article be merged into chubb limited . discuss proposed since september 2016 . chubb ltd. type public traded as nyse cb s & p 500 component industry insurance and reinsurance founded hamilton bermuda 1985 1985 headquarters z rich switzerland area served worldwide key people evan g. greenberg chairman and ceo products property and casualty and health life insurance reinsurance revenue us 19.138 billion 2015 1 operating income us 03.296 billion 2015 1 net income us 02.834 billion 2015 1 total assets us 102.306 billion 2015 1 number of employees 20 000 website new.chubb.com chubb limited incorporated in zurich switzerland is the parent company of the chubb a global provider of insurance products covering property and casualty accident and health reinsurance and life insurance . ace operates in 54 countries and territories and in the lloyd s insurance market in london . clients of chubb consist of multinational corporations and local businesses individuals and insurers seeking reinsurance coverage . in 2014 the group had 98.2 billion in assets 23.4 billion of gross written premiums and approximately 21 000 employees . 2 ace trades on the nyse and is a component of the s & p 500 index . its core operating insurance companies are rated aa very strong for financial strength by standard & poor s 3 4 and a superior by a. m. best 5 6 with stable outlooks from both agencies . fitch rates ace limited and its subsidiaries aa very strong for financial strength aa for issuer default and a for senior debt . 7 moody s rates the u.s. companies a1 and the unsecured loan notes a3 . 8 on july 1 2015 ace announced that it will acquire chubb corporation for 28.3 billion in cash and stock . 9 ace has committed that chubb s current headquarters in warren nj will have a substantial portion of the headquarters function for the combined company s north american division . importantly the combined company will adopt the chubb name . contents 1 business structure 1.1 north american 1.2 international 1.3 reinsurance 1.4 life 2 history 2.1 1985 1999 2.2 2000 2014 3 ace under investigation 3.1 2004 eliot spitzer investigation 3.2 resolution 4 references 5 external links business structure edit ace provides insurance and reinsurance products and services through several operating units . 10 north american edit ace usa provides commercial property insurance and casualty p & c risk management and accident and health a & h coverages through retail brokers . ace agriculture offers crop farm and agribusiness p & c coverages through agents and brokers . ace westchester offers commercial p & c excess and surpluslines through wholesale brokers . ace bermuda provides liability property political risk coveragesand captive programs through large international brokers . ace private risk services offers high value personal lines coverages through independent agents and brokers . ace commercial risk services provides specialty small business coverages through agents and brokers . international edit ace international provides commercial p & c a & h and traditional and specialty personal lines through retail brokers agents and other channels in 51 countries outside north america . ace global markets offers commercial p & c excess and surplus lines and a & h sold by wholesale brokers and through lloyd s. in north america combined insurance acquired by ace in 2008 provides personal accident and supplemental health insurance through captive agents . 11 reinsurance edit ace tempest re offers p & c and life reinsurance sold worldwide by reinsurance brokers . life edit ace life provides protection and savings products through agents bancassurance and other channels in asia latin america and the middle east . combined insurance offers personal accident and supplemental health coverages sold by captive agents in north america . history edit 1985 1999 edit ace limited was established in 1985 funded by a group of 34 u.s. companies seeking difficult to obtain excess liability and directors and officers d & o insurance coverage . 12 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 . 12 walter scott became chairman president and ceo of ace in 1990 and saw the company listed on the new york stock exchange in 1993 . brian duperreault succeeded scott in 1994 as chairman president & ceo and worked for the next ten years as ace went through a series of acquisitions and a diversification process that brought the ace group of companies global status . 13 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 . 14 2000 2014 edit in 2004 evan g. greenberg became president and ceo of ace ltd. 15 in 2004 ace was also investigated by ny attorney general eliot spitzer for participating in a bid rigging and price fixing scheme with insurance broker marsh & mclennan . 16 17 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 18 and the high net worth personal lines business of the atlantic companies . 19 also in 2008 ace relocated from the cayman islands to zurich 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 20 the re domestication was completed in july that year . 21 in 2010 the ace company esis inc. was hired by bp to process claims made by the victims of the deepwater horizon oil spill . 22 23 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 . 24 25 26 in 2010 ace limited acquired the hong kong and korea life insurance operations of new york life . 27 in 2011 ace limited purchased agribusiness insurer penn millers . 28 during 2012 they purchased indonesian insurer asuransi jaya proteksi . 29 during 2013 they purchased mexican surety lines company fianzas monterrey and mexican personal lines insurer aba seguros . 30 31 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 . 32 in october 2014 ace limited acquired the large commercial property and casualty business of ita unibanco holding sa . the transaction made ace the largest property and casualty insurer in brazil . 33 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. 34 in july 1 2015 ace announced that it will acquire chubb corporation for 28.3 billion in cash and ace stock . upon completion ace shareholders will hold 70 % while chubb shareholders will get 30 % of the new combined company . the new company will be based in zurich switzerland where ace limited s headquarters are located . evan greenberg of ace will be the new chairman and ceo of the new company while chubb chairman and ceo john finnegan will be executive vice chairman for north america external affairs . the company s board will be expanded to 18 with 4 of them coming from chubb . the new combined company will adopt the chubb name . it is expected that the deal will close in q1 2016 subject to approval by ace and chubb shareholders and regulatory approvals . 35 ace under investigation edit 2004 eliot spitzer investigation edit in 2004 new york attorney general eliot spitzer conducted an investigation in the insurance industry . ace american international group aig marsh & mclennan and other large insurers and brokerages were named in spitzer s investigation for possibly participating in questionable insurance practices including the payment of contingent commissions bid rigging price fixing and improper accounting . 36 37 spitzer asserted that contingent commissions contributed to a widespread practice of bid rigging where brokers solicited fake bids with deliberately less favorable terms for the consumer than the bid offered by the insurance company paying the highest commissions . 38 39 resolution edit as part of an 80 million settlement that abated further inquiry ace signed an assurance of discontinuance in which they acknowledged their prior conduct and agreed to alter their business practices . evan greenberg himself admitted no fault in spitzer s allegations although a junior executive did plead guilty to criminal charges . 40 41 spitzer s insurance industry probe additionally looked in early 2005 into ace ltd s subsidiary ace tempest re s reporting to the sec of a series of reinsurance transactions together with the sec reporting of a further 16 unaffiliated reinsurers . evan greenberg said that his company s investigation should be completed within a month . according to greenberg contracts appeared generally structured in a way to provide for appropriate risk transfer and accounted for properly . 42 the spitzer investigations also triggered civil litigation by policyholders who claim they were victimized by the bid rigging and commission schemes . 43 references edit a b c d ace limited ace income statement 2013 yahoo finance december 31 2013 ace limited fourth quarter 2014 earnings report . ace reports fourth quarter operating income of 827 million and record full year earnings of 3.3 billion up 4.7 % per share ; operating roe of 11.8 % for the quarter and 12 % for the year ; full year p & c combined ratio of 87.7 % versus 88 % last year pdf . acegroup.com . retrieved april 30 2015 . standard & poor s raises ace s financial strength ratings on core operating subsidiaries to aa . yahoo finance . 19 may 2014 . retrieved 10 december 2014 . what s behind our ratings on the top 15 global multiline insurers following the application of our new criteria . globalcreditportal.com . 4 june 2013 . a.m. best upgrades ratings for most subsidiaries of ace limited . reuters . 11 april 2014 . retrieved 10 december 2014 . am best revises outlook to positive for ace limited and most of its subsidiaries . ambest.com . 14 june 2013 . fitch upgrades ace limited s ifs ratings to aa ; sr. debt to a . fitch ratings . 14 may 2013 . moody s rates ace limited shelf ; ace ina holdings provisional senior debt at p a3 ; outlook stable . 2013 03 05 . ace agrees to chubb for 28.3 billion . marketwatch . july 1 2015 . business structure . acegroup.com . 1 august 2013 . ace completes acquisition of combined insurance company of america . reuters . 1 april 2008 . retrieved 10 december 2014 . a b ace company site history page . aceeuropeangroup.com . retrieved 8 aug 2010 . brian duperreault s executive team page . acebermuda.com . retrieved 8 aug 2010 . ace completes acquisition of cigna s p & c businesses ; ace announces expense savings targets ; ace outsources information technology operations to ibm . acelimited.com . retrieved 8 aug 2010 . treaster joseph b. 12 mar 2004 . a greenberg 3rd in family to be chief of an insurer . new york times . ace settles bid rigging probe agreement is part of ongoing effort to restore competition in insurance industry . www.ag.ny.gov . 29 apr 2006 . marsh settles spitzer bid