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The Federal Trade Commission has given its approval to Ace Ltd.'s acquisition of Chubb Corp.
In a document dated Thursday filed with the Securities and Exchange Commission, Ace said that on Wednesday, it had “received notice from the U.S. Federal Trade Commission that it had granted early termination, effective immediately of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for Ace's pending acquisition of the Chubb Corp.
Ace noted that while the FTC's action satisfied one of the conditions to the closing of the transaction, the deal must meet other customary closing conditions, including shareholder and regulatory approvals.
Ace announced in July that it would buy Chubb for $28.3 billion in cash and stock and that the new company would take the Chubb name. The transaction is expected to close early next year.
Global merger and acquisition activity in the property/casualty insurance and reinsurance sectors experienced a substantial increase in terms of both deal activity and announced deal values during the first half of this year, according to a report released by A.M. Best Co. Inc.