The ACE Group has expanded its Mergers and Acquisitions (M&A) Practice into a Private Equity Practice concentrating on insurance options for private equity firms, their portfolio companies as well as their M&A transactions. Seth Gillston, based in New York City, was named executive vice president to lead the expanded practice. He will coordinate a team of underwriters to address the specialized needs of the private equity industry and the M&A process.
ACE’s Mergers and Acquisitions Practice has been enhanced to broaden its suite of risk management options, insurance products across all North American business units, and claims coordination to respond to the needs of the private equity industry and their portfolio companies. It will also work in concert globally with the newly established Global Accounts Division headed by Joe Clabby, division president. This expansion involves enhanced coordination of ACE’s team of U.S.-based underwriters who respond to deal-specific M&A transactions as well as existing portfolio companies.
“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,” Gillston commented. “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.”
Gillston adds this responsibility 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.
Gillston joined ACE in 2000 and has more than 18 years of insurance industry experience. During his tenure, Gillston has contributed to the growth and development of the ACE Mergers and Acquisitions Practice. Gillston received his Bachelor of Science degree with a dual major in Risk Management and Economics from Temple University in Philadelphia, Pa. ACE’s Mergers and Acquisitions Practice offers a suite of products and services including the following underwriting groups:
- Primary Casualty
- Excess Casualty
- Specialty Casualty
- Foreign Casualty
- Property and Specialty
- Professional Liability
- Management Liability
- Private Risk Services
ACE Group is a global multiline property and casualty insurer 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.