(MENAFN) Swiss insurer Ace Ltd. announced it is buying US rival Chubb in a USD28.3 billion cash and stock deal that will create a dominant player in property and casualty insurance, AFP reported.
The boards of directors of both companies unanimously approved the deal. The accord would create a giant with shareholder equity of nearly USD46 billion and cash, investments and other assets of USD150 billion.
Ace is a leading commercial insurer in 54 countries and in the US market is strong in providing insurance for industrial, commercial, multinational and upper middle market companies.
"Together, ACE and Chubb will create a global leader in commercial and personal property and casualty (P&C) insurance, with enhanced growth and earning power and an exceptional balance of products," the two said.
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