ACE Completes Acquisition of Chubb; Adopts Chubb Name
SAN JUAN – ACE Limited has completed its acquisition of Chubb, creating the world’s largest publicly traded property and casualty (P&C) insurance company. ACE paid approximately $29.5 billion in the aggregate in cash and stock, based on the most recent closing price of ACE shares and the number of outstanding shares of The Chubb Corp. common stock at the time of closing.
ACE is adopting the Chubb name globally and the company will be trading on the New York Stock Exchange under the symbol “CB.” The company is also formally launching the new Chubb brand, including its visual identity and “signature.”
“We are a global leader in commercial and personal property and casualty insurance, with an exceptionally balanced product portfolio, a broad and deep global presence, extensive distribution channel capabilities, and the ability to serve a diverse array of commercial and personal customers,” said Evan G. Greenberg, chairman and CEO of Chubb Limited.
While the company commences business operations and marketing activities globally under the Chubb name effective immediately, local ACE and Chubb insurance companies around the globe will continue to operate with their current names pending local regulatory requirements and other considerations for effecting the transition to the new Chubb name. The transition has no impact on policies or coverage in force.
Chubb maintains executive offices in Zurich, New York, London, San Juan and other locations, and employs approximately 30,000 people worldwide.