Chubb Group of Insurance Companies
Chubb Group of Insurance Cos. is a leading global property and casualty insurance organization. Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high net worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.
If being treated fairly and paid quickly are important to you when you or your company has a property or casualty insurance loss, then you want Chubb. When you insure with Chubb, you’re buying real insurance.
For 130 years, the Chubb Group of Insurance Companies has been delivering exceptional property and casualty insurance products and services to businesses and individuals around the world.
Today, we are the 12th largest property and casualty insurer in the United States and have a worldwide network of some 120 offices in 26 countries staffed by 10,100 employees. The Chubb Corporation reported $50 billion in assets and $13 billion in revenues in 2011. According to Fortune magazine, Chubb is the 202nd largest U.S.-based corporation.
We have emerged as a leader in the insurance industry not only on the basis of our size or our longevity. We consistently strive to build lasting relationships with our customers and 8,500 independent agents and brokers, and we aim to be the best at what we do by delivering unparalleled service and innovative, scalable and specialized products backed by financial strength and third-party endorsements.
What We Deliver to our Producers and Customers
- We maintain a reputation for fairness and integrity by treating every customer — from policy issuance to claim settlement — as we would want to be treated.
- Agent and broker associations, industry analysts and publications the world over consistently honor Chubb for our service quality — especially claims service.
- It's easy to do business with us through our global network of offices staffed by Chubb underwriters, risk engineers and claims specialists. Our claims service is 24/7. In addition, we provide a variety of online risk and insurance management solutions.
- We have vast experience and expertise in managing personal and commercial exposures. For nearly 70 years, Chubb's commercial risk engineers have provided an array of services that have helped our customers minimize loss potential. In addition, some 150 appraisers help our personal insurance customers safeguard their homes, possessions and families
- We work with the most expert and service-oriented agents and brokers in the business, helping ensure the best possible insurance experience for our customers.
A Promise Backed by Financial Strength
- The member insurers of the Chubb Group of Insurance Companies earn the highest rating for financial strength from A.M. Best Company. Three of our members are among the few insurers that have achieved A.M. Best's highest rating for more than 75 years.
- Chubb also earns high ratings for financial strength from Standard & Poor's and Moody's.
- The Chubb Corporation also receives high ratings from Moody's and Standard & Poors regarding its senior debt.
A One-stop Source for Business
Chubb offers businesses more than 170 commercial insurance products, which are innovative, comprehensive and tailored to individual customer needs. In addition, Chubb offers a wide range of accident and health insurance products and construction and commercial surety bonds.
- Innovative Products. Chubb invented or was among the first providers of the package policy, E&O for electronics firms, R&D business income, employment practices liability, the exporters package, all-risk ocean cargo, cyber liability and other products. And unlike most other domestic insurers, we can deliver many products on a global basis through locally admitted policies and ensure consistent limits and coverage through controlled master programs. Recent product and service innovations from Chubb include two online systems, u•writer and WORLDcert. Agents and brokers use u•writer to quote, bind and issue builders risk, contractors equipment and motor truck cargo insurance policies. WORLDcert enables drug and medical device developers to quickly secure required insurance documentation for clinical trials around the globe.
- Scalability. Many of our products, such as our Customarq Classic package, E&O and our multinational program-related coverages, are designed to grow with our customers. Larger companies willing to assume a portion of their own risk can access a variety of alternative risk transfer mechanisms through Chubb's risk management specialists.
- Specialized Expertise. We create tailored solutions for firms in such areas as banking and other financial services, energy production, entertainment, health care, information and network technology, law and other professional services, life sciences, marine operations, museums and cultural institutions, not-for-profit organizations, privately owned businesses, and real estate. We also specialize in such product areas as umbrella/excess, ocean cargo, multinational, environmental, directors and officers liability, and employment practices liability. Chubb is one of the largest writers of the 'package policy,' which is the heart of most insurance programs. We also are the number one writer of crime and financial fidelity bonds in North America and the fifth largest insurer of U.S. construction and commercial surety bonds.
- Assurance From Others. Our specialized expertise, products and services have resulted in endorsements from the Association of Corporate Counsel, Biotechnology Industry Association, Medical Device Manufacturers Association, Media Financial Management Association, Women Presidents' Organization and other organizations.
A One-stop Source for Individuals
Chubb offers an array of property and casualty insurance products for individuals and families with fine homes and possessions. Our customers include many of the most affluent families in the world, CEOs of Fortune 500 companies and top art collectors.
Like our commercial products, our personal insurance policies are innovative, scalable and supported by specialized expertise. Our Masterpiece suite of products — long the standard of excellence in the affluent market — offers insurance for custom, historic and vacation homes; valuable possessions; automobiles and collector cars; watercraft and up to $50 million in excess liability. Chubb is one of the few insurers to offer extended replacement cost coverage, which pays to rebuild a home after a covered loss even if the cost is greater than the policy limit.
The range of complementary services we provide customers includes: home appraisal to determine accurate replacement cost and provide life safety recommendations; prescreened property restoration referrals for claims; identity fraud prevention and mitigation services; and, in 14 states, wildfire defense services. We also provide numerous online payment options and ePolicy,TM the ability to receive your policy securely via the Internet.
In the spring of 1882, Thomas Caldecot Chubb and his son Percy opened their marine underwriting business in the seaport district of New York City. Having collected $1,000 from each of 100 prominent merchants to start their venture, they focused on insuring ships and cargoes. The Chubbs were adept at turning risk into success, often by helping their policyholders prevent disasters before they occurred. By the turn of the century, Chubb had established strong relationships with the insurance agents and brokers who placed their clients’ business with Chubb underwriters, and the original subscribers enjoyed a substantial return on their investment in the young company.
Chubb & Son did not value size in itself but regarded it as a measure of what had been achieved. Upon the Company's 75th anniversary in 1957, Hendon Chubb — who had joined his older brother Percy in the firm in 1895 — noted, 'I think there is perhaps a tendency in American business to overemphasize mere size, whereas to me it should be a by-product of a job well done.'
'Never compromise integrity,' also a Hendon Chubb principle, captures the spirit of our companies. Each member of the Chubb organization seeks to stand apart in bringing quality, fairness and integrity to each transaction, for the benefit of all involved.
The Chubb Corporation was formed in 1967 and was listed on the New York Stock Exchange in 1984.
With approximately 10,100 employees throughout North America, Europe, South America, and the Pacific Rim, Chubb serves property and casualty customers from some 120 offices in 27 countries around the globe. Chubb works with 8,500 independent agents and brokers worldwide.
t Chubb, we have long recognized the importance not only of achieving financial success, but also of maintaining a strong commitment to our core principles and to our strategic stakeholders — our customers, agents and brokers, employees, shareholders and local communities.
Hendon Chubb, an original partner, put it well: “Never compromise integrity.” Five core principles of Integrity, Prudence, Financial Strength, Expertise and Unparalleled Service have driven and inspired the Chubb culture since our founding in 1882. For a slide overview of our Corporate Responsibility efforts, including Environmental Stewardship, Community Involvement and Diversity click here.
While the world and the nature of the risks we insure have changed dramatically over time, these core principles have provided a strong foundation as well as a consistent approach as we help our stakeholders address a wide array of new and constantly emerging risks
Chubb’s environmental stewardship principles apply to the products and services we provide, the ways we deliver those offerings and the facilities we manage.
Environmental concerns play an increasingly important role in public and private construction, and in many instances offer a key to unlock project financing. Environmental impairment insurance, for example, facilitates the purchase and sale of land, and helps defray the costs that are incurred in the event remediation is needed.
Similarly, effective loss control measures can reduce the risk of environmental challenges and improve how property is developed and used.
As a global insurer, we’ve long understood the importance of environmental risk management and believe that seemingly small actions can provide tremendous benefits to the environment and society.
Offerings and Delivery
Environmental loss control services include analyzing and evaluating potential liabilities. Chubb’s environmental loss control specialists routinely survey property sites and provide recommendations and training to help companies manage their environmental exposures.
Several of our underwriting areas are directly involved in environmental stewardship:
- Since the early 1980s, our Energy Resources Group has focused on alternative energy technologies including cogeneration facilities, wind turbines, solar, ethanol and other emerging segments.
- Similarly, Chubb Environmental Solutions combines underwriting and loss control specialists who assess and insure potential environmental damage, and who help clients mitigate and transfer risk so projects can obtain financing.
We also incorporate environmental considerations into the delivery of our products and services.
For instance, we consistently identify opportunities to eliminate or reduce the use of paper, and provide 98 percent of our personal lines agent and broker documentation electronically. Claims notices, bills and commission statements are just a few of the types of information we deliver digitally.
Our PaperFree policy initiatives saved over 600 tons of paper in 2009, or an equivalent reduction of 1,200+ tons of trees or over 9.7 million gallons of water saved.
In addition, we also work to help customers improve safety, and to avoid or mitigate losses and potential environmental damage.
Business clients are offered education and consulting services in a wide variety of areas including environmentally conscious storage facilities, site evaluations, security policies and procedures, and others.
Personal insurance customers can receive environmental loss control services, including infrared scans that identify needed energy efficiency improvements such as missing insulation or leaky window units. Additionally, as wildfires have become more prevalent, customers in 14 wildfire-prone western states are offered Wildfire Defense Services that include assessments and recommendations to reduce exposures and pre-suppression services for threatened homes.
In addition to serving customers with environmentally conscious products and services, we’re also committed to reducing our environmental footprint.
Chubb’s world headquarters, on a 185–acre campus in Warren, New Jersey, received Energy Star certification in 2009, and two of our New Jersey facilities were Energy Star certified in 2007, 2008 and 2009. Our Simsbury, Connecticut, campus received the Energy Star certification in 2010. Now all buildings entirely occupied and managed by Chubb have received the Energy Star certification. These buildings represent over 1 million square feet of office space. Energy Star certification is awarded to the top 25% of office buildings in terms of energy efficiency based on a comparison of like facilities throughout the United States.
Our paper recycling program dates back to 1985, and as part of our environmental commitment, we have made lighting changes that have reduced our energy consumption by 2.4 million kilowatt hours.
We’re improving our fleet and travel management efforts to encourage the use of webcasting and virtual conferences when appropriate, and are replacing company-owned six-cylinder vehicles with fuel-efficient four-cylinder models.
We also promote home-based and alternative work schedules that reduce emissions from employee or fleet vehicles during peak rush-hour periods, and have partnered with a variety of ride-sharing and car-pool initiatives.
While we’re proud of our environmental accomplishments, we continue to strive for further improvements in reducing our footprint, increasing sustainability and providing loss control services that help our customers and society as a whole.