By a News Reporter-Staff News Editor at Insurance Business Weekly -- ACE Limited (NYSE: ACE) announced that it intends to appoint Juan C. Andrade Executive Vice President of the new Chubb Group and President of the International Non-life Insurance division, which encompasses operations with both retail broker and wholesale market distribution. The appointment will take effect upon completion of the acquisition of Chubb, which is expected in the first quarter of next year. Mr. Andrade is currently Executive Vice President, ACE Group, Personal Lines and Chief Operating Officer of ACE Overseas General, the company's international non-life insurance division in more than 50 countries and territories outside North America.
In his future role, Mr. Andrade will have executive operating responsibility for the company's non-life insurance operations outside of the U.S., Bermuda and Canada, including commercial P&C, traditional and specialty personal lines, and accident and health insurance. The International Non-Life Insurance division is comprised of two major businesses: one with distribution through retail brokers in six regions of the world - Europe, Asia Pacific, China, Japan, Latin America and Eurasia & Africa - and the other an excess and surplus lines company with distribution through brokers in the London wholesale market and Lloyd's. Mr. Andrade's scope of responsibility will include all products, underwriting, claims, actuarial and support functions related to these businesses. Mr. Andrade will continue with his current responsibilities, including leading ACE's global personal lines and small commercial insurance business, through the close of the transaction to ensure a smooth leadership transition and integration for those businesses. Mr. Andrade will report to John Keogh, who is currently Vice Chairman and Chief Operating Officer of ACE Group and who will continue to serve in that role for the parent company.
"I am so pleased to appoint Juan to this role. During his five-year tenure with ACE, he has assumed increased responsibility and with each move has demonstrated outstanding leadership. He is an excellent executive with a proven track record of accomplishment," said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited. "Juan is a great partner who has proven he's ready for this important role. The company's international businesses have been an important part of the ACE growth story and will remain so going forward. I have every confidence in Juan's experience and skills as a leader and manager to drive business results and build on the substantial presence and capabilities of a global business that operates in 54 countries and serves customers in more than 190 nations. John Keogh and I look forward to working with Juan in his new role."
"Juan has a deep understanding of the nuances of each local market - its geography and history, culture, economy and politics. He is a true internationalist," said Mr. Keogh. "I am excited to continue working with Juan as we combine the international operations of ACE and Chubb and deepen our presence and capabilities around the globe."
Keywords for this news article include: ACE Limited.
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