Insurance giant Ace has completed a $29.5 billion takeover of Chubb to create the world’s largest publicly-traded property and casualty insurance company.

Ace was an early flag-bearer for Bermuda’s insurance sector after placing its operating headquarters on the Island in 1985. It still has a strong presence here, although it is now headquartered in Switzerland.

The Ace name and logo will go, to be replaced by the Chubb brand for the new firm, which has a market capitalisation of $51.2 billion.

The new firm will also adopt a new Chubb logo in a variety of colours.

Former Ace chief executive officer Evan Greenberg, now chairman and CEO of Chubb, said: “ACE and Chubb are now one and we could not be more excited about moving forward together with our new colleagues and our new brand.

“We are a global leader in commercial and personal property and casualty insurance with an exceptionally balanced product portfolio, a broad and deep global presence, extensive distribution channel capabilities and the ability to serve a diverse array of commercial and personal customers.”

He added: “Because we are creating a new path, we needed a visual expression to bring our new vision to life.

“It starts and ends with the Chubb name. Our identity — who we are — comes from our name, which is a symbol of quality and strength.

“So we have chosen a new logo that is a simple expression of our name, with no extra symbols or visual distractions.

“To balance the simplicity of the new Chubb logo, we have chosen an out-of-the-box approach with colours. There will be many colours to represent the new Chubb brand — nine to be exact.

“These colours reflect the diversity and energy of our culture, our thinking, global presence, the many different customers we serve and the many products we offer.”

Although Ace’s operating headquarters came to Bermuda in 1985, the company was officially domiciled in the Caymans.

It moved the seat of its operations to Switzerland in 2008, but maintains a significant presence in Bermuda through its landmark headquarters in Hamilton.

Mr Greenberg said: “We are creating a new identity from our shared DNA. Our new identity is vibrant and full of life, anchoring us to our future, not to our past.

“We look forward to focusing on our craft of insurance to create significant value over time for our shareholders and to deliver unmatched quality and service to our customers and distribution partners.”