Chubb Shareholders Approve Merger with ACE Limited

WARREN, N.J., Oct. 22, 2015 /PRNewswire/ -- The Chubb Corporation [NYSE: CB] announced that its shareholders have approved the previously announced merger agreement with ACE Limited at the special meeting of Chubb shareholders held today.

The proposal to approve the merger agreement received support from approximately 98% of the votes cast.  Upon completion of the merger, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE common stock for each share of Chubb common stock.

The merger is subject to certain additional customary closing conditions, including receipt of regulatory approvals in several jurisdictions. Chubb continues to expect the merger to be completed in the first quarter of 2016.

About Chubb

Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe.  These products are offered through a worldwide network of independent agents and brokers.  The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation.  The Chubb Corporation is listed on the New York Stock Exchange [NYSE: CB] and, together with its subsidiaries, employs approximately 10,300 people throughout North America, Europe, Latin America, Asia and Australia.  For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.

Forward Looking Statements

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA).  These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA and include statements regarding the pending acquisition of Chubb by ACE. Forward-looking statements frequently can be identified by words such as "believe," "expect," "anticipate," "intend," "plan," "will," "may," "should," "could," "would," "likely," "estimate," "predict," "potential," "continue," or other similar expressions.  Forward-looking statements are made based upon management's current expectations and beliefs concerning trends and future developments and their potential effects on Chubb.  These statements are not guarantees of future performance.  Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in Chubb's public filings with the Securities and Exchange Commission and those associated with the ability of Chubb or ACE to satisfy the conditions to the closing of the pending acquisition or the length of time required to do so.  Chubb assumes no obligation to update any forward-looking statement set forth in this document, which speak as of the date hereof.

SOURCE Chubb Corporation

Related Links

http://www.chubb.com