A $29.7 billion merger between insurance giants Ace and Chubb is expected to close today — meaning the end of the Ace brand.

Ace announced yesterday it had cleared regulatory hurdles to acquire Chubb and create the world’s publicly traded property and casualty insurer.

The new firm will use the Chubb name and trade under a new symbol on the New York Stock Exchange.

Evan Greenberg, chairman and chief executive officer of Ace, said: “We are pleased to have all of our regulatory approvals and we look ahead to the closing of this transaction with great anticipation.

“Since the transaction was announced six months ago, we have moved rapidly and deliberately with integration planning.

“This process has given us great confidence in the potential of the new Chubb to create significant value over time and deliver unmatched quality and service to our customers and distribution partners and superior returns to our shareholders.”

Ace’s operating headquarters was set up in Bermuda in 1985, although the company was officially domiciled in the Caymans.

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

The Ace Group operates a global network in 54 countries.