US property and casualty insurer in US$28b bid for Chubb
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New York
EVAN Greenberg just took dealmaking to the next level. The chief executive of property-and-casualty insurer Ace Ltd on Wednesday announced a US$28 billion deal for rival Chubb Corp. It's the biggest acquisition in the industry since the 2008 US government bailout of American International Group Inc, the insurance giant formerly led by Mr Greenberg's father, Hank.
After the busiest quarter for insurance dealmaking in at least 12 years, the magnitude of this latest takeover is going to drive even more "M&A fever" across the industry, according to Cliff Gallant of Nomura Holdings Inc. Insurers from WR Berkley Corp to Hartford Financial Services Group Inc rallied on the news amid takeover speculation.
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