Multiline property and casualty insurer Ace Group has secured all regulatory approvals to complete the acquisition of Chubb, for around $29.7bn.


The deal was first announced by both firms in July 2015. Chubb shareholder approved the merger deal in October same year.

Once the deal concludes, Ace will assume the Chubb name, which will run as one of the largest commercial and personal property and casualty (P&C) insurer across the globe.

Ace chairman and CEO Evan Greenberg said: "We are pleased to have all of our regulatory approvals and we look ahead to the closing of this transaction with great anticipation.

"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."

With operations in around 54 countries, Ace offers a wide range of commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance services.

Chubb is a middle-market commercial, specialty and surety insurer, which includes broad product portfolio and major agency presence.

Image: ACE Limited’s headquarters in Zurich, Switzerland. Photo: courtesy of ACE Group.