Chubb Limited
 | |
| Public | |
| Traded as |
NYSE: CB S&P 500 Component |
| Industry | Insurance & Finance |
| Founded | 1882 |
| Headquarters | Zurich, Switzerland |
Key people | Evan Greenberg, President & CEO |
| Products | Personal, Commercial, Specialty Insurance |
| Revenue |
 $13.9 billion USD (2013) |
|
$2.5 billion USD (2006) | |
Number of employees | 10,400 (2008) |
| Slogan | "Never Compromise Integrity" |
| Website | |
Chubb Limited, formerly Chubb Corp. is the largest property and casualty insurer in the United States, with over 120 offices located in 54 countries, and offers commercial, specialty, surety, and personal insurance services. On July 1, 2015 Chubb Corp. announced an agreement to be acquired by Ace Limited for $28.3 billion, with the closing date expected in the first quarter of 2016. The acquisition was completed on January 14, 2016 and the combined company assumed the Chubb name.
Beginning in 1970, the corporation owned The Chubb Institute, a chain of commercial technical schools which grew out of the company's employee training program, but the schools were sold to the High-Tech Institute in 2004.
In 2007, Chubb was named the Readers' Choice winner as "Best Admitted Property/Casualty Insurance Company" by Business Insurance.[1] In 2010 Chubb was number five on Chicago Business "Best Places to Work" list.[2]
On July 1, 2015, ACE Limited announced that it will acquire Chubb Corporation for $28.3 billion in cash and stock.[3] Upon completion, ACE shareholders will hold 70% while Chubb shareholders will get 30% of the new combined company. The new company will be based in Zurich where ACE Limited's headquarters is located. Evan Greenberg of ACE will be the new Chairman and CEO of the new company, while Chubb Chairman and CEO John Finnegan will be Executive Vice Chairman for North America External Affairs. The company's board will be expanded to 18 with 4 of them coming from Chubb. The new combined company will adopt the Chubb name. The deal has received ACE and Chubb shareholder approval and all required regulatory approval, and is expected to close at 5:30 PM EST January 14, 2016.[4]Until then, Chubb and ACE will continue to operate as separate and competing companies.
After combining with Ace Limited the new company will keep the Chubb name and be a Swiss company with principal offices in Zurich.[5]
References
- ↑ 2007 Readers Choice Awards: Best Admitted P/C Insurance Company | Business Insurance News, Analysis & Articles
- ↑ Best Places to Work No. 5: Chubb Corp.
- ↑ "ACE agrees to Chubb for $28.3 billion". Marketwatch. July 1, 2015.
- ↑ "ACE Receives All Regulatory Approvals Needed to Close Acquisition of Chubb". PRNewswire. January 13, 2016.
- ↑ "Chubb Shareholders Approve Merger with Ace". October 2015.