ZURICH , Jan. 14, 2016 /PRNewswire/ -- ACE Limited (NYSE: ACE) announced today that it has completed its acquisition of Chubb, creating the world's largest publicly traded property and casualty insurance company. ACE paid approximately $29.5 billion in the aggregate in cash and stock, based on the most recent closing price of ACE Limited shares and the number of outstanding shares of The Chubb Corporation common stock at the time of closing. Effective immediately, ACE is adopting the Chubb name globally and the company will begin trading tomorrow on the New York Stock Exchange under the symbol "CB." The company is also formally launching the new Chubb brand, including its visual identity and "signature." The new Chubb brand stands for superior underwriting, service and execution – attributes shared by both ACE and Chubb.
On our new logo and visual identity
"Because we are creating a new path, we needed a visual expression to bring our new vision to life. It starts and ends with the Chubb name. Our identity – who we are – comes from our name, which is a symbol of quality and strength. So we have chosen a new logo that is a simple expression of our name, with no extra symbols or visual distractions. It's a simple, refined, modern expression of Chubb. To balance the simplicity of the new Chubb logo, we have chosen an out-of-the-box approach with colors. There will be many colors to represent the new Chubb brand – nine to be exact. These colors reflect the diversity and energy of our culture, our thinking, global presence, the many different customers we serve and the many products we offer."
On the new Chubb "signature"
"Craftspeople take personal accountability for their work, often signing their products. At Chubb, we should all be proud to sign our name to whatever work we do. That is why at the end of every Chubb piece of work it will be signed "Chubb. Insured." This is not a tagline – it's our signature, our mark of craftsmanship."
"We are creating a new identity from our shared DNA," Mr. Greenberg concluded. "Our new identity is vibrant and full of life, anchoring us to our future, not to our past. We look forward to focusing on our craft of insurance to create significant value over time for our shareholders and to deliver unmatched quality and service to our customers and distribution partners."
About the New Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich , New York , London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: www.new.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements
All forward-looking statements made in this communication, related to the acquisition, potential post-acquisition performance or otherwise, reflect the company's current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future," "project" or other words of similar meaning. All forward-looking statements involve risks and uncertainties, which may cause actual results to differ, possibly materially, from those contained in the forward-looking statements.