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4-Traders Homepage  >  Equities  >  Nyse  >  Chubb Ltd    CB   CH0044328745

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ACE Limited : ACE USA Appoints Mitchell Schmidt Senior Vice President and Regional Executive Officer, Northeast Region

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10/10/2012 | 10:00pm CEST

ACE USA, the U.S.-based retail operations of the ACE Group, today announced the appointment of Mitchell Schmidt as Senior Vice President and Regional Executive Officer for ACE USA's Northeast Region. Mr. Schmidt will be based in Boston, and will be responsible for setting and driving the overall strategic direction for ACE USA's Northeast region. He will work collaboratively with the Northeast regional team to oversee all business development, retention and underwriting activities, establish distribution strategies, and service delivery to middle and large account commercial customers. Mr. Schmidt will report to Ed Zaccaria, Division President, ACE USA Regional Operations.

Karen Sothern, who has served as Senior Vice President and Regional Executive Officer for ACE USA's Northeast Region since 2002, now assumes a new global role as Change Management Officer for Acquisitions, for the ACE Group reporting to Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited.

"The Northeast regional market represents significant growth opportunities for ACE. Mitch has been instrumental in the ongoing development of ACE USA's custom casualty and renewable energy businesses. His excellent track record and leadership will be an asset in overseeing our Northeast team and delivering additional value to our clients and brokers in the region," said Mr. Zaccaria. "I would also like to acknowledge Karen's outstanding leadership and dedication in establishing ACE's position in the Northeast region for nearly a decade."

"Expanding our market presence and delivering ACE's broad spectrum of products and services, and exceptional service through locally-based staff in our key locations across the United States is an important part of ACE USA's regional management platform," said Chris Maleno, Chief Operating Officer, ACE USA. "Mitch's demonstrated underwriting expertise and proven ability to work collaboratively with brokers and clients will enable ACE USA to further differentiate itself in the Northeast."

With more than 15 years in the insurance industry, Mr. Schmidt most recently served as Senior Vice President and National Underwriting Manager of ACE USA's Custom Casualty & Public Entity Units. He has held several senior underwriting positions at ACE, including serving as Western Zone Manager, with responsibility for the excess liability and custom casualty product offerings for five of the nine ACE USA regions. Mr. Schmidt joined ACE in 2003 from Chubb Insurance Group, where he held several branch and regional casualty management and underwriting positions, including Midwest Regional Excess Casualty Manager. Mr. Schmidt received his Bachelor of Science degree in Political Science and Business from Bethel University, in St. Paul, Minn.

ACE USA is the U.S.-based retail operating division of the ACE Group, headed by ACE Limited (NYSE: ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.acegroup.com/us.

The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of the 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.

ACE North America Communications
Carla Ferrara, 215-640-4744

© Business Wire 2012
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Financials ($)
Sales 2016 26 812 M
EBIT 2016 5 133 M
Net income 2016 3 406 M
Debt 2016 -
Yield 2016 2,18%
P/E ratio 2016 15,82
P/E ratio 2017 12,13
Capi. / Sales 2016 2,12x
Capi. / Sales 2017 2,04x
Capitalization 56 870 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 137 $
Spread / Average Target 12%
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Evan G. Greenberg Chairman & Chief Executive Officer
Florian Eisele President
John W. Keogh Executive Vice Chairman & Chief Operating Officer
Philip V. Bancroft Chief Financial Officer & Executive Vice President
Michael G. Atieh Independent Director
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