Ace has adopted the Chubb name, brand and completed its merger of the insurer, trading today on the New York Stock Exchange under “CB”.
To become the new Chubb, Ace said it paid around $29.5bn in cash and stock, based on share pricing and outstanding Chubb stock at the time of the completion.
“Ace and Chubb are now one, and we could not be more excited about moving forward together with our new colleagues and our new brand,” said Evan Greenberg, now chairman and CEO of Chubb.
The new Chubb entity is the world’s largest publicly traded property and casualty (P&C) insurer.
“The strength and size of our balance sheet place us among an elite group of global P&C insurers. Since the announcement last July, we have worked diligently on integration planning with our new Chubb colleagues and we have already begun to put our plans into action,” he added.
Integration means annual pre-tax expense savings of approximately $650m by 2018. The company also expects to achieve meaningful growth that will result in substantial additional revenue. The efficiencies created will provide greater flexibility for the company to invest in people, technology, products and distribution.
Greenberg also commented on Chubb’s new logo (pictured) and company signature.
“That is why at the end of every Chubb piece of work it will be signed “Chubb. Insured.” This is not a tagline – it’s our signature, our mark of craftsmanship,” he said.
In Zurich, the Swiss Commercial Register is expected to publish the Chubb name “within a few days”, making it official, the firm said.