Key Stats
Founded: 1882 (as Chubb & Son); 2016 (as Chubb Limited, following ACE-Chubb merger)
Headquarters: Zürich, Switzerland (incorporated); Warren, New Jersey, USA (operational)
Chairman & CEO: Evan G. Greenberg (since 2004 as ACE CEO; 2016 as Chubb CEO)
Employees: ~43,000
Stock Exchange: NYSE: CB (S&P 500 component)
Chubb Limited is the world’s largest publicly traded property and casualty insurance company, offering commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to clients in 55 countries and territories. The company traces its origins to 1882, when Thomas Caldecot Chubb and his son Percy established Chubb & Son as a marine underwriting business in New York City’s seaport district.
The modern Chubb Limited was formed in January 2016 when ACE Limited, a Bermuda-founded insurer that had relocated to Switzerland, acquired The Chubb Corporation for $28.3 billion and adopted the Chubb name. This transaction was the largest merger in property and casualty insurance history. Under Chairman and CEO Evan G. Greenberg—who had led ACE since 2004—the combined company has grown into a global insurance leader with over $56 billion in annual revenue (2024) and approximately $270 billion in total assets.
Chubb’s core operating insurance companies are rated “AA” (Very Strong) by Standard & Poor’s and “A++” (Superior) by A.M. Best. The company is known for specialty insurance products including cyber liability coverage, directors and officers liability insurance, high-net-worth personal lines (marketed under the Masterpiece brand), and crop insurance. Chubb also operates in the Lloyd’s of London insurance market.
Chubb History
1882
Chubb & Son Founded
Thomas Caldecot Chubb and his son Percy open their marine underwriting business in New York City’s seaport district. They raise $100,000 by collecting $1,000 from each of 100 prominent merchants, focusing initially on insuring ships and cargoes.
1901
Federal Insurance Company Organized
Percy Chubb organizes the Federal Insurance Company in New Jersey, which becomes Chubb’s principal property and casualty affiliate. The company expands from marine insurance into fire coverage two years later.
1967
The Chubb Corporation Formed
The Chubb Corporation is incorporated as a holding company for the Chubb Group of Insurance Companies, formalizing the corporate structure for the family of property and casualty insurers.
1984
NYSE Listing
The Chubb Corporation is listed on the New York Stock Exchange, enabling broader access to capital markets and public ownership.
1985
ACE Limited Founded
ACE (American Casualty Excess) Limited is established in the Cayman Islands with assistance from Marsh & McLennan and funding from 34 U.S. companies, formed in response to the U.S. liability insurance crisis of the mid-1980s.
1999
ACE Acquires Cigna’s P&C Business
ACE purchases the global property and casualty business of Cigna Corporation for $3.45 billion, including the historic Insurance Company of North America (INA), transforming ACE into a global insurer.
2008
ACE Relocates to Switzerland
ACE moves its domicile from the Cayman Islands to Zürich, Switzerland, described by CEO Evan Greenberg as providing “better strategic flexibility” and a “solid legal and regulatory environment.”
2016
ACE Acquires Chubb Corporation
ACE Limited completes its $28.3 billion acquisition of The Chubb Corporation on January 14, the largest merger in property and casualty insurance history. ACE adopts the Chubb name globally. ACE shareholders receive 70% of the combined company; Chubb shareholders receive 30%.
2021
Cigna Asia Acquisition
Chubb acquires Cigna Group’s life, accident, and supplemental health insurance businesses in Asia-Pacific for approximately $5.75 billion, expanding its presence in high-growth Asian markets.
Chubb Founders
The Chubb name originates with the Chubb family, who founded the original marine underwriting business in 1882. The modern Chubb Limited, however, is the successor to ACE Limited, whose transformation was led by Evan G. Greenberg.
Thomas Caldecot Chubb (1834–1887)
Thomas Caldecot Chubb was born in London in 1834 and emigrated to the United States. After relocating from San Francisco to New York, he entered the marine insurance business. In 1882, at age 47, he and his son Percy established Chubb & Son in New York City’s seaport district. The father and son raised $100,000 by collecting $1,000 from each of 100 prominent merchants. Thomas died in 1887, just five years after founding the firm. His son Percy took over leadership, and Percy’s younger brother Hendon joined as a partner in 1895. The Chubb family maintained influence over the firm well into the twentieth century, with Hendon serving as senior partner until his retirement in 1959. Hendon later established the Victoria Foundation (named for his mother) in 1924, which remains one of the oldest private foundations in America.
Evan G. Greenberg (b. 1955)
Evan G. Greenberg, the architect of modern Chubb Limited, was born in 1955 as the son of Maurice “Hank” Greenberg, the legendary CEO of AIG. After working at AIG for 25 years—rising to president and chief operating officer—Evan left in 2000. He joined ACE Limited in 2001 as vice chairman, became CEO in 2004, and chairman in 2007. Under his leadership, ACE grew through 15 acquisitions before the landmark $28.3 billion Chubb deal in 2016. Greenberg chose to adopt the Chubb name because “ACE” was too generic (“ACE Hardware, ACE Tree Company”). Since completing the merger, Greenberg has expanded Chubb’s presence in Asia, including acquiring majority ownership of China’s Huatai Insurance in 2022. In 2024, his compensation was $30.1 million. Greenberg is active in U.S.-China business relations and serves on multiple foreign policy boards.
Chubb Acquisitions
Both the original Chubb Corporation and ACE Limited (now Chubb Limited) grew substantially through acquisitions. The following summarizes major transactions that shaped the modern company:
ACE’s first major acquisition came in 1999 when it purchased Cigna Corporation’s global property and casualty business for $3.45 billion. This deal included the historic Insurance Company of North America (INA), one of America’s oldest insurers, and transformed ACE from a specialty excess liability insurer into a diversified global company. Throughout the 2000s, ACE continued acquiring: Combined Insurance Company of America (2008), Rain and Hail crop insurer ($1.1 billion, 2010), Penn Millers agribusiness insurer (2011), and Fireman’s Fund high-net-worth personal lines business from Allianz ($365 million, 2015).
The defining transaction came on January 14, 2016, when ACE completed its $28.3 billion acquisition of The Chubb Corporation—the largest merger in property and casualty insurance history. ACE paid 51% cash and 49% stock, with ACE shareholders receiving 70% of the combined company. ACE adopted the Chubb name due to its stronger brand recognition. In 2021, Chubb acquired Cigna’s Asia-Pacific life, accident, and supplemental health insurance businesses for approximately $5.75 billion, substantially expanding its presence in growth markets across the region.
Chubb Revenue (2015–2024)
Chubb Limited’s revenue has grown substantially since the 2016 ACE-Chubb merger, with accelerated growth in recent years driven by premium rate increases, expansion in Asia, and strategic acquisitions.
Chubb Competitors
Chubb competes with global property and casualty insurers across commercial, specialty, and personal lines markets.
| Company | Headquarters | Primary Lines |
|---|---|---|
| American International Group (AIG) | New York, USA | Commercial P&C, Life & Retirement |
| Allianz | Munich, Germany | P&C, Life & Health, Asset Management |
| AXA | Paris, France | Life & Non-Life, Asset Management |
| Zurich Insurance Group | Zürich, Switzerland | Commercial P&C, Life Insurance |
| The Travelers Companies | New York, USA | Commercial & Personal P&C |
| Liberty Mutual | Boston, USA | Personal & Commercial P&C |
| CNA Financial | Chicago, USA | Commercial P&C |
| Hartford Financial Services | Hartford, USA | Commercial P&C, Group Benefits |
| W. R. Berkley | Greenwich, USA | Commercial P&C, Specialty |
| Arch Capital Group | Hamilton, Bermuda | Insurance, Reinsurance, Mortgage |
FAQs
Is Chubb the same company as the original Chubb Corporation?
Not exactly. The current Chubb Limited was formed in January 2016 when ACE Limited, a Bermuda-founded insurer based in Switzerland, acquired The Chubb Corporation for $28.3 billion. ACE then adopted the Chubb name because of its stronger brand recognition. Evan Greenberg, who had been ACE’s CEO since 2004, became chairman and CEO of the combined company. So while Chubb Limited carries the historic Chubb name dating to 1882, its corporate lineage traces to ACE Limited, founded in 1985.
Where is Chubb headquartered?
Chubb Limited is incorporated in Zürich, Switzerland—a legacy of ACE’s 2008 re-domestication from the Cayman Islands. However, the company’s operational headquarters for its North American division is in Warren, New Jersey, the former home of The Chubb Corporation. This dual structure allows Chubb to benefit from Switzerland’s regulatory environment while maintaining its U.S. operational base.
Who is Evan Greenberg?
Evan G. Greenberg is the chairman and CEO of Chubb Limited. Born in 1955, he is the son of Maurice “Hank” Greenberg, the legendary longtime CEO of AIG. Evan worked at AIG for 25 years before joining ACE in 2001. He became ACE’s CEO in 2004 and led the company’s transformation through acquisitions, culminating in the 2016 acquisition of The Chubb Corporation. Under his leadership, Chubb has grown to become the world’s largest publicly traded property and casualty insurer. His compensation in 2024 was $30.1 million.
What type of insurance does Chubb provide?
Chubb provides a wide range of insurance products including commercial property and casualty insurance, personal property and casualty insurance, specialty lines (cyber liability, directors and officers liability, professional liability), personal accident and supplemental health insurance, reinsurance, life insurance, and agricultural/crop insurance. The company is particularly known for its high-net-worth personal lines (marketed as Masterpiece) and its specialty commercial insurance products.
How large is Chubb?
Chubb is the world’s largest publicly traded property and casualty insurance company. As of 2024, the company reported approximately $56 billion in annual revenue, over $270 billion in total assets, and a market capitalization of roughly $134 billion. Chubb employs approximately 43,000 people and operates in 55 countries and territories. The company’s core operating insurance companies are rated “AA” (Very Strong) by Standard & Poor’s and “A++” (Superior) by A.M. Best.