In the months following ACE Ltd.’s surprise July announcement that it would acquire Chubb for $28 billion, what began as a trickle is now a flood.
Specifically, ACE’s announcements of its post-merger management teams around the world have begun to pour out in seemingly unlimited numbers.
First, the trickle.
A few weeks after both parties made the initial deal announcement, ACE disclosed a post-merger leadership team for the North American Insurance operations of the combined company, led by John Lupica, who will be vice chairman of the parent company and co-president of the North American Insurance division.
Further details came out in September, when ACE announced more appointments to its post-Chubb merger North American executive team. Around the same time, industry watchers also learned that Juan Andrade would be executive vice president of the new, post-merger Chubb Group and president of the international non-life insurance (Overseas General) division.
The ACE/Chubb post-merger leadership announcements became a flood on November 19, starting with news that ACE Vice Chairman and Chief Operating Officer John Keogh would be executive vice chairman of the combined company. Over the next few days, ACE unleashed announcements focused on future leadership team appointments in regional, product and operational areas of the Overseas General Insurance operations, reporting to Andrade—including separate announcements for teams in Latin America, Asia Pacific, the Far East, Europe, and the Overseas General Insurance claims team. Another stream of announcements focused on North America operations, reporting to Lupica and Paul Krump, including appointments in the major accounts, commercial insurance, professional lines, personal risk services divisions.
So far, there’s been at least one blip in the ACE/Chubb management rollout. Chubb veteran Dino E. Robusto had been slated to become an executive vice president of the new Chubb Group, and co-president of the North America Insurance division after the merger. But Robusto will instead become chairman and CEO of CNA Financial Corp. by the end of 2016. Replacing him at ACE/Chubb will be Krump, who will lead North America Commercial and Personal Lines at the post-merger company.
Krump will also keep another position, as executive vice president for Global Underwriting and Claims.
ACE released a statement to Carrier Management explaining its strategy of disclosing its management structure in detail. It basically revolves around two ideas: speed and transparency.
“The announcements about future leadership teams for the new Chubb Group’s businesses reflect our commitment to move quickly and keep people informed,” ACE said, adding that the announcements will continue in the weeks ahead.
“We expect to announce additional news and appointments in advance of the expected close of the acquisition in the first quarter of 2016,” ACE said.