Founding chairman of ACE passes away

John Cox, the founding chairman and first employee of ACE Limited, deceased at the age of 84, Chubb said in a statement.

"John Cox was a respected and accomplished industry leader of his generation," said Evan Greenberg, chairman and chief executive officer of Chubb.  "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 honour his vision and achievements. Those who knew and worked with John remember him giving generously of his time in order to share his industry knowledge, and of fostering a dynamic environment where people could learn and grow. He will be missed by colleagues and friends. Our thoughts are with his family."

In the mid-1980s, Cox was among a handful of pioneers who helped create a new insurance company to respond to an availability crisis in the US insurance marketplace for excess liability and directors and officers insurance coverage.

Cox began his career in the insurance industry in 1959 as an accounting clerk at American International Group.  He later joined the Insurance Company of North America, becoming president and, in 1981, senior executive vice president and chief operating officer of the insurer's parent company, INA Corporation. When INA merged with the Connecticut General Life Insurance Company to form Cigna, Cox was executive vice president for its property/casualty insurance operations. Cox left Cigna in 1983 and served for a time as deputy chairman and chief executive officer of Associated Madison Companies, a financial services group owned by the American Can Company. He retired from ACE in 1990.

ACE Limited acquired Chubb in 2016 to trade under that latter's name.

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