international

Picked up a news article on the net reporting ACE Insurance Company's purchase of Chubb Insurance Group.These are two giant insurance carriers with a lot of similarities and the merged entity will be an even more significant force in our industry.Here is a good article in Property-Casualty-360 that details the transaction, which is still pending regulatory approval.The approval and merger process is expected to take about a year and the new entity will operate under the venerable Chubb name (ACE is only about 35 years old).The current companies both write both Personal Lines and Commercial Lines and some of their overlapping niches include International coverage and heavy commercial risks in both Property and Casualty lines.The merged entity would benefit from Chubb's successful retail and mid-size commercial ventures and from ACE's successful wholesale and General Brokerage ventures.IMHO the merger is similar in size and nature to St. Paul's acquisition of Travelers where Travelers is actually the surviving trade name and entity... it should be interesting watching this develop.
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