'We are thrilled to come together as one Chubb,' says Kendrick

The ACE name has today disappeared into insurance history after the company formally completed its acquisition of Chubb.

Speaking exclusively to StrategicRISK Andrew Kendrick, who retains his position as European president in the newly formed, Chubb European Group, said: “We are thrilled to come together as one Chubb. We look forward to putting our combined strength to service our Global Accounts risk manager clients – and indeed all of our customers and broker partners right across Europe.”

Now trading globally under the Chubb brand with immediate effect, it will be listed on the New York Stock Exchange under the CB symbol

Announcing the change, ACE said the $29.5bn deal created the world’s largest publicly traded property and casualty insurance company.

Chairman and chief executive of Chubb Limited Evan G. Greenberg said: “ACE and Chubb are now one, and we could not be more excited about moving forward together with our new colleagues and our new brand.

“We are a global leader in commercial and personal property and casualty insurance, with an exceptionally balanced product portfolio, a broad and deep global presence, extensive distribution channel capabilities, and the ability to serve a diverse array of commercial and personal customers.

“Our passion for underwriting, along with our industry-leading claims, risk engineering and loss control services and substantially increased data, distinguish the new Chubb as we pursue new, profitable growth opportunities in both developed and developing markets around the world.

“The strength and size of our balance sheet place us among an elite group of global P&C insurers. Since the announcement last July, we have worked diligently on integration planning with our new Chubb colleagues and we have already begun to put our plans into action.”

The adoption of the Chubb name for the new business entity completes the acquisition process which was announced last year.

While the company now undertakes business operations and marketing activities globally as Chubb, some local ACE and Chubb insurance companies will continue to operate with their current names as they await in-country regulatory approval.

Chubb also has a new logo in nine colours to “reflect the diversity and energy of our culture, our thinking, global presence, the many different customers we serve and the many products we offer”.