Chubb has unveiled a new private equity practice to provide specialized insurance solutions to U.S. and Canadian private equity firms and their portfolio companies. Chubb said the practice will bring greater underwriting expertise and product capabilities to a broad range of companies. Seth Gillston, formerly an executive vice president at ACE Risk Management, will lead the practice. Last month, ACE Ltd completed its acquisition of Chubb Corp. Chubb has its Canadian headquarters in Toronto.
Chubb Launches New Private Equity Practice
Brings Together a Broad Suite of Specialized Insurance Solutions for U.S. and Canadian Private Equity Firms
PHILADELPHIA, Feb. 1, 2016 /CNW/ — Chubb today announced the creation of a new Private Equity Practice to provide specialized insurance solutions to U.S. and Canadian private equity firms and their portfolio companies. The practice will bring greater underwriting expertise and product capabilities to a broad range of companies.
Seth Gillston, the Executive Vice President who previously had been named to lead the practice, will manage a team of underwriters with deep industry knowledge and M&A expertise. The team will deliver a broad suite of products and services in the following areas:
Primary Casualty (guaranteed cost and loss sensitive)
Middle Market Package (with global capabilities that can be tailored to industry segments)
Property and Specialty
Loss Portfolio Transfers
The Private Equity Practice joins a long list of established Chubb industry-specific practices, including Broadcasters, Clean Tech, Educational Institutions, Energy, Entertainment, Financial Institutions, Government Contractors, Healthcare, Law Firms, Information & Network Technology, Life Sciences, Manufacturing, Museum & Cultural Institutions, Non-Profits, Real Estate & Hospitality and Wineries.
The new practice will work in concert with the newly-established Chubb Major Accounts and Commercial Insurance divisions to serve an expanded customer base of buyers of all sizes via Chubb’s 48-branch network across the U.S. and Canada. The practice will also coordinate distribution of M&A-specific insurance solutions such as Transactional Risk Products and Loss Portfolio Transfers. These products will afford buyers and sellers more protection against certain unanticipated liabilities associated with mergers and acquisitions.
“More and more of our current and prospective clients attract private equity investments,” said Chris Maleno, Division President, Chubb Major Accounts. “We are responding by coordinating our resources and assembling a dedicated team of underwriters who possess experience within this space. Following the recent blending of two legacy insurance organizations with strengths in both the middle market and large account segments, we now are able to leverage our complementary lines of business and commitment to servicing our clients’ specialized needs. This expanded industry practice is a tangible expression of our intention to bring more robust insurance solutions to the marketplace.”
“Private equity firms and their advisors are involved in deals in multiple industries and geographies,” Mr. Gillston commented. “These deals present new challenges and require companies to rebalance their priorities, which often add layers of risk. Chubb’s underwriting approach leverages broader relationships with private equity firms and their portfolio companies to respond as timely as possible.”
Mr. Gillston, who reports to Mr. Maleno, adds his new responsibilities to his current role leading the Excess Workers’ Compensation unit within Chubb’s Global Casualty division. Mr. Gillston joined ACE in 2000 and has more than 19 years of insurance industry experience. He has been at the forefront of the development and growth of the ACE Mergers and Acquisitions Practice. Mr. Gillston received his Bachelor of Science degree with a dual major in Risk Management and Economics from Temple University in Philadelphia.
Further information is available by contacting Mr. Gillston at (212) 209-2273 or email@example.com.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: new.chubb.com.
For further information: Mark Schussel: (908) 903.2107: firstname.lastname@example.org; Jodi Dorman: (908) 903.2608: email@example.com, http://new.chubb.com/en/us
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