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About Chubb Corporation
Chubb Limited formerly Chubb Corp. is the largest property and casualty insurer in the United States, with over 120 offices located in 54 countries, and offers commercial, specialty, surety, and personal insurance services. As of 2015, Chubb is ranked at number 215 on the Fortune 500 list of the largest U.S. companies.
Beginning in 1970, the corporation owned The Chubb Institute, a chain of commercial technical schools which grew out of the company's employee training program, but the schools were sold to the High-Tech Institute in 2004.
In 2007, Chubb was named the Readers' Choice winner as "Best Admitted Property/Casualty Insurance Company" by Business Insurance. In 2010 Chubb was number five on Chicago Business "Best Places to Work" list.
On July 1, 2015, ACE Limited announced that it will acquire Chubb Corporation for $28.3 billion in cash and stock. Upon completion, ACE shareholders will hold 70% while Chubb shareholders will get 30% of the new combined company. The new company will be based in Zurich where ACE Limited's headquarters is located. Evan Greenberg of ACE will be the new Chairman and CEO of the new company, while Chubb Chairman and CEO John Finnegan will be Executive Vice Chairman for North America External Affairs. The company's board will be expanded to 18 with 4 of them coming from Chubb. The new combined company will adopt the Chubb name. The deal has received ACE and Chubb shareholder approval and all required regulatory approval, and is expected to close at 5:30 PM EST January 14, 2016.Until then, Chubb and ACE will continue to operate as separate and competing companies.
After combining with Ace Limited the new company will keep the Chubb name and be a Swiss company with principal offices in Zurich.