The Executive Vice President (EVP) and Chief Financial Officer (CFO) of Chubb Group, Philip Bancroft, is to retire from the company after 19 years of service and will be succeeded by HSBC’s Peter Enns.
Bancroft will retire from Chubb on July 1st, 2021 and is expected to remain with the re/insurer in an advisory capacity for the balance of the year and be available to support his successor.
Enns will join the company on or before April 1st, 2021 as EVP, Finance, Chubb Group and take over as CFO upon Bancroft’s retirement.
He brings more than three decades of finance and investment banking experience to Chubb, having spent more than 20 years with Goldman Sachs in a variety of senior roles, including as Chairman and Chief Executive Officer (CEO) of Goldman Sachs Canada from 2010 to 2017, Head of the Asia Financial Institutions Group from 2010 to 2014, and Partner of the U.S. Financial Institutions Group from 2006 to 2010.
In 2018, he joined HSBC as Global Head, Financial Institutions Group and later served as Global Co-Head of Corporate Finance Coverage. Most recently, Enns served as Global Co-Head of Investment Banking Coverage.
Commenting on the departure of Bancroft, Evan G. Greenberg, Chairman and CEO of Chubb, said: “On behalf of all my colleagues and our Board of Directors, I want to extend our deepest gratitude to Phil Bancroft.
“Phil has contributed a great deal to our company’s success over his nearly 20 years. He has been a key member of the executive team that helped transform the company to become what it is today, the world’s largest publicly traded property and casualty insurer. Under his leadership, Phil has built and groomed an outstanding finance team. I wish Phil and his wife Denise much happiness in his retirement.”
In his new role, Enns will report to Greenberg and will also join the firm’s Executive Committee.
On Enns’ appointment, Greenberg said: “I am delighted to welcome Peter Enns to Chubb. Peter and I have known each other for more than 15 years. He has the right background to lead our finance organization, with proven experience in corporate finance, investment banking, accounting and public markets.
“Peter’s broad experience across financial services includes property, casualty and life insurance as well as asset management. He is a seasoned international executive with deep knowledge and operating experience in the Asia region, including China. His character, integrity and style are an excellent fit for the Chubb culture.”