ACE gets go-ahead to close Chubb acquisition

Insurer ACE has received all the regulatory approvals needed to close its acquisition of Chubb, a transaction which will, according to the companies, elevate the business into an elite group of global P&C insurers.

The acquisition, announced on July 1, 2015 is valued at approximately $29.7 billion. This is based on the closing price of ACE shares and the number of outstanding shares of Chubb common stock on January 12, 2016.

The transaction is expected to close on Thursday, January 14, 2016, pending satisfaction of remaining customary closing requirements.

As previously announced, ACE will adopt the Chubb name upon closing and the company's stock will begin trading on the New York Stock Exchange under the symbol CB on the first trading day following the closing.

"We are pleased to have all of our regulatory approvals and we look ahead to the closing of this transaction with great anticipation," said Evan Greenberg, chairman and chief executive officer (CEO) of ACE.

"Since the transaction was announced six months ago, we have moved rapidly and deliberately with integration planning.  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."