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Ace Ltd. on Tuesday said it has appointed a new president for the North America commercial and specialty lines business of the new Chubb Group.
Paul J. Krump will have the North America leadership role that had been previously announced for Dino E. Robusto, who is leaving Chubb to pursue an opportunity as chairman and CEO of CNA Financial Corp., the company said in a statement.
Mr. Krump, who is based in New York, was recently selected to serve as executive vice president for global underwriting and claims and is currently president of personal lines and claims for Chubb. He will report to John Keogh, who is vice chairman and chief operating officer of Ace. Appointments are to be effective upon completion of Ace's acquisition of Chubb. The transaction is expected to close during the first quarter of 2016, subject to approval by ACE and Chubb shareholders, according to a company statement.
“Paul Krump is a veteran, experienced insurance executive, and I am pleased he will lead our North American commercial and personal lines businesses. We also wish Dino well with his new responsibilities,” Evan G. Greenberg, Ace's chairman and CEO, said in the statement.
The Zurich-based company also announced a change in title for Philadelphia-based John Lupica, who will now serve as the new Chubb Group's president of North America major accounts and specialty insurance. Currently, Mr. Lupica is vice chairman of Ace and chairman of the company's North American insurance businesses.
(Reuters) — Swiss insurer Ace Group Ltd. on Tuesday announced a $5.3 billion four-part bond to help finance its $28.3 billion acquisition of Chubb Corp., and is expected to price the trade later in the day.