Ace buying Chubb, deal to create insurance giant
The deal, one of the largest so far this year, will add diversity to Ace's global business and give it a strong brand name in the U.S., where Chubb is known for insurance tailored to the needs of wealthy individuals that covers items such as valuable jewelry or art.
Chubb's Warren, New Jersey, headquarters will contain a substantial portion of the headquarters function for the combined company's North American unit.
The company's board will expand to 18 from 14 members, with the addition of four independent directors from Chubb's current board.