Zurich, Switzerland, including Chubb Limited, Chubb, property and casualty, accident and health insurance products, including life insurance and reinsurance, a global provider parent company. ACE 54 countries and areas in London and the Lloyd's insurance market. Chubb customers seeking insurance coverage multinational corporations and local businesses, individuals and insurers.
In 2014, a group of assets of $ 98.2 billion, gross written premiums were $ 23.4 billion NYSE trades about 21,000 employees.ACE and is part of the S & P 500 Index. Its principal operating insurance companies, agencies have a stable outlook by A. M. Best financial strength by Standard & Poor's and "A ++" (Superior) (Very Strong) "AA" rated. financial strength Fitch rates ACE Limited and its subsidiaries, the "AA" (Very Strong), the largest debt.Moody rates for the issuer's default, and "A +" to "AA-" Company "A1" and the risk of credit notes "A3".
July 1, 2015, ACE cash and stock to $ 28.3 billion purchase of Chubb Corporation.
ACE Chubb in the office of Warren, NJ, the combined company's North American headquarters for the department promised that it would be a big part of the function. More importantly, the name of the combined company Chubb. Until the end of the transaction is expected in the first quarter of 2016, it is business as usual, and Chubb and ACE will continue to operate as two separate and competitive company.
Business structure
ACE through a number of operating units of insurance and reinsurance products and services.North America
ACE US commercial property insurance and casualty (P & C), risk management and accident and health (A & H) guarantees through retail brokers. ACE agricultural agents, brokers, agriculture and agribusiness offers P & C insurance. ACE Westchester commercial P & C and wholesale brokers through surpluslines. ACE Bermuda responsibility through international brokers, wealth, and political risk coveragesand captive programs. ACE Private Risk Services through independent agents and brokers offers high value of personal lines insurance. ACE Commercial Risk Services agents and specialty business insurance through brokers.International
ACE International commercial P & C, A & H and retail brokers, agents and other channels in 51 countries in North America through traditional and specialty personal lines. ACE Global Markets and commercial P & C offers excess and surplus lines sold through wholesale brokers and Lloyd's A & H in North America in 2008, was purchased by Ace Combined Insurance, personal accident and health through captive agents insurance.Reinsurance
ACE Tempest Re reinsurance brokers with worldwide sales of P & C and Life reinsurance.ACE Life in Asia, Latin America, the Middle East agents, banking and insurance and other channels, protection and savings products. Combined insurance and personal accident captured by agents in North America, selling more health insurance.
History
1985-1999
ACE Limited was established in 1985 and funded by a group of 34 US companies are looking for hard-to-excess liability and directors and officers (D & O) insurance coverage.That years, ACE and its subsidiary in Bermuda, the Cayman Islands, in particular, and is located in Hamilton, Bermuda, and its President and chief Executive Officer John wrote the first insurance policy. In 1987, ACE Bermuda to expand the product line of the company, corporate officers and directors Assurance Limited (Coda) management responsibility.
ACE Walter Scott in 1990 as chairman, president, and CEO of Ace and Brian Duperreault in 1993, the New York Stock Exchange, the company's chairman, president and CEO Scott saw the success of the last decade, in 1994 a number of years to purchase and during this time a number of companies that bought ACE group is a global corporation known as the process of diversification brought status.One INA Cigno (most significantly in North America insurance company, a global property and casualty) was purchased in 1999 for $ 3.45 billion.
2000-2014
In 2004, Evan G. Greenberg, insurance broker Marsh & McLennan to participate in the bid rigging and price fixing scheme investigated by the New York Attorney General Eliot Spitzer ACE Ltd. In 2004, ACE's President and CEO.
In 2008, the ACE of $ 2.56 billion, Aon Corporation (founded in 1919 by W. Clement Stone), accident and health insurance provider Combined Insurance Company bought the Atlantic and high-net-worth personal lines business.
In addition, in 2008, Ace moved to the Cayman Islands to Zurich, Switzerland. Evan Greenberg was a natural progression for the Ace, "" better strategic flexibility and a strong regulatory environment "described try to come to an end in July this year. [21]
ACE company in 2010, ESIS, Inc. the processing of claims by the victims of the Deepwater Horizon oil spill has been hired by BP.
In 2010, ACE Limited, $ 1.1 billion of rain and hail, LLC. Rain and Johnston, Iowa Hello, insurance service, insurance is an industry leader in the United States.
In 2010, ACE Limited, New York Life to buy Hong Kong and Korea life insurance operations.
In 2011, ACE Limited acquired firms insurer Penn Millers.
During the year 2012, they bought the Indonesian insurer Asuransi Jaya Proteksan.
In 2013, the Mexican surety Lines Company Fianzas Monterrey and the Mexican Personal Lines Insurer ABA Seguros.
In April 2014, ACE Limited, Siam Commercial Bank Siam Commercial Insurance Samaggi bought a majority stake in the PCL. In June 2014, following a tender offer, ACE and its local partner Samaggi ownership of 93.03%.
In October 2014, ACE Limited Itauna Unibanco Holding SA acquired the largest commercial property and casualty business. deal in Brazil's largest property and casualty insurer Ace.
In April 2015, ACE Limited, the US $ 365 million from Allianz Fireman's Fund acquired the high net worth personal lines insurance business. ACE Private Risk Services in the United States is one of the largest insurers of high net worth
July 1, 2015, ACE ACE of $ 28.3 billion in stock and cash purchase of Chubb Corporation. Chubb shareholders will receive 30% of the combined company after the completion of the ACE shareholders will hold 70%. ACE Limited's head office is located in the new company will be based in Zurich, Switzerland. Chubb Chairman and CEO John Finnegan North America Executive Vice-Chairman of the Foreign Affairs Ace Evan Greenberg, chairman and CEO of the new company. the company's board expanded to 18, with 4 coming from Chubb. the name of the new combined company Chubb. This contract Ace and Chubb shareholders' approval and regulatory approval, is expected to close in the 1st quarter of 2016.
ACE under investigation
In 2004, Eliot Spitzer investigation
In 2004, the New York Attorney General Eliot Spitzer conducted the investigation in the field of insurance. ACE, American International Group (AIG), Marsh & McLennan, and other major insurers and brokerages may be contingent commissions, bid-rigging, price-fixing and pay for the wrong account, including questionable insurance Spitzer investigation were announced to participate in the practices.
Spitzer amount of commissions for brokers offer the highest commissions paid by the insurance company with the special conditions less favorable to the consumer than solicited fake bids, "bid-rigging" emphasizing that it contributed to the widespread practice.
further investigation clicked on a $ 80 million settlement as part of the ACE behavior is recognized and agreed to change their business practices before they signed a precarious finish. the execution of criminal charges even though Evan Greenberg argue he admitted no fault in Spitzer's allegations. [40] [41]
In addition to the insurance industry, Spitzer probe further 16 members of reinsurers SEC reports, ACE, Ltd. is a subsidiary of reinsurance transactions entered into a number of ACE Tempest Re in a report early in 2005. Evan Greenberg's company, the investigation should be completed within a month, he said. According to Greenberg, the agreements "provide for appropriate risk are often created." [42]
Spitzer research, as well as bid rigging and became a victim of the schemes of the commission by the insurance claim was a civil matter. [
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