Former Ace executive John Cox dies
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John R. Cox the founding chairman and first employee of Ace Ltd., who helped establish Bermuda as a key player in the market for U.S. liability insurance in the mid-1980s, died aged 84 on Tuesday after a long illness, Chubb Ltd. said in a statement.
Ace acquired Chubb Corp. and adopted its name last year. “John Cox was a respected and accomplished industry leader of his generation,” Evan Greenberg, chairman and CEO of Chubb, said in the statement issued Thursday.
“What John put in motion more than 30 years ago in helping to found, lead and shape Ace in its formative years is a noteworthy legacy, and we honor his vision and achievements.”
Ace was founded in 1985 amid a capacity crisis for U.S. liability risks. Founded by 34 blue chip U.S. corporations from a broad range of industries, Ace provided high-level excess casualty coverage and directors and officers liability coverage for the member companies. Mr. Cox played a critical role in forming the consortium, the Chubb statement said. Later, the insurer went public and through a series of acquisitions became a major international insurer and reinsurer.
Mr. Cox began his career in the insurance industry as an accounting clerk at American International Group Inc. His subsequent positions included executive vice president for Cigna Corp.’s property/casualty insurance operations. Mr. Cox retired from Ace in 1990.
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