ACE’s planned $28 billion acquisition of Chubb cleared a major milestone necessary to meet a hoped-for completion of the deal in the 2016 first quarter.
Specifically, the U.S. Federal Trade Commission has signed off on the deal by granting immediate termination of the waiting period required under federal antitrust laws, ACE disclosed in a Sept. 30 regulatory filing.
ACE noted in the filing, however, that other milestones remain, as the ACE/Chubb combination “remains subject to other closing conditions, including the receipt of shareholder and other regulatory approvals.”
ACE and Chubb have moved quickly to establish a post-merger organizational structure, with an early September announcement of the leadership team the combine company will use for its North America business units and major product lines. Executives for these slots come from both Chubb and ACE operations.
In late September, ACE announced that Juan Andrade would become executive vice president of the new, post-merger Chubb Group (the combined company will keep the Chubb name), and also president of the international non-life insurance division. He’s currently an executive vice president at ACE and chief operating officer of ACE Overseas General, ACE’s international non-life insurance arm.