23 October 2015 Insurance

ACE shareholders vote in favour of Chubb acquisition

ACE has announced its shareholders have voted to approve all proposals related to the company’s previously announced agreement to acquire The Chubb Corporation at a special meeting.

Votes in favour of each agenda item exceeded 98 percent of the total represented and cast. The matters approved today, including the proposal to change the company’s name to Chubb following completion of the transaction, constitute all ACE shareholder approvals required for closing.

Four current members of the Chubb board of directors were also elected to the ACE board, effective as of the completion of the transaction.

The combination of ACE and Chubb will create a global leader in commercial and personal property and casualty (P&C) insurance with enhanced growth and earning power.

“Today’s vote is an important milestone toward completing our acquisition of Chubb, a venerable company with a great brand,” said Evan Greenberg, chairman and chief executive officer of ACE.

“This transaction advances our strategy and represents an outstanding opportunity to create significant value for both ACE and Chubb shareholders. 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.”

The transaction was announced on July 1, 2015. It is expected to close in the first quarter of 2016.

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