Chubb 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. The Chubb Corporation was incorporated in 1967 and was listed on the
New York Stock Exchange in 1984. In 2010 Chubb was number five on Chicago Business "Best Places to Work" list.
ACE Limited 1985–1999 ACE (American Casualty Excess) Limited was established in 1985 in response to the U.S.
liability insurance crisis of the mid-1980s. It was formed with the assistance of insurance broker
Marsh & McLennan and funded by a group of 34 U.S. companies seeking difficult-to-obtain Excess Liability and Directors and Officers (D&O) insurance coverage. That year, ACE and its Bermuda
subsidiary, incorporated in the
Cayman Islands and headquartered in
Hamilton, Bermuda, wrote its first insurance policy with John Cox as its president and CEO. In 1987 the company assumed management of Corporate Officers & Directors Assurance Limited (CODA), expanding ACE Bermuda's product line. One of the multiple acquisitions made during this time was the global property and casualty business of
Cigna Corporation (most significantly the
Insurance Company of North America, known as INA), which was purchased for $3.45 billion in 1999.
2000–2021 In 2004,
Evan G. Greenberg became president and CEO of ACE Ltd. In 2004, ACE was also investigated by New York Attorney General
Eliot Spitzer for participating in a
bid rigging and
price fixing scheme with insurance broker
Marsh & McLennan. In 2008, ACE purchased the accident and health insurance provider
Combined Insurance Company of America (founded by
W. Clement Stone in 1919) from
Aon Corporation for $2.56 billion and the high-net-worth personal lines business of the Atlantic Companies. Also in 2008, ACE relocated from the Cayman Islands to
Zürich, Switzerland. Evan Greenberg described the move as a "natural progression" that would provide ACE with a "better strategic flexibility…and a solid legal and regulatory environment…" The re-domestication was completed in July that year. In 2010, the ACE company ESIS Inc. was hired by
BP to process claims made by the victims of the
Deepwater Horizon oil spill. In 2010, ACE Limited purchased Rain and Hail, LLC for $1.1 billion. Rain and Hail Insurance Service, headquartered in
Johnston, Iowa, is an industry leader in crop insurance in the United States. ACE Limited also acquired the Hong Kong and Korea life insurance operations of New York Life. In 2011, ACE Limited purchased agribusiness insurer Penn Millers. In 2012, they purchased Indonesian insurer Asuransi Jaya Proteksi. In 2013, they purchased Mexican Surety Lines Company Fianzas Monterrey and Mexican Personal Lines Insurer ABA Seguros. In April 2014, ACE Limited acquired a majority stake in Siam Commercial Samaggi Insurance PCL from Siam Commercial Bank. Following a subsequent tender offer in June 2014, ACE and its local partner owned 93.03% of the Samaggi. In October 2014, ACE Limited acquired the large commercial property and casualty business of Itaú Unibanco Holding SA. The transaction made ACE the largest property and casualty insurer in Brazil. In April 2015, ACE Limited acquired the Fireman's Fund high net-worth personal lines insurance business in the U.S. from Allianz for $365 million. ACE Private Risk Services is one of the largest high net worth insurers in the U.S. On 1 September 2020, Chubb announced the introduction of the latest update of its Enterprise Guard Plus product for the emerging needs of Hong Kong business insurance. In February 2021, Chubb Limited and the World Health Organization announced the roll out of a no-fault compensation scheme for COVID-19 vaccinations for low and middle-income countries.
ACE acquires Chubb On 1 July 2015, ACE announced that it would acquire Chubb Corporation for $28.3 billion in cash and ACE stock. ==Controversies==