Transaction has received all necessary regulatory clearances

ACE, ACE European Group

ACE said it has received all regulatory approvals needed to complete its acquisition of Chubb.

The $29.7bn (£20.6bn) deal, which will create the world’s largest publicly traded property and casualty insurer, is expected to close later today, ACE said.

ACE will adopt the Chubb name upon closing and the company’s stock will begin trading on the New York Stock Exchange under the symbol CB on the first trading day following the closing.

“We are pleased to have all of our regulatory approvals and we look ahead to the closing of this transaction with great anticipation,” said ACE chairman Evan Greenberg.