ACE Completes Acquisition of Chubb; Adopts Chubb Name and Launches New Chubb Brand
ACE Limited (NYSE: ACE) announced today that it has completed its acquisition of Chubb, creating the world's largest publicly traded property and casualty insurance company. ACE paid approximately $29.5 billion in the aggregate in cash and stock, based on the most recent closing price of ACE Limited shares and the number of outstanding shares of The Chubb Corporation common stock at the time of closing. Effective immediately, ACE is adopting the Chubb name globally and the company will begin trading tomorrow 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." The new Chubb brand stands for superior underwriting, service and execution – attributes shared by both ACE and Chubb.
"ACE and Chubb are now one, and we could not be more excited about moving forward together with our new colleagues and our new brand," said Evan G. Greenberg, Chairman and CEO of Chubb Limited. "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. Our passion for underwriting, along with our industry-leading claims, risk engineering and loss control services and substantially increased data, distinguish the new Chubb as we pursue new, profitable growth opportunities in both developed and developing markets around the world. The strength and size of our balance sheet place us among an elite group of global P&C insurers. Since the announcement last July, we have worked diligently on integration planning with our new Chubb colleagues and we have already begun to put our plans into action."