ACE, prepping for its $28 billion acquisition of Chubb, named a new post-merger executive to replace one who is jumping ship. Allianz Global Corporate & Specialty has a new head of global partnerships. RenaissanceRe made some changes to its board of directors.
ACE Limited has named Paul Krump as its new president, North America Commercial and Personal Lines, a position he will assume once ACE completes its $28 billion acquisition of Chubb early in 2016.
He will fill a position that Dino Robusto originally had been slated to take. But Robusto, executive vice president of Chubb and president of Commercial and Specialty Lines, is now leaving to become chairman and CEO of CNA Financial Corp. in December 2016.
The change has left ACE shuffling around some of the post-merger executive appointments it announced earlier in the fall.
Previously, Krump had been named as executive vice president for Global Underwriting and Claims in the post-merger company (which will continue the Chubb name). He’ll keep this position, which involves senior executive responsibility.
Krump’s new role will involve executive operating responsibility for the retail and commercial property/casualty insurance business serving the middle market and small commercial customer segments for products in the United States and Canada, by way of a distribution system including brokers and independent agents.
In addition, the ACE/Chubb personal lines insurance business involving affluent and high net worth individuals and families in North America will also report to Krump.
In other ACE/Chubb post-merger news, John Lupica’s title will be president, North America Major Accounts & Specialty Insurance. Right now, he’s vice chairman of ACE Group and chairman of its Insurance – North American business.
Allianz Global Corporate & Specialty brought on a new head of global partnerships.
In his new role, Christie will handle development and strategy of global broker partnerships and general oversights of major accounts in North America.
Most recently Christie was managing director of Euler Hermes California, where he was responsible for operational and financial oversight of what is a newly formed business unit. He had been with Euler Hermes since 2005 and served in other leadership roles during that time.
RenaissanceRe Holdings Ltd. has made some changes to its board that will become effective next spring.
James Gibbons, a board member since 2008 and chair of the audit committee since 2013, will become non-executive chair of the board of directors after the company’s annual shareholder meeting in May 2016.
Gibbons is chairman of Harbour International Trust Company Ltd. and treasurer of Edmund Gibbons Ltd.
Ralph Levy, a member of the board since 2007 and non-executive chair since 2011, will transition the role to Gibbons over the next year. After the transition is complete, he’ll continue as a director, subject to reelection at the 2016 annual meeting.
Sources: ACE Ltd., Allanz, RenaissanceRe