Transaction Expected to Close on Thursday, January 14
News provided by
ACE Limited
Jan 13, 2016, 12:00 ET
ZURICH, Jan. 13, 2016 /PRNewswire/ --ACE Limited (NYSE: ACE) announced that it has received all regulatory approvals needed for closing its acquisition of Chubb, a transaction that will create the world's largest publicly traded property and casualty insurer. The acquisition, announced on July 1, 2015 and valued at approximately $29.7 billion, based on the closing price of ACE Limited shares and the number of outstanding shares of Chubb common stock on January 12, 2016, is expected to close on Thursday, January 14, 2016, pending satisfaction of remaining customary closing requirements. As previously announced, ACE will adopt the Chubb name upon closing and the company's stock will begin trading on the New York Stock Exchange under the symbol CB on the first trading day following the closing.
"We are pleased to have all of our regulatory approvals and we look ahead to the closing of this transaction with great anticipation," said Evan G. Greenberg, Chairman and CEO of ACE Limited. "Since the transaction was announced six months ago, we have moved rapidly and deliberately with integration planning. This process has given us great confidence in the potential of the new Chubb to create significant value over time and deliver unmatched quality and service to our customers and distribution partners, and superior returns to our shareholders."
About ACE Group
ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements
All forward-looking statements made in this communication, related to the acquisition of Chubb, potential post-acquisition performance or otherwise, reflect ACE's current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future," "project" or other words of similar meaning. All forward-looking statements involve risks and uncertainties, which may cause actual results to differ, possibly materially, from those contained in the forward-looking statements.
Forward-looking statements include, but are not limited to, statements about the benefits of the proposed transaction involving ACE and Chubb, including future financial results; ACE's and Chubb's plans, objectives, expectations and intentions; the expected timing of completion of the transaction and other statements that are not historical facts. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, without limitation, the following: the failure of the proposed transaction to close for any reason; the possibility that any of the anticipated benefits of the proposed transaction will not be realized; the risk that integration of Chubb's operations with those of ACE will be materially delayed or will be more costly or difficult than expected; the challenges of integrating and retaining key employees; the possibility that the anticipated synergies and cost savings of the merger will not be realized, or will not be realized within the expected time period; diversion of management's attention from ongoing business operations and opportunities; general competitive, economic, political and market conditions and fluctuations; and actions taken or conditions imposed by the United States and foreign governments and regulatory authorities. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company described in the section entitled "Risk Factors" in the joint proxy statement/prospectus dated September 11, 2015 that was delivered to ACE's and Chubb's respective shareholders, and in ACE's and Chubb's respective filings with the Securities and Exchange Commission ("SEC") that are available on the SEC's website, located at www.sec.gov, including the sections entitled "Risk Factors" in ACE's Annual Report on Form 10–K for the year ended December 31, 2014, which was filed with the SEC on February 27, 2015, "Risk Factors" in ACE's Quarterly Report on Form 10-Q for the period ended September 30, 2015, which was filed with the SEC on November 4, 2015, "Risk Factors" in Chubb's Annual Report on Form 10–K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015, and "Risk Factors" in Chubb's Quarterly Report on Form 10-Q for the period ended September 30, 2015, which was filed with the SEC on November 6, 2015. You should not place undue reliance on forward-looking statements, which speak only as of the date of this communication. ACE undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE ACE Limited
