ACE and Chubb announced that they received all necessary regulatory approvals and closed their $29.7 billion merger agreement yesterday, six months after the companies first announced their surprise deal. The newly-combined company will use the Chubb name and be the world’s largest publicly traded property/casualty insurer and will begin trading in the New York Stock Exchange under the symbol CB. The Federal Trade Commission had already approved the deal in September. As of December 31, 2014, on an aggregate basis, the combined company had total shareholders’ equity of nearly $46 billion and cash, investments and other assets of $150 billion. The “new Chubb” will rank second among U.S. commercial lines insurers and also be the U.S. leader in high-net-worth personal lines coverage. It will also be the leading global professional lines player, and the combined entity will represent more than $31 billion in net written premiums for all product lines combined globally (based on 2014 year-end figures).
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