ACE Group has expanded its Mergers and Acquisitions Practice into a broader Private Equity Practice concentrating on insurance services for private equity firms, their portfolio companies as well as their M&A transactions. Seth Gillston was recently named Executive Vice President to lead the expanded practice out of ACE Group’s New York office.
“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 specialized underwriting products and services while developing creative solutions.”
Mr. Gillston adds the EVP Private Equity title to his current role within ACE Risk Management, ACE’s primary casualty business, as well as underwriting transactional-specific products done through ACE Financial Solutions, such as loss portfolio transfers that can help facilitate M&A transactions. He will continue to report to Matt Merna, Division President, ACE Risk Management.
“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,” said Mr. Gillston. “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 program for a carve-out division.”
Mr. Gillston joined ACE in 2000 and has more than 18 years of insurance industry experience. Mr. Gillston received his Bachelor of Science degree with a dual major in Risk Management and Economics from Temple University.
ACE Group is a large multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE). The firm is head quartered in New York (www.acegroup.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-7-14