ACE shareholders vote to approve acquisition of Chubb

ACE Limited shareholders have voted at a special meeting to approve all proposals related to the company’s previously announced agreement to acquire The Chubb Corporation, ACE announced on Thursday.

ACE reported that votes in favour of each agenda item exceeded 98% of the total represented and cast. The matters approved included the proposal to change the company’s name to Chubb Limited following completion of the transaction, ACE said in a statement. Four current members of the Chubb board of directors were also elected to the ACE Limited board, effective as of the completion of the transaction.

“The combination of ACE and Chubb will create a global leader in commercial and personal property and casualty (P&C) insurance with enhanced growth and earning power,” ACE said in the statement.

Related: ACE Limited to acquire Chubb for US$28.3 billion

“Today’s vote is an important milestone toward completing our acquisition of Chubb, a venerable company with a great brand,” said Evan G. Greenberg, chairman and CEO of ACE Limited. “This transaction advances our strategy and represents an outstanding opportunity to create significant value for both ACE and Chubb shareholders. The combination brings together two great underwriting companies that are highly complementary. We will make each other better and create a unique company in a class of its own that has greater growth and earning power than the sum of the two companies separately.”

The transaction was announced on July 1. On Sept. 30, ACE received notice from the U.S. Federal Trade Commission that it had granted early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction, which is expected to close in the first quarter of 2016, remains subject to regulatory reviews and approvals and other customary closing conditions.

Upon completion of the merger, Chubb shareholders will receive US$62.93 per share in cash and 0.6019 shares of ACE common stock for each share of Chubb common stock, Chubb said in a release.

Related: ACE announces leadership teams for company’s North American business units, effective upon completion of acquisition of Chubb

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.

Chubb has provided P&C insurance products through a worldwide network of independent agents and brokers since 1882. The company tailors products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments.