Zurich-based Ace Ltd. announced late yesterday that it has completed its previously announced acquisition of Warren, N.J.-based Chubb Corp.
Ace paid approximately $29.5 billion in cash and stock, based on the most recent closing price of Ace Ltd. shares and the number of outstanding shares of Chubb common stock at the time of closing.
From today, Ace is adopting the Chubb name globally, and the new company begins trading this morning on the New York Stock Exchange under the symbol CB.
“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,” Evan G. Greenberg, chairman and CEO of Chubb Ltd., said in a statement last night. “The strength and size of our balance sheet place us among an elite group of global P&C insurers.”
The new Chubb Ltd.
The statement also said that Chubb is the world’s largest publicly traded P&C insurer, with market capitalization of $51.2 billion on a pro forma basis, annual gross written premiums of $37 billion and total assets of $150 billion.
The new entity has operations in 54 countries, and provides commercial and personal property and casualty insurance; personal accident and supplemental health insurance; reinsurance; and life insurance. It also offers industrial commercial and specialty property and casualty globally, professional lines globally, and U.S. middle-market commercial property and casualty.
The company has executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide, it said.
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