Chubb Limited

Chubb Limited
Public
Traded as NYSE: CB
S&P 500 Component
Industry Insurance & Finance
Founded 1882
Headquarters Zurich, Switzerland
Key people
 Evan Greenberg, President & CEO
Products Personal, Commercial, Specialty Insurance
Revenue Increase$37 billion USD (FY2014 pro forma combined ACE and Chubb)
Increase$4.5 billion USD (FY2014 pro forma combined ACE and Chubb)
Increase$4.3 billion USD (FY2014 pro forma combined ACE and Chubb)
Number of employees
 ~30,000 (2016)
Website http://www.chubb.com

Chubb Limited is the world’s largest publicly traded property and casualty insurer. The company has offices in 54 countries, Chubb and provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.

History

In 1882 Thomas Caldecot Chubb and his son Percy started a marine underwriting business in New York City. They collected $1,000 from 100 prominent merchants and focused on insuring ships and cargoes. [1]

The Chubb Corporation was incorporated in 1967 and was listed on the New York Stock Exchange in 1984.[2]

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 for $1 to a partnership of private equity firms Great Hill Partners and 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.[3] In 2010 Chubb was number five on Chicago Business "Best Places to Work" list.[4]

On July 1, 2015, ACE Limited announced that it would acquire Chubb Corporation for $28.3 billion in cash and stock.[5] 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 is 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.[6] Until then, Chubb and ACE will continue to operate as separate and competing companies.

Chubb Group Classic

The Chubb Classic is a Champions Tour golf tournament located at Twin Eagles Gold Club in Naples, FL. The Chubb Classic has raised more than $3 million for charity.

References

  1. ↑ http://www.chubb.com/corporate/chubb11888.html
  2. ↑ http://www.chubb.com/corporate/chubb11888.html
  3. ↑ 2007 Readers Choice Awards: Best Admitted P/C Insurance Company | Business Insurance News, Analysis & Articles
  4. ↑ Best Places to Work No. 5: Chubb Corp.
  5. ↑ "ACE agrees to Chubb for $28.3 billion". Marketwatch. July 1, 2015.
  6. ↑ "ACE Receives All Regulatory Approvals Needed to Close Acquisition of Chubb". PRNewswire. January 13, 2016.

External links


This article is issued from Wikipedia - version of the 11/8/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.