Key Stats
- ACE Limited was acquired by Chubb Corporation for approximately 29.5 billion dollars in January 2016
- The company operated in 54 countries with around 30,000 employees before the acquisition
- ACE Limited was listed on the New York Stock Exchange under the ticker symbol ACE from 1993 to 2016
- Founded in 1985 by a consortium of 34 blue-chip companies as a Bermuda-based insurance entity
- The acquisition created the world’s largest publicly traded property and casualty insurance company
ACE Limited was a Swiss-domiciled insurance holding company that provided commercial property and casualty insurance and reinsurance products globally. The company emerged from an insurance crisis in the mid-1980s when excess liability and directors and officers coverage became scarce in the United States marketplace.
Headquartered in Zurich, Switzerland, ACE Limited evolved from a monoline excess insurer to a diversified global insurance powerhouse. The company served multinational corporations, individuals, families, and insurance companies seeking reinsurance coverage across multiple continents.
Through strategic acquisitions and organic growth, ACE Limited transformed into one of the world’s leading property and casualty insurers before its landmark acquisition by Chubb Corporation in 2016. The combined entity adopted the Chubb name while preserving ACE Limited’s operational excellence and global footprint.
ACE Limited History
ACE Limited was established in response to an availability crisis for excess liability and directors and officers insurance in the United States. A consortium of 34 blue-chip companies from healthcare, pharmaceuticals, manufacturing, transportation, utilities, oil and gas, banking, and automotive industries founded the company.
ACE Limited opened its first office in Hamilton, Bermuda, establishing its operational headquarters in this strategic insurance hub.
The company achieved a significant milestone by listing on the New York Stock Exchange under the ticker symbol ACE. This same year, ACE Bermuda expanded its product offerings through the acquisition of Corporate Officers & Directors Assurance Ltd., a specialist directors and officers underwriter.
ACE Limited pursued aggressive expansion by acquiring Tempest Re, a Bermuda-based catastrophe reinsurance company, along with Lloyd’s managing agency Ockham Worldwide and the balance of Methuen Underwriting.
The company acquired Westchester Fire Insurance Company in the United States, leading to the formation of ACE USA. Additional acquisitions included CAT Limited, which was integrated into ACE Tempest Re, and Tarquin Limited through ACE Global Markets.
ACE Limited completed its transformational acquisition of the Insurance Company of North America, the global property and casualty business of Cigna Corporation, for 3.45 billion dollars. This acquisition provided ACE with a truly international presence and inherited the rich history of INA, which dated back to 1792.
Evan Greenberg became President and Chief Executive Officer of ACE Limited, ushering in a new era of leadership and strategic direction.
ACE Limited relocated its place of incorporation from the Cayman Islands to Zurich, Switzerland. The company also acquired Combined Insurance Company of America for 2.56 billion dollars, nearly doubling its accident and health business.
The company expanded its agricultural insurance capabilities by acquiring Rain and Hail Insurance Service for 1.1 billion dollars. ACE Limited also purchased Jerneh Insurance Berhad in Malaysia.
ACE Limited continued its global expansion through multiple acquisitions including New York Life’s operations in Korea and Hong Kong, Penn Millers, Rio Guayas in Ecuador, Asuransi Jaya Proteksi in Indonesia, ABA Seguros, and Fianzas Monterrey in Mexico.
On July 1, ACE Limited announced its agreement to acquire Chubb Corporation for 28.3 billion dollars in cash and stock, positioning the combined entity to become the world’s largest publicly traded property and casualty insurance company.
The acquisition closed on January 14, with ACE Limited paying approximately 29.5 billion dollars. The combined company adopted the Chubb name and began trading on the New York Stock Exchange under the symbol CB, marking the end of ACE Limited as a standalone entity.
ACE Limited Co-founders
John Cox served as the founding Chairman and first employee of ACE Limited in 1985. He was already a recognized industry leader, having held senior positions at American International Group and Insurance Company of North America before founding ACE Limited.
ACE Limited was established by a consortium of 34 founding sponsors from diverse industries including healthcare, pharmaceuticals, manufacturing, transportation, utilities, oil and gas, banking, and automotive sectors. These companies pooled capital to create a new insurance entity addressing the liability coverage crisis.
Walter Scott became Chairman, President, and CEO of ACE Limited in 1990, leading the company through its initial public offering on the New York Stock Exchange in 1993.
Brian Duperreault succeeded Walter Scott in 1994 as Chairman, President, and CEO, guiding ACE Limited through a decade of acquisitions and diversification that established the company’s global status.
ACE Limited Revenue
ACE Limited experienced substantial revenue growth throughout its operational history. The company’s revenue trajectory reflected its aggressive acquisition strategy and organic business expansion across global markets.
ACE Limited Marketcap
ACE Limited’s market capitalization grew significantly from its 1993 initial public offering through its 2016 acquisition. The company’s market value reflected investor confidence in its underwriting discipline and global diversification strategy.
ACE Limited Acquisitions
ACE Limited pursued an aggressive acquisition strategy that transformed it from a specialty insurer into a global insurance powerhouse. The company’s acquisition spree began in earnest during the mid-1990s and continued until its own acquisition in 2016.
The most transformational acquisition came in 1999 when ACE Limited purchased the Insurance Company of North America from Cigna Corporation for 3.45 billion dollars. This deal provided ACE with instant global reach, entering 50 countries and establishing operations across North America, Europe, and Asia. The acquisition also transferred INA’s distinguished 200-year history to ACE Limited.
In 2008, ACE Limited significantly expanded its accident and health insurance business by acquiring Combined Insurance Company of America for 2.56 billion dollars. This acquisition nearly doubled the company’s presence in the supplemental insurance market. The same year, ACE Limited strengthened its position by purchasing the high-net-worth personal lines business from the Atlantic Companies.
The company’s agricultural insurance capabilities received a major boost in 2010 when ACE Limited acquired Rain and Hail Insurance Service for 1.1 billion dollars. Rain and Hail, headquartered in Johnston, Iowa, was an industry leader in crop insurance throughout the United States. This acquisition positioned ACE Limited as a significant player in the agricultural insurance sector.
Between 2011 and 2013, ACE Limited executed multiple strategic acquisitions across emerging markets. The company purchased New York Life’s insurance operations in Korea and Hong Kong, acquired Penn Millers to strengthen its agribusiness insurance, and entered Ecuador through the acquisition of Rio Guayas. In Indonesia, ACE Limited gained an 80 percent stake in Asuransi Jaya Proteksi, while in Mexico, the company acquired personal lines insurer ABA Seguros and surety lines specialist Fianzas Monterrey.
In 2014, ACE Limited acquired a majority stake in Siam Commercial Samaggi Insurance from Siam Commercial Bank in Thailand, eventually increasing its ownership to 93.03 percent. The company also purchased the large commercial property and casualty business from Itau Unibanco Holding in Brazil, expanding its Latin American footprint. In 2015, ACE Limited acquired Fireman’s Fund high-net-worth personal lines insurance business from Allianz for 365 million dollars, enhancing its private risk services division.
The ultimate acquisition came in 2016 when ACE Limited itself was acquired by Chubb Corporation for approximately 29.5 billion dollars, creating the world’s largest publicly traded property and casualty insurance company. This merger combined two underwriting-focused companies with complementary strengths and global reach.
ACE Limited Competitors
ACE Limited competed in the highly competitive global property and casualty insurance market against both established industry giants and specialized regional insurers. The competitive landscape required ACE Limited to maintain underwriting discipline while pursuing growth opportunities.
| Competitor | Headquarters | Primary Focus |
|---|---|---|
| American International Group (AIG) | New York, United States | Global property casualty and life insurance |
| Zurich Insurance Group | Zurich, Switzerland | Property casualty and life insurance |
| Travelers Companies | New York, United States | Commercial and personal property casualty insurance |
| Allstate Corporation | Illinois, United States | Personal property and casualty insurance |
| XL Group | Ireland | Property casualty and specialty insurance |
| Allianz SE | Munich, Germany | Property casualty and asset management |
| Liberty Mutual Insurance | Boston, United States | Property and casualty insurance |
| Intact Financial Corporation | Toronto, Canada | Property and casualty insurance |
| Cincinnati Financial Corporation | Ohio, United States | Property casualty and life insurance |
| Hartford Financial Services | Connecticut, United States | Property casualty and group benefits |
FAQs
What happened to ACE Limited?
ACE Limited was acquired by Chubb Corporation in January 2016 for approximately 29.5 billion dollars. The combined company adopted the Chubb name and became the world’s largest publicly traded property and casualty insurance company.
When was ACE Limited founded?
ACE Limited was founded in 1985 by a consortium of 34 blue-chip companies in response to an availability crisis for excess liability and directors and officers insurance coverage in the United States marketplace.
Where was ACE Limited headquartered?
ACE Limited was headquartered in Zurich, Switzerland after relocating from the Cayman Islands in 2008. The company also maintained significant operations in Hamilton, Bermuda where it first established offices in 1986.
What insurance products did ACE Limited offer?
ACE Limited provided commercial property and casualty insurance, reinsurance products, personal accident and supplemental health insurance, agricultural insurance, and life insurance to individuals, families, businesses, and institutions across 54 countries worldwide.
Who led ACE Limited before the Chubb acquisition?
Evan Greenberg served as Chairman and Chief Executive Officer of ACE Limited from 2004 until the 2016 acquisition. He became Chairman and CEO of the combined Chubb Limited entity following the merger.