Through subsidiaries, Chubb Limited (formerly ACE Limited) sells property/casualty insurance, life insurance, and reinsurance through subsidiaries around the globe. It primarily provides property/casualty insurance to commercial and personal customers. Policies offered include general liability, homeowners, auto, accident, workers' compensation, and specialty crop and marine coverage. The company's ACE Tempest Re businesses provide reinsurance to property/casualty insurers in North America and Europe. In early 2016 the former ACE Limited acquired the US's Chubb Corporation for $28 billion and took the Chubb name.
The North American insurance segment, which includes property/casualty subsidiaries
, ACE Bermuda, and ACE Canada, is Chubb's largest business segment accounting for about 40% of revenue. The company's ACE International and ACE Global Markets property/casualty insurance units reach into the rest of the world, while its smaller ACE Life insurance division primarily operates in emerging markets in Asia, Europe, and the Americas. ACE Private Risk Services is a property/casualty division catering to high-net-worth individuals
With its operating subsidiaries located in more than 50 countries, Chubb serves customers in more than 170 nations.
ACE moved its place of incorporation home from the Caymans to Switzerland in 2008. It kept executive offices in Bermuda and New York.
Chubb regularly looks to expand its product offerings and geographical presence through acquisitions and organic measures.
To expand in high-growth geographic markets, it established new offices in Turkey and Panama in 2009 and 2008. Then, in early 2012 the company opened a representative office in Kiev that will allow it to directly engage in the Ukrainian insurance market.
Mergers and Acquisitions
In recent years Chubb has focused its geographic expansion on smaller acquisitions in emerging global marketplaces. In 2011 it entered two new markets for life insurance in North Asia after acquiring
New York Life
's life insurance operations in Hong Kong and South Korea for about $425 million.
In 2012 Chubb acquired Indonesian general insurance firm Asuransi Jaya Proteksi for some $130 million. It closed its purchase of Mexican surety insurer Fianzas Monterrey from
New York Life
for $285 million in 2013, as well as its purchase of another Mexican insurance firm, ABA Seguros, from
for $865 million.
In 2015 the company acquired the
US personal lines business catering to high-net-worth customers. The deal, valued at $365 million and providing access to more than 120,000 premier personal lines customers, expanded Chubb's position as one of the largest personal lines insurers catering to wealthy individuals.
Later that year the company announced a much larger deal with plans to acquire insurer
, which specialized in serving wealthy clients, for $28.3 billion. The combined company, which operates under the Chubb name, became one of the world's largest property/casualty firms. ACE shareholders own 70% of the new company.