, who will serve as EVP of the new Chubb Group and President of Overseas General Insurance division.
At Sept. 30, 2015, $ACE's corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approx. 12% of its fixed income portfolio. The company's below-investment grade and non-rated portfolio includes over 1,200 issuers, with the greatest single exposure being $86MM.
On Oct. 23, 2015, $ACE filed a new unlimited shelf registration which allowed it to issue certain classes of debt and equity, replacing the shelf registration filed in Dec. 2014. Also in Oct. 2015, $ACE issued $5.3Bil of senior notes, the proceeds of which are expected to be used to finance a portion of the Chubb acquisition.
Multiline insurer $ACE said it has appointed Bruce Kessler as Senior Vice President of the newly acquired $CB and Division President of Westchester. The appointment is effective once the acquisition is completed, which is expected in 1Q16. He will be responsible for integrating the E&S, small commercial and programs businesses within $ACE and $CB.
Property and casualty insurer ACE Group, a subsidiary of $ACE, said it named Julian Hudson as the Global Head of its Trade Credit Insurance business. Based in London, he will report to Julian Edwards, Head of Political Risk & Credit for ACE Global Markets.
Provider of insurance products $ACE said that it intends to appoint Jeffrey Miller as EVP, Senior Claims Officer, North America - Casualty, Workers Compensation and Accident & Health and Douglas Poetzsch as EVP, Senior Claims Officer, North America - Property and Professional Liability upon completion of Chubb acquisition which is expected in 1Q16.
Multiline insurer $ACE said that it named Andrew Kendrick as SVP of the new Chubb Group and Regional President for the European Group of the new Chubb Group's Overseas General Insurance division. Kendrick appointment will take effect upon completion of the acquisition of Chubb, which is expected in 1Q16.
Insurer $ACE said that it has named Robert Cox as Division Chairman & Scott Meyer as Division President of North America Professional Lines. Robert will report to John Lupica, Vice Chairman of new Chubb Group & Scott will report to Robert. The appointments will take effect upon completion of the acquisition of Chubb, which is expected in 1Q16.
Insurer $ACE announced the future leadership team it intends to hire for the new Chubb Group's Overseas General Insurance division (OGID). Appointments will be effective upon completion of the acquisition of Chubb, which is expected to take place during 1Q16. Juan Andrade is appointed as the EVP of the new Chubb Group and President of OGID.
$ACE said John Keogh, Vice Chairman and Chief Operating Officer, has been appointed Executive Vice Chairman of the company, effective immediately and he will continue as Chief Operating Officer upon completion of the acquisition of Chubb, which is expected in 1Q16.