Seoul, September 1, 2016 – Chubb today announced the official name change of its life insurance in Korea from ACE Life to Chubb Life (Chubb Life Insurance Korea Company Ltd.) effective immediately. The company is also formally launching the new Chubb brand, including its visual identity and "signature" – “Chubb. Insured”, a mark of craftsmanship for superior underwriting, service and execution.
The company’s new name in Korea follows ACE Limited’s acquisition of The Chubb Corporation that was completed on January 14, 2016, creating a global insurance leader operating in 54 countries under the renowned Chubb name. The new company combines Chubb, a venerable U.S.-based insurer with more than 130 years of history, and ACE, a global leader known for its underwriting excellence and global presence. The new Chubb is the world’s largest publicly traded property and casualty insurer.
“Our name is new, but our commitment to provide the best service capabilities and innovative product offerings to our policyholders, agents, brokers and other business partners remains the same. Our customers can be confident in the protection Chubb Life offers for their family’s financial security and well-being.” said Youngho Lee, Country President of Chubb Life in Korea. “The new Chubb is defined by superior underwriting, service and execution. Together, these three elements form the basis for what we believe is superior insurance craftsmanship. The company is also distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, superior claims handling expertise and local operations.”
Also, he said “The new name of Chubb Life Korea might be felt a big change to our customers even though our colleagues might think it would be just a replacing a name. I am confident that our customers would expect the big differences against ACE Life Korea. We should take this change as the opportunity for building new brand image and offering superior underwriting, services and execution to our customers. Let’s make Chubb Life Korea better and together with our craftsmanship.”
Chubb Life in Korea acquired New York Life in Korea in February 2011 and continues its life insurance business with diversified distribution channels including agents, brokers, banks and telemarketers. The new name will not affect the company and business partners’ operations or customers’ rights, obligations or policies, which remain fully intact under Korean laws and regulations.