Chubb

Chubb is an American-based global insurance company that offers a wide range of insurance products, services, and risk management solutions to individuals, families, businesses, and organizations around the world. Chubb provides a full suite of insurance products, including life, health, property and casualty, and specialty lines, as well as accident and health services. The company also offers a range of financial services, including retirement planning, investments, and banking. Additionally, Chubb offers a variety of risk management and consulting services. Chubb’s headquarters are located in Zurich, Switzerland, and the company has offices in more than 30 countries. It was established in 1882 in New York City by Thomas Caldecot Chubb and his son Percy as a marine underwriting business. Chubb has had a rich history, with many notable events including the formation of Chubb Corporation in 1967, the acquisition of Volunteer State Life Insurance Company in 1984, and the acquisition of Sovereign Corporation in 1987. In 1990, earnings for the company reached a new high of $4.2 billion, with the company's fifth consecutive year of record earnings. As of February 13, 2023, the company has a market capitalization of $89.92 billion.

1882: The two formed Chubb & Son, in 1882. Public Company Incorporated: 1882 as Chubb & SonEmployees: 9,800Assets: $11.18 billionStock Exchange: New York In 1882, Thomas Caldecot Chubb and his son Percy started a marine underwriting business in New York City.

1901: In 1901, NYMU, Chubb's principal property and casualty affiliate, was reorganized as Federal Insurance Company.

1921: In 1921, Chubb & Son began to represent United States Guarantee Company.

1941: Also in December 1941, Chairman Charles A. Seibert, a 55-year veteran of the company, announced his retirement. In December 1941, Chubb gave employees with more than six months of service their first Christmas bonuses. In December 1941 Chubb gave employees with more than six months of service their first Christmas bonuses.

1967: In 1967 the company’s management formed The Chubb Corporation to act as a holding company.

1969: Later that month, the two companies agreed to postpone the merger until the summer of 1969 in order to allow the Department of Justice to complete its study of the transaction.

1970: In 1970, Chubb acquired Bellemead Development Corporation, a Delaware real estate company with land holdings primarily in New Jersey and Florida.

1973: In 1973, Chubb, through the international division of Chubb & Son, joined First National City Corporation's subsidiary, FNC Comercio, in buying a majority interest in Companhia de Seguros Argos Fluminense, a Brazilian multiple-line insurance company.

1978: The Chubb Corporation formed Chubb Life Insurance Company of America in 1978 to serve as an intermediate holding company for life insurance subsidiaries.

1981: In 1981, the company began to consolidate the activities of The Colonial Life Insurance Company of America and United Life & Accident Insurance Company at Chubb Life's headquarters in Concord, New Hampshire.

1983: In 1983, The Chubb Corporation completed and relocated to a new head office on 185 acres in Warren, New Jersey. The subsidiary specializes in insurance for the film industry, and insured E.T., The Extra-Terrestrial; Tootsie; The Verdict; and Missing in 1983.

1984: Also in 1984, Chubb acquired Volunteer State Life Insurance Company of Chattanooga, Tennessee, and discontinued its money-losing medical-malpractice insurance policies. In 1984, Chubb focused its efforts on growth in its international division. Chubb—which in 1984 considered itself the country’s fourth-largest insurer of United States-based multinationals—did not offer universal contracts or preformulated programs; instead the company created policies tailored to meet the needs of its clients.

1985: ACE Limited was established in 1985 in response to an availability crisis in the United States insurance marketplace for excess liability and directors and officers insurance coverage.

1987: During the summer of 1987, a nine-person delegation from the People's Republic of China spent two days at the company's Warren, New Jersey headquarters. Also in 1987, Chubb acquired Sovereign Corporation, a life insurance holding company. Because rain insurance was a small part of Chubb's business--Chubb issued $5 million of coverage to approximately 200 farmers in 1987--the company set a total limit of $30 million of coverage. Significantly higher catastrophe losses due to the Chicago rainstorms, Edmonton tornados, and a hurricane in Bermuda, lowered profits for 1987.

1988: In July 1988, Dean R. O'Hare, chairman and chief executive officer of The Chubb Corporation and Federal Insurance Company since May, was elected chairman and chief executive officer of Chubb & Son. In August 1988, Chubb agreed to let American National General Agencies Incorporated (ANGA) take over its entertainment insurance underwriting responsibilities on the East Coast.

1989: In April 1989, Chubb Life Insurance of America joined The Geese Theatre Company, a non-profit touring theater group working exclusively in prisons, in establishing a theater residency program in Concord, New Hampshire. In late 1989 Chubb reported increases in net income for the first nine months of 1989 compared to the previous year. In 1989 revenues from international operations approached $500 million.

1990: At $4.2 billion, earnings for 1990 reached a new high, setting the company's fifth consecutive year of record earnings. Chubb said in its 1990 annual report that it saw these market conditions as more than a cyclical downturn, and that it would begin to view real estate holdings as long-term investments.

1991: In 1991 modest but steady earnings advances were expected, with emphasis on product development and new-agent recruitment.

1993: 1993: Chubb adds offices in Birmingham, Reading, and Manchester. Pacific Indemnity entered into a global settlement agreement in 1993 that set up a $1.525 billion trust for future claims and to which Pacific Indemnity would contribute $538 million, the rest to come from Continental Casualty Company.

1994: Brian Duperreault succeeded Scott in 1994 as Chairman, President & CEO and worked for the next ten years as ACE went through a series of acquisitions and a diversification process that brought the ACE Group of Companies global status.

1996: In 1996, it severed its 114-year relationship with Sun Alliance, the United Kingdom's largest insurer, as part of this refocusing.

1997: Beginning in 1997, it began to offer multimedia coverage--liability insurance for the multimedia business.

1998: In 1998, in a move to enter the global reinsurance market, it formed Chubb Re, Inc. and became a low-cost reinsurance provider. Announced earnings for 1998 were short of expectations, despite rate increases in commercial premiums, and stock prices tumbled.

1999: Some analysts questioned if quality operations could be maintained at such a high growth rate in a soft market, but by 1999, the number of offices worldwide was 132.

2000: In January 2000, Fortune magazine named the company to its list of 'The 100 Best Companies to Work for in America.' In August 2000, Chubb received an operating license to open a branch in Shanghai, which the company estimated would bring in about $200 million in business each year. Chubb set itself the task of turning its standard commercial lines around in the year 2000, by continuing its 'pricing and pruning' strategy of premium increases, while continuing to grow in its personal and specialty businesses.

2004: In 2004, Evan G. Greenberg became president and CEO of ACE Ltd. In 2004 ACE was also investigated by NY Attorney General Eliot Spitzer for participating in a bid rigging and price fixing scheme with insurance broker Marsh & McLennan.

2007: In 2007, Chubb was named the Readers' Choice winner as "Best Admitted Property/Casualty Insurance Company" by Business Insurance.

2010: In 2010, ACE Limited purchased Rain and Hail, LLC for $1.1 billion.

2011: In 2011, ACE Limited purchased agribusiness insurer Penn Millers.

2012: In 2012, they purchased Indonesian insurer Asuransi Jaya Proteksi.

2013: In 2013, they purchased Mexican Surety Lines Company Fianzas Monterrey and Mexican Personal Lines Insurer ABA Seguros.

2014: In April 2014, ACE Limited acquired a majority stake in Siam Commercial Samaggi Insurance PCL from Siam Commercial Bank. Following a subsequent tender offer in June 2014, ACE and its local partner owned 93.03% of the Samaggi.

2015: On 1 July 2015, ACE announced that it would acquire Chubb Corporation for $28.3 billion in cash and ACE stock.

2018: The Chubb Group is one of the world’s largest providers of commercial property and casualty insurance and reinsurance, with $167 billion in assets and more than $38 billion of gross written premiums in 2018.

2020: On 1 September 2020, Chubb has announced the introduction of the latest update of Enterprise Guard Plus product for the emerging needs of Hong Kong plan business insurance.

2021: In February 2021, Chubb Limited and the World Health Organisation announced the roll out of a no-fault compensation scheme for COVID-19 vaccinations for low and middle-income countries.

Chubb's mission is to provide its customers with exceptional claims handling and customer service while offering innovative insurance solutions that meet their unique needs. The company aims to deliver long-term value to its shareholders and to contribute positively to the communities in which it operates.

Their vision is to be the world's leading provider of insurance and risk management solutions. Chubb aims to deliver exceptional service, innovative products, and customized solutions that meet the needs of their clients.