The Chubb Corporation announced that its shareholders have approved the previously announced merger agreement with Swiss property and casualty insurer Ace at the special meeting of Chubb shareholders.

The proposal to approve the merger agreement received support from approximately 98% of the votes cast. Upon completion of the merger, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE common stock for each share of Chubb common stock.

The merger is subject to certain additional customary closing conditions, including receipt of regulatory approvals in several jurisdictions. Chubb continues to expect the merger to be completed in the first quarter of 2016.

The $28.3bn deal was announced in July.