02/07/2015
Aquisição da Chubb pela ACE surpreende executivos
Foi com surpresa que executivos do setor receberam a notícia da oferta US$ 28,3 bilhões da ACE para comprar mundialmente a Chubb.Segundo Felipe Smith, diretor de produtos para pessoa jurídica da Tokio Marine, apesar de várias notícias de fusões e aquisições no setor de seguros durante este ano, inclusive uma do próprio grupo japonês que adquiriu a HCC Insurance, US$ 7,5 bilhões no mês passado, o cliente ainda encontra um grande leque de companhias com farta oferta de produtos. “É um negócio mundial e possivelmente terá uma repercussão no Brasil”, disse ele ao blog Sonho Seguro.
As ações da ACE subiam 4% e as da Chubb 30% na bolsa de Nova York logo após o anúncio da compra. No Brasil, ACE tem prêmios emitidos de R$ 1,03 bilhão e Chubb de R$ 354 milhões de janeiro a maio deste ano, criando o nono maior grupo segurador do Brasil, com 1,9% de market share considerando-se apenas o segmento de seguros gerais, incluindo vida e VGBL, de acordo com levantamento da Siscorp Consultoria.
Há uns três anos, a ACE entrou no mercado de alta renda no Brasil, com a contratação de Farid Eid. No ano passado, no entanto, abandonou essa estratégia. Eis agora uma nova oportunidade para a ACE entrar no segmento de alta renda, um nicho muito disputado no mercado brasileiro, que tinha a Chubb como principal referência pelos serviços diferenciados prestados aos milionários.
Ontem foi a Willis que anunciou a fusão com a Towers Watson, consultoria global líder em serviços profissionais que auxilia as organizações aMELHORAR seu desempenho através do gerenciamento efetivo de pessoas, riscos e finanças. O Valor dessa transação é de aproximadamente U$ 18 bilhões.
Segundo Adalberto Ferrara, CEO da Tokio Marine, a seguradora está atenta as movimentações de compra e venda de companhias. Sem citar mais detalhes, por serem operações com contratos de confidencialidade, Ferrara limitou-se a dizer que o Mercado está movimentado em todo o mundo. Quando a aprovação dos IPOs de duas estatais em seguros, IRB Brasil RE e Caixa Seguridade, Ferrara disse que aguardará a abertura do dataroom pelos consórcios de bancos. “Só depois de analisarmos a estrutura da emissão e os ativos poderemos nos pronunciar a respeito”, comentou o executivo em Portugal, onde participa do XIV Encontro de Corretores Diamante, que acontece de 28 de junho a 3 de julho no HOTEL Penha Longa, em Sintra.
Evan Greenberg, CEO da ACE, estima conclusão da compra para 1o. tri de 2016
Abaixo, release do grupo ACE sobre a aquisição e também a íntegra da mensagem que Evan Greenberg, CEO da ACE, mandou para seus principais parceiros no mundo.
Release
O Grupo Ace Ltd. irá adquirir a Chubb Corp. por cerca de 28,3 bilhões dólares, conforme as empresas anunciaram nesta quarta-feira. Assim que o negócio for concluído, no primeiro trimestre de 2016, os acionistas da Ace deterão cerca de 70% da nova companhia. Os acionistas da Chubb ficarão com os 30% restantes.
Operando sob o nome Chubb, a empresa combinada vai se tornar a maior seguradora de property/casualty global, com base nas subscrições de 2014. O total de patrimônio líquido seria igual a quase 46 bilhões de dólares, e INVESTIMENTOS e ativos seria igual a 150 bilhões de dólares, com base nos números de 31 de dezembro de 2014, de acordo com o que as companhias disseram em um comunicado. Sob os termos do acordo, os acionistas da Chubb receberão 62,93 dólares por ação em dinheiro e 0,6019 em partes de estoque Ace.
Evan G. Greenberg, presidente e CEO da Ace com sede em Zurique, vai se tornar presidente e CEO da companhia combinada, que ficará sediada em Zurique. John D. Finnegan, chairman, presidente e CEO da Chubb, vai se tornar vice-presidente executivo para assuntos externos da América do Norte e vai trabalhar na integração das duas empresas.
Este é o segundo grande movimento de consolidação do setor em dois dias. Na terça-feira, Willis Group Holdings p.l.c. e Towers Watson & Co. anunciaram que estão se fundindo em um negócio avaliado em cerca de US$ 18 bilhões.
Juntos, Ace e Chubb criarão um líder global em ramos elementares e pessoais e seguro contra acidentes, com um aumento de crescimento e poder de ganho e um equilíbrio excepcional de produtos como resultado de uma maior diversificação, e um mix de produtos com menor exposição ao ciclo de preços do setor, disseram as empresas em comunicado.
Estamos muito contentes de anunciar a aquisição da Chubb, uma companhia respeitável com uma grande marca, disse Greenberg, em comunicado. Estamos combinando duas grandes companhias de subscrição que são altamente complementares, acrescentou.
Nós vamos fazer o melhor para todos e criar uma empresa única em uma classe própria, que tem maior crescimento e poder aquisitivo do que a soma das duas companhias separadamente, disse Greenberg, em comunicado. A combinação reúne duas empresas altamente respeitados e bem-sucedidos com capacidades complementares, ativos e posicionamento geográfico, disse Finnegan no comunicado.
Dear colleagues,
Moments ago, we announced that the Boards of Directors of ACE and Chubb approved a definitive agreement under which ACE will acquire Chubb for $28.3 billion. Attached is the news release we issued announcing the transaction. I want to share with you some of my thoughts about this historic combination of two world-class insurance companies and what it means for all of us.
ACE and Chubb together will create a global P&C powerhouse with highly complementary business lines, distribution channels, customer segments and underwriting skills. In the U.S., where Chubb has a substantial presence, the combination makes us a leading insurer of business, from the large corporate segment to the middle market, with a broad variety of coverages. Together we become the second largest commercial insurer in the U.S. We are both major providers of high-net-worth coverage – in fact, Chubb is the leading provider.
Internationally, where ACE is a truly global insurer with extensive presence in 54 countries, Chubb’s operations in 25 markets will add to our presence and capabilities and position us to better pursue important market opportunities globally. The combined company will be a top-tier leader in a number of global specialty and traditional products such as professional lines, risk management, workers compensation, A&H and other property and general casualty lines.
Chubb’s strong distribution relationships in the U.S. through independent agents will complement our traditional strength in P&C brokerage. Globally, the combined company will serve commercial customers of all sizes and shapes – from the largest corporations with complex multinational exposures to the complete spectrum of middle market and small commercial companies. The insurance needs of individuals and their families will be served with a broad array of products and improved capability.
We remain a growth company with enhanced earning power – the combined organization will create vast new opportunity given the increased capabilities for our customers, our distribution partners, and our employees. There will also be substantial efficiencies to be gained from the combination of the two companies that will create the means to improve our competitive profile and the ability to invest in more technology, products and people. As I said in the press release, we will take advantage of each other’s strengths and emerge stronger together with much greater earning power than the sum of the two companies separately.
Thank you
Before I go any further, I want to thank all of you, my colleagues. The journey that we have been on for the last 12 years – what we have built together including our capabilities, presence, culture and reputation, and the great company we have become – has made this possible. So thank you, sincerely, for getting us to this momentous day. It is one thing to buy and quite another to integrate and manage well. I would not have had the confidence to take this on if I did not have such great faith in our organization’s capabilities and culture. My pride and confidence in our company and in all of you have never been greater.
Upon completion of the transaction, it will be an honor for me, together with ACE’s current management team and colleagues from Chubb, to lead this new organization. I will serve as Chairman and CEO of the combined company. John Finnegan, Chubb’s current Chairman, President and CEO, has agreed to serve as Executive Vice Chairman for External Affairs of North America, and will assist me with integration. He will not have operating responsibilities.
The ACE culture, the Chubb name, a new brand
As you saw in the announcement, the combined organization will change its name to Chubb in acknowledgment of the distinctiveness and great recognition of its brand in the U.S. Giving up our name was not an easy decision for me. I’m sure many of you will ask, “But what about the ACE name and what about the ACE culture?
Our name is a symbol of who we are. We have great pride in our accomplishments and identify our feelings for who we are with our name. I, like you, need to separate from this symbol. In changing our name, I am sincerely respectful and deeply mindful of who we are and not in any way attempting to insult or offend our culture. We will preserve our cultural identity and our values – we will remain a meritocracy and our culture will be transcendent in the new organization.
At the same time, ACE is acquiring Chubb, a great name and a great, VENERABLE company. They are deservedly proud people, too, and have a strong culture with many attributes. And so we need to be gracious. We will complement each other not only in our business lines but also in our cultural strengths. Look at it this way – we covet what we have built; we must also covet and respect what Chubb has built. The ACE way – optimism, drive, discipline and hard work – has served us well. We are and remain a can-do company.
Fortunately, we share a great mutual respect – we are both conservative in how we take and manage risk and in how we manage our balance sheets. At our core, we are both underwriting companies that prize superior financial performance. I firmly believe Chubb’s talented people will be a great addition to the ACE family.
And so be patient – stay tuned. A new Chubb brand – the visual expression of our combined companies’ cultures and how we will deliver on our promises to our customers and business partners around the globe – will soon emerge.
Employee conference call tomorrow at 10 a.m. Eastern
I know you may have questions about this transaction and what it means. At the appropriate times, we look forward to communicating with you about our plans to make our vision of this great combined company a reality. Our first opportunity to do so is a global employee conference call tomorrow, Thursday, July 2, at 10 a.m. Eastern Time. You will get the details in your Outlook calendars and more information can be found on ACE Global Village.
We expect the transaction will close in the first quarter of 2016. I expect it will be a long road. Both companies’ shareholders must vote their approval. Regulators around the world must approve the transaction. In parallel, at the appropriate time, we will make plans for successful integration. We have an excellent track record at ACE successfully integrating around 15 acquisitions we have made over the last 12 years. Integration with two companies the size of ACE and Chubb, however, won’t be easy for either company.
In the meantime, we have a company to run, customers and distribution partners to serve, strategies to execute, and results to produce. I need your best efforts. I need you to remain focused on what we do best. Carry yourselves with pride. Be excited, but also be humble and welcoming to your future colleagues. Show them a generosity of spirit. Show them the ACE way. Be mature in your discussions. And never lose your can-do attitude.
We will now create between us something new and very special.
Sincerely,
Evan
P.S. We expect today’s announcement will lead to increased interest in ACE from external parties, and it is important we speak with one voice on this matter.
