Ace agreed to purchase Chubb for $28.3 billion in cash and stock. (Photo courtesy of ACE Ltd.)

In a second major P&C insurance-industry M&A deal this week, ACE Limited and The Chubb Corporation announced today that the boards of directors of both companies have unanimously approved an agreement under which ACE will acquire Chubb.

As a result of the acquisition, the new company will move up into the “elite” group of global P&C insurers, with a combined total shareholders’ equity of nearly $46 billion and cash, investments and other assets of $150 billion. The transaction is expected to close during the first quarter of 2016.

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