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ACE on New York Consolidated

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Latest Key Developments (Source: Significant Developments)

ITT Educational says receives letter from Chubb to post collateral of $19.8 mln
Thursday, 1 Sep 2016 02:02pm EDT 

ITT Educational Services Inc : On August 26, Received Letter From Chubb, Whereby Ace American Insurance Makes Demand To Post Collateral In Amount Of $19.8 Million . Insurance Companies Named In Agreement Of Indemnity Entered Into By Co Make Demand On Co To Post Collateral Of $19.8 Million . Chubb Also Provided Notice That It Plans To Issue Notices Of Cancellation On All Of Surety Bonds, Starting With Largest First . Demand Of Collateral In Form Of An Acceptable Irrevocable Letter Of Credit . ITT Educational Services Inc Says "Currently Reviewing This Demand And Its Potential Impact On Business" . "Continuing To Evaluate All Options Available To It Related To ED Letter" . Contacted U.S. Department Of Education To Request That ED Consider Possible Alternatives To ED's Positions, Requirements . Scheduled Last Day Of Classes For Current Academic Quarter Is Sept 2, And Ed Letter Did Not Have Any Impact On Completion Of That Academic Quarter . ITT Educational Services Inc Says Next Academic Quarter For ITT Technical Institutes Was Scheduled To Begin On September 12, 2016. . However, Because Only A Small Number, If Any, Of Students Who Typically Enroll In ITT Technical Institutes Would Not Be Eligible For Title Iv Program Funds . As A Result, Co Currently Is Not Enrolling New Students At Any ITT Technical Institute For Academic Quarter That Begins On September 12.  Full Article

Chubb reports Q2 operating earnings per share $2.25
Tuesday, 26 Jul 2016 04:24pm EDT 

Chubb Ltd : Chubb reports second quarter net and operating income of $1.54 and $2.25 per share, respectively; annualized roe and operating roe are 6.2 pct and 9.5 pct, respectively, for the quarter and 5.3 pct and 9.8 pct year-to-date . Book value, tangible book value per share increased 2.7 pct and 6.1 pct, respectively, from March 31, now stand at $101.56 and $57.14, respectively . Q2 operating earnings per share $2.25 . Q2 earnings per share view $2.22 -- Thomson Reuters I/B/E/S . Q2 earnings per share $1.54 . Qtrly consolidated and p&c net premiums written of $7.6 billion and $7.1 billion, respectively, up 59.7 pct and 66.0 pct .Property and casualty (P&C) combined ratio for quarter was 91.2 pct.  Full Article

BBSI appoints Gary Kramer as CFO
Wednesday, 13 Jul 2016 04:05pm EDT 

Barrett Business Services Inc : BBSI appoints Gary Kramer as chief financial officer . Kramer succeeds interim CFO Tom Carley. .Prior to his current role at Chubb, Kramer served as divisional financial officer for ace financial solutions..  Full Article

Chubb names regional presidents in Asia Pacific and Latin America
Thursday, 30 Jun 2016 12:35pm EDT 

Chubb Ltd : Chubb announces changes to its regional presidents in Asia Pacific and Latin America; New division president named for company's International Accident & Health Business . Jorge Luis Cazar has been named division president of company's International A&H business . Says Paul McNamee has been named regional president, Asia Pacific .Juan Luis Ortega has been named regional president, Latin America.  Full Article

Chubb hikes annual dividend 3 pct to $2.76/shr
Thursday, 19 May 2016 09:50am EDT 

Chubb Ltd: 3 percent increase in company's dividend to $2.76 annually .Chubb shareholders approve 23rd consecutive annual dividend increase; board declares record date for first dividend installment; all other shareholder proposals approved.  Full Article

Chubb Ltd ( ACE Ltd ) says board will recommend annual dividend increase to shareholders at 2016 annual general meeting
Thursday, 25 Feb 2016 10:50am EST 

Chubb Ltd ( ACE Ltd ):Says will recommend to shareholders at company's 2016 annual general meeting an increase in its quarterly dividend.Proposal calls for a $2.76 annual per share dividend, payable in four installments of $0.69 per share per quarter, compared to the current quarterly dividend amount of $0.67 per share.Board of Directors also declared a quarterly dividend equal to $0.67 per share, payable on April 21 to shareholders of record date as on March 31.  Full Article

ACE Ltd board declares quarterly dividend
Thursday, 19 Nov 2015 01:18pm EST 

ACE Ltd:Declared a quarterly dividend equal to $0.67 per share, payable on Jan. 21, 2016, to shareholders of record at the close of business on Dec. 31.  Full Article

ACE Ltd Prices $5.3 Billion Senior Notes Offering
Tuesday, 27 Oct 2015 04:35pm EDT 

ACE Ltd:Says its subsidiary, ACE INA Holdings Inc, agreed to sell in a public offering $1.3 billion of 2.30 pct senior notes due 2020, $1.0 billion of 2.875 pct senior notes due 2022, $1.5 billion of 3.35 pct senior notes due 2026 and $1.5 billion of 4.35 pct senior notes due 2045.The notes are guaranteed by ACE Limited.The notes are being issued in connection with ACE's pending acquisition of The Chubb Corp.  Full Article

ACE Ltd declares quarterly dividend
Thursday, 13 Aug 2015 08:49am EDT 

ACE Ltd:Declares quarterly dividend equal to $0.67 per share.Payable on Oct. 21, to shareholders of record at the close of business on Sept. 30.  Full Article

ACE to acquire Chubb for $28.3 Billion in Cash and Stock
Wednesday, 1 Jul 2015 07:00am EDT 

ACE Ltd:To acquire Chubb for $28.3 billion in cash and stock.Says transaction immediately accretive to EPS and book value.Says combined company to assume renowned Chubb name.Says combination will have greater growth and earnings than the sum of the two companies separately.Says Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE stock.Says based on the closing price of ACE stock on June 30, 2015, the total value is approximately $124.13 per Chubb share.Says by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to roe.Deal value equivalent of $125.87 per Chubb share using ace's 20-day volume weighted average share price.Says ACE intends to finance the cash portion of the transaction through a combination of $9 billion of ACE and Chubb excess cash.Says it is anticipated that the roi will exceed ace's cost of capital within two years, result in a double-digit return by year three.Chubb will continue to operate under its name while the combined company transitions to operate under the Chubb name globally.By third year after closing, expects to realize annual expense savings of about $650 million pre-tax where both companies overlap.Says Morgan Stanley & co llc serving as financial advisor to ACE on deal; guggenheim securities llc serving as financial advisor to Chubb.  Full Article