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The move is expected to create a global leader in commercial and personal property and casualty (P&C) insurance with enhanced growth and earning power.
The two sides are in the legal setup stage and the new company, named Chubb Limited, will be the fourth largest insurance group globally based on market value.
“The combination brings together two great underwriting companies that are highly complementary. We will make each other better and create a unique company in a class of its own that has greater growth and earning power than the sum of the two companies separately,” said Evan G. Greenberg, chairman and CEO of ACE Limited.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments.