ZURICH, Aug. 18, 2017
/PRNewswire/ -- Chubb Limited (NYSE: CB) today announced that
its U.S.-based subsidiary Chubb INA Holdings Inc. (the "Issuer")
has received the Requisite Consents (as defined below) pursuant to
the consent solicitation (the "Consent Solicitation") from holders
of record as of 5:00 p.m. Eastern Daylight
Savings Time on August 11,
2017 of its 6.8% Debentures due 2031 (CUSIP No. 171232AE1)
(the "Debentures") to terminate, in accordance with its terms, the
replacement capital covenant dated as of March 29, 2007 entered into originally by The
Chubb Corporation ("Chubb Corp."). The Issuer is successor by
merger to Chubb Corp. The Consent Solicitation expired at
5:00 p.m. Eastern Daylight Savings Time on
Friday, August 18, 2017 (the "Expiration Time").
The Issuer received and accepted Consents from holders of in
excess of a majority in aggregate principal amount of the
Debentures (the "Requisite Consents") prior to the Expiration
Time. In accordance with the terms of the Consent
Solicitation and the replacement capital covenant, the termination
of the replacement capital covenant was effective upon acceptance
by the Issuer of the Requisite Consents.
All holders who validly delivered their Consents by the
Expiration Time will receive a consent fee of $10 in cash per $1,000 in principal amount of the Debentures as
to which such Consents were validly delivered (the "Consent Fee").
The Issuer intends to pay the Consent Fee to eligible holders
on Monday, August 21, 2017.
Inquiries may be addressed to the Information and Tabulation
Agent for the Consent Solicitation, Global Bondholder Services
Corporation, at (212) 430-3774 (banks and brokers) and
(866) 807-2200 (toll-free).
Citigroup Global Markets Inc. was the Solicitation Agent for the
Consent Solicitation. Questions regarding the Consent Solicitation
may be directed to Citigroup Global Markets Inc. at
(800) 558-3745 (toll-free) or (212) 723-6106.
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company. With operations in
54 countries, Chubb provides commercial and personal property and
casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of
clients. As an underwriting company, we assess, assume and
manage risk with insight and discipline. We service and pay
our claims fairly and promptly. The company is also defined
by its extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New
York Stock Exchange (NYSE: CB) and is a component of the S&P
500 index. Chubb maintains executive offices in Zurich, New
York, London and other
locations, and employs approximately 31,000 people worldwide.
Additional information can be found at: www.chubb.com.
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SOURCE Chubb Limited