10 March 2014 Insurance

ACE expands M&A practice to focus on equity firms

ACE Group has expanded its Mergers and Acquisitions (M&A) unit to concentrate on insurance solutions for private equity firms and their portfolio companies as well as M&A transactions.

The M&A unit will broaden ACE’s risk management solutions, US insurance products and claims coordination. It will work alongside the newly established Global Accounts Division headed by Joe Clabby, division president.

Seth Gillston, who will lead the unit as SVP, will continue in his current roles within ACE Risk Management and ACE Financial Solutions, basing himself in New York. Gillston joined ACE in 2000 and has more than 18 years of insurance experience. He will continue to report to Matt Merna, division president, ACE Risk Management.

“Private equity transactions and M&A deal flow continue to pick up pace,” said John Lupica, chairman, Insurance, North America. “We are responding by coordinating the ACE resources on these transactions and dedicating a team of experienced underwriters. Our insurance professionals apply their knowledge of specialised underwriting products and services while developing creative solutions.”

Gillston said: “Private equity firms and their advisors are moving towards a more coordinated approach as it relates to the risk management needs of their global portfolio of companies. With M&A on the rise, companies are balancing multiple and shifting priorities that add layers of risk. ACE’s underwriting approach has evolved, as we consider this broader relationship with private equity firms and their portfolio companies.

“A global carrier needs to coordinate their response with tailored property, casualty, management liability, and transactional insurance products. These products can help facilitate a merger, acquisition, or divestiture as well as respond to a new insurance programme for a carve-out division.”

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