Chubb is a world leader in insurance. It consistently receives a high rating from A.M. Best, Standard & Poor’s, and Moody’s rating agencies. It has been publicly listed since 1967, and one of the company’s major principles is “Never Compromise Integrity.
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Chubb insurance can trace its history back to a marine underwriting business opened by Thomas Caldecot Chubb with his son Percy in 1882, in the seaport district of New York. Now, the Chubb Group of Insurance companies has more than US $44 billion worth of assets, and property and casualty customers in more than 120 offices in some 29 countries worldwide in North America, Europe, Latin America, Asia, and Australia. Member insurance companies of the Chubb Insurance group worldwide use the name “Chubb” for promotional purposes. There are more than 11,000 employees worldwide, serving commercial and personal customers through 8,000 worldwide agents and brokers. The holding company Chubb Corporation covers the property and casualty insurance companies of the Chubb Group of Insurance companies and is listed on the New York Stock Exchange under CB.
Who Chubb are
Throughout the world, Chubb insurance is a leader in property, casualty, and specialty insurance for both individuals and businesses. For Chubb, insurance policies are not what they are concerned with; building relationships with individuals and businesses and communicating the best way to serve their needs is what they strive to do with every customer. The key to Chubb's success is communication throughout Chubb agencies and brokerages throughout the world.
Chubb is a specialist insurance company, and as such, they are at the forefront of insurance. Not only does Chubb insurance come up with new innovations, but it also creates new ideas from existing insurance products.
Knowing the exact needs of their customers and how their business works, allows an insurance company to provide the perfect protection for its client.
Goldman Sachs U.S. Research Survey of insurance agents and brokers consistently rates Chubb insurance among the top insurance companies in the country. Chubb prides itself on settling all its customers' claims quickly and fairly, whether they are individuals or businesses. Throughout the life of the policy, Chubb insurance is committed to providing leading customer service, loss control advice, and excellent underwriting services. Chubb's employees' expertise in loss prevention allows them to assist their commercial clients with a superb knowledge base to reduce loss at the customer's place of business. Personal appraisers who can quickly and accurately determine replacement value of a customer's losses are invaluable; Chubb insurance staff can provide customers with the right amount of coverage for personal or commercial property. The financial strength of the insurance company is important to consider as it allows the customer to know their insurance is carried well into the future. Chubb insurance takes pride in its commitment to build and maintain relationships with 8,000 brokerages and the individuals and businesses they provide insurance to. Chubb Corporation announced total assets of US $48.1 billion and total revenues of US $14.1 billion in 2005. Fortune magazine lists Chubb as one of "America's Most Admired Companies" and based on its 2005 value, as the United States' 156th largest corporation.
The History of Chubb
Thomas Caldecot Chubb and Percy, his son, started their marine underwriting business in the spring of 1882. They began with $1,000 from 100 different businesses and insured ships and cargo from New York City's seaport district. Father and son worked well at bringing success from the business of risk. They often helped their customers prevent a crisis before it happened. At the turn of the century, the business had grown on the strength of its relationships with clients, agents, and brokers. The returns from the original investments from the growth of the business were considerable, and strong relationships with agents and brokers sent more insurance customers to the Chubb underwriters.
Chubb & Son preferred to measure itself by its achievements rather than by the size of the company. Hendon Chubb, younger brother of Percy, who joined the company in 1895, summed this philosophy up quite well at the company's 75th anniversary, "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."
Hendon Chubb was also the person who brought the "Never Compromise Integrity" principle to the company. All members of the Chubb insurance group strive to bring the highest level of quality, fairness, and integrity to all its customers.
The Chubb Corporation now ranks among the top 10 insurance companies in the United States based on revenue. It was incorporated in 1967 and listed on the New York Stock Exchange in 1984.
Now, as much as ever, Hendon Chubb's "Never Compromise Integrity" is what all of Chubb's employees work to provide to all their customers. Treating every customer as the company would wish to be treated is a guiding force to maintain integrity and fairness for the business dealings of Chubb insurance.
Chubb insurance is continually praised the world over by agent and broker associations, industry analysts, and publications for its service quality; Chubb's claim service is the highest praised of all.
Chubb is easy to deal with regardless of the service a consumer might require. Underwriters, risk engineers, and claims specialists, 24/7 claim service, and online risk and insurance management solutions are just some examples of the vast array of Chubb's quality service.
Chubb is rated in the top lists of nearly all the world's rating agencies. The senior debt of Chubb Corporation is rated A by Standard & Poor's and A2 by Moody's. A.M. Best, a leading insurance industry-rating agency, gives the Chubb group the highest possible A++ rating. A.M. Best has rated three Chubb member companies the highest rating for 50 years, an achievement only reached by a few companies. Standard & Poor's and Moody's also rates Chubb's financial strength the highest possible rating.
The Business of Chubb
Chubb insurance specializes in package policies, the core of most insurance companies, and is one of the United States' largest package policy writers. The international solution that Chubb offers its customers surpasses what other domestic insurance companies can offer. Political risk insurance, exporters package insurance, and controlled master programs are a few examples of what Chubb can offer its global customers. Chubb has more than 120 years' experience in support and service in the construction and commercial surety industry. Now the fifth largest surety company in the U.S., Chubb has been named by the Surety Association of America as number one writer in 2005 of fidelity bonds, and it has been the leading insurer of private companies for more than 10 years. Chubb risk engineers have more than 60 years' experience providing its customers with a variety of services to eliminate or minimize potential loss. Chubb also has more than 25 years of experience insuring information and technology companies and is now the world's largest underwriter of information and technology businesses. Chubb has been the only company for more than 40 years to have underwriters devoted to financial institutions property and casualty insurance needs. The world's privately owned precious jewelry is insured mostly through Chubb, and the insurance company is a recognized industry specialist at insuring yachts valued at US $1 million or more. Chubb's reputation in the industry is still strongly maintained with regards to its underwriting, capacity, and professional claims management.
The Tillinghast 2005 D&O Liability Survey has ranked Chubb insurance the number one writer in the world by policy count of D&O liability insurance.
Different industry groups, like the National Newspaper Association, the Association of Corporate Counsel, and the American Bar Association have endorsed Chubb. The insurance company is a national sponsor of the Women Presidents' Organization. Chubb's state-of-the-art Property/Casualty Life Sciences program has been officially endorsed by the Biotechnology Industry Organization (BIO). BIO is the world's preeminent biotechnology industry association.
The Chubb Corporation is made up of a variety of companies that can all offer specialized service in their specific areas.
- Chubb Marine Underwriters delivers marine insurance solutions through a global network of underwriting and insurance professionals.
- Chubb Commercial Insurance provides underwriting and unsurpassed service in delivering more than 90 insurance policies for its different customers' needs. It is dedicated to providing a variety of services through all its producers and policyholders.
- Chubb Specialty Insurance offers specific management and liability products for companies and organizations that may have special needs; financial institutions, professional firms, not-for-profit organizations, and healthcare organizations, for example.
- Chubb Surety has 19 offices throughout the Americas, Europe, and Asia/Pacific. Surety offers bid, performance, and payment bonds to highly qualified and respected construction companies throughout the globe, along with other surety products supporting the construction, financial, and commercial industries worldwide.
- Chubb Personal Insurance provides policies for personal customers with real estate or possessions that require more coverage options and increased payout limits than a standard insurance policy would provide.
Chubb's Masterpiece® suite of products offers insurance for primary and vacation homes and contents, city homes, valuable possessions, automobiles, watercraft, and personal liability.