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Ace Ltd.'s acquisition of Chubb Corp., which will create a significantly larger player in the commercial insurance market, is expected to close Thursday, both companies announced.
Zurich-based Ace said in a statement issued Wednesday that it had received all regulatory approvals needed to acquire Warren, New Jersey-based Chubb. The acquisition, which was announced July 1, 2015, is valued at about $29.7 billion based on the closing price of Ace Ltd. shares and the number of outstanding shares of Chubb common stock on Jan. 12, Ace said in its statement.
The combined company will operate under the Chubb name.
“Since the transaction was announced six months ago, we have moved rapidly and deliberately with integration planning,” said Ace Chairman and CEO Evan G. Greenberg in the statement. The integration process has included numerous executive changes.
“This process has given us great confidence in the potential of the new Chubb to create significant value over time and deliver unmatched quality and service to our customers and distribution partners, and superior returns to our shareholders,” he said.
The deal will bring together two significant commercial insurance entities. Chubb was formed as a marine insurer in New York in 1882, and Ace was one of the founding companies of the modern Bermuda marketplace when it was formed by a group of corporate insurance buyers during the liability crisis in 1985. It moved its place of incorporation to Switzerland in 2008.
The Federal Trade Commission has given its approval to Ace Ltd.'s acquisition of Chubb Corp.