(Bloomberg) — Evan Greenberg just took dealmaking to the nextlevel.

The chief executive officer of property-and-casualty insurer AceLtd. on Wednesday announced a $28 billion deal for rival ChubbCorp. It's the biggest acquisition in the industry since the 2008government bailout of American International Group Inc., theinsurance giant formerly led by Greenberg's father, Hank.

After the busiest quarter for insurance dealmaking in at least12 years, the magnitude of this latest takeover is going to driveeven more “M&A fever” across the industry, according to CliffGallant of Nomura Holdings Inc. Insurers from W.R. Berkley Corp. toHartford Financial Services Group Inc. rallied on the news amidtakeover speculation.

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