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It's a $28.3 billion insurance mega deal

ChubbWikimedia

Insurance provider Ace Limited is buying Chubb in a $US28.3 billion deal, it announced on Wednesday.

The boards of both companies have agreed to the deal that will see Chubb shareholders receive $US62.93 per share in cash and 0.6019 in Ace shares.

Chubb shares closed at $US95.14 on Tuesday, and Ace closed at $US101.68.

“We are thrilled to announce the acquisition of Chubb, a venerable company with a great brand,” said Evan G. Greenberg, Chairman and CEO of ACE Limited in the statement. “This transaction advances our strategy in a meaningful way and represents an outstanding opportunity to create significant value over a reasonable period of time for both ACE and Chubb shareholders.”

More to come…

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