Final approval given as ACE acquisition creates world’s largest publicly traded P&C insurer
The ACE name has disappeared into insurance history after the company formally completed its acquisition of Chubb.
Now trading globally under the Chubb brand with immediate effect, it will be listed on the New York Stock Exchange under the CB symbol.
Announcing the change, ACE said the $29.5bn deal created the world’s largest publicly traded property and casualty insurance company.
Chubb chairman and chief executive Evan Greenberg said: “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.
“We are a global leader in commercial and personal property and casualty insurance, with an exceptionally balanced product portfolio, a broad and deep global presence, extensive distribution channel capabilities, and the ability to serve a diverse array of commercial and personal customers.
“Our passion for underwriting, along with our industry-leading claims, risk engineering and loss control services and substantially increased data, distinguish the new Chubb as we pursue new, profitable growth opportunities in both developed and developing markets around the world.
“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.”
The adoption of the Chubb name for the new business entity completes the acquisition process which was announced last year.
While the company now undertakes business operations and marketing activities globally as Chubb, some local ACE and Chubb insurance companies will continue to operate with their current names as they await in-country regulatory approval.
Chubb also has a new logo in nine colours to “reflect the diversity and energy of our culture, our thinking, global presence, the many different customers we serve and the many products we offer”.
New commercial property and casualty team in Asia Pacific
As part of the acquisition, Chubb has also announced a series of new appointments in its Asia-Pacific commercial property and casualty team.
Paul McNamee is the new deputy regional president and regional head of property and casualty, Asia-Pacific. The leaders reporting to McNamee include:
Roy Amos as head of surety
Kane Bennett as head of environmental liability
Ben Carey as head of broker distribution and client management, Asia
Adam Clifford as head of casualty
Greg Dodds as head of strategic alliances and carrier partner distribution, Asia Pacific
Michael Frazer as head of energy and technical lines
Cassandra Ho as head of ceded reinsurance
Jason Keen as head of property
Neil Moon as chief underwriting officer, property and casualty, Asia Pacific
Anthony O’Brien as head of marine
Kevin Stevens as head of custom products
Stanley Wong as head of professional lines