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Economy

Demeter

(85,373 posts)

16. ACE buys upmarket Chubb in biggest ever insurance takeover

Reply to Tansy_Gold (Original post)

Thu Jul 2, 2015, 07:22 AM

Jul 2015

http://www.reuters.com/article/2015/07/01/us-chubb-corp-m-a-ace-idUSKCN0PB4G220150701

Swiss insurance giant ACE Ltd (ACE.N) will buy upmarket property insurer Chubb Corp (CB.N) for $28.3 billion to get access to wealthy clients who pay higher premiums at a time when fierce competition has cut deeply into the industry's profit margins.

The takeover, the biggest ever in the insurance sector, will create the world's largest property and casualty insurer by underwriting income.

Rock-bottom catastrophe insurance premiums, the rise of catastrophe bonds, low interest rates and stiff competition have prompted a wave of acquisitions among underwriters.

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