Insurer ACE to buy Chubb for $28.3 billion

Insurer ACE Ltd (ACE.N) said it would buy property and casualty insurer Chubb Corp (CB.N) for $28.3 billion in cash and stock. Chubb shareholders will receive $62.93 in cash and 0.6019 shares of ACE stock for each share held.
Based on the closing price of ACE shares on June 30, the deal is valued at about $124.13 per Chubb share, a premium of 30 percent to the stock's Tuesday close.
(Reporting by Richa Naidu and Avik Das in Bengaluru; Editing by Kirti Pandey)