ACE, which has operations in Bermuda, has announced its shareholders have voted in favour of all proposals related to the company’s previously announced agreement to acquire The Chubb Corporation at a special meeting.
The matters approved at the meeting, including the proposal to change the company’s name to Chubb following completion of the transaction, constitute all ACE shareholder approvals required for closing. Four current members of the Chubb board of directors were also elected to the Ace board, effective as of the completion of the transaction.
According to ACE, the combination of the two companies will create a global leader in commercial and personal property and casualty (P&C) insurance with enhanced growth and earning power.
“This transaction advances our strategy and represents an outstanding opportunity to create significant value for both ACE and Chubb shareholders," said Evan Greenberg, chairman and hief executive officer, ACE.
"The combination brings together two great underwriting companies that are highly complementary. We will make each other better and create a unique company in a class of its own that has greater growth and earning power than the sum of the two companies separately.”
The transaction was announced on July 1, 2015. It is expected to close in the first quarter of 2016.