On 14 January 2016, ACE Limited acquired Chubb Corporation, creating a new global insurance leader known simply as Chubb. Today, our new company is one of the world’s largest and financially strongest insurers, with approximately US$160 billion in assets. Our core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Since January 2016, our priority has been to bring together the compelling complementary strengths of our respective organisations for the benefit of our customers and distribution partners in Europe.
Recently, following the acquisition, we also completed some work to simplify our structure. We wanted to keep you up to date on these changes.
Europe retail, Bermuda International, and London market company business
Shortly, the insurance business of Chubb Insurance Company of Europe SE (CICE) and Chubb Bermuda International Insurance (CBII) will be transferred to ACE European Group Limited (AEGL). The name of ACE European Group Limited will also be changed to Chubb European Group Limited, in line with the company’s new brand.
Following the transfer, CICE and CBII will no longer exist, with all assets and liabilities having transferred to AEGL.
London market Lloyd’s business
In addition, the name of ACE Underwriting Agencies Limited (AUAL) will be changed to Chubb Underwriting Agencies Limited (CUAL). This follows the transfer of the insurance business of Chubb Managing Agency Limited on 30 September 2016.
The transfer of insurance business from CICE to AEGL will take place on 1 May 2017. The name changes are expected to take place around the same time.
Until 30 April, we will continue to use our existing company names AEGL, AUAL, CICE and CBII in all of our communications and documentation, including policy documentation, quote documents and marketing materials, for example.
From 1 May, we will use our new legal entity names Chubb European Group Limited and Chubb Underwriting Agencies Limited on all documentation.
No. These changes will have no effect on the duration of any policies in force, the terms or conditions of cover, the amount of premium, our contact details or any claim that has or may be made in the future.
The only change that policyholders may notice is a change to our branding and company name on their documentation, or a change to the direct debit description on bank statements (where relevant).
No. These changes will have no effect on any claim or complaint which you/ your clients have made or may make in the future and there is no change to either of these processes.
No. The transfer of business from CICE and CBII to AEGL will happen automatically and none of the name changes have any affect on you/ your clients’ insurance cover.
No. Any documents issued under the the old AEGL, AUAL, CICE and CBII names before 1 May remain valid and will not have to be updated and re-issued after the changes.
For renewals taking place after 1 May, all documentation issued will include the new, correct company names.
If you received/ issued a quote under the ‘old’ name of AEGL, CICE or CBII before 1 May, you don’t need to do anything.
From 1 May, all policyholder information will include the correct, new company names.
There is no change to the regulatory status of your/ your clients’ insurer or insurance policies.
Policies continue to be subject to the local laws and regulations in your country. Your insurer also remains authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) in the UK.
Any legal agreements that you have with any of the Chubb entities, such as Terms of Business Agreements (TOBAs) will remain valid at the point of transfer. By way of example, any agreements you have with Chubb Insurance Company of Europe SE will still be valid. We will contact you after the transfer date with an updated agreement for your signature.
If you had business relationships with both ACE European Group Limited and Chubb Insurance Company of Europe SE prior to the transfer, we will seek to harmonise terms within those contracts with as little impact as possible on our overall business relationship. Our aim will be to have one ongoing legal agreement between the newly-named Chubb European Group Limited and each of our brokers.
For any questions related to your policy, claim or complaint, please refer to the contact details provided in your policy documentation or visit chubb.com and choose the relevant country.