Percy Chubb, III, the former vice chairman of The Chubb Corp., has died at the age of 81.
Pi Chubb, as he was known, was the great-grandson of Thomas Caldecot Chubb and grandson of Hendon Chubb, who founded Chubb & Son in 1882.
After graduating from Yale and serving two years in the Army, he joined the firm in 1958 as a trainee in the New York office. At that time, Chubb & Son had 17 offices and $67 million in written premium. Today Chubb is the world’s largest publicly traded property and casualty insurance company
At the time he joined the company, it was headed by his father, Percy Chubb II. To avoid the confusion of having two Percy Chubbs at work, Percy III used his family nickname, Pi, which was borrowed from a center fielder for the Newark Bears, a Yankees farm team.
Pi Chubb learned the business by attending the College of Insurance at night and by participating in the company’s training program, which rotated trainees from department to department every few weeks. His first assignment was in multiple peril, where he was mentored by Henry Harder, who later served as chairman of Chubb from 1981 to 1988. Among his assignments, Chubb worked in Detroit as a marine underwriter and in New Jersey in the company’s life insurance business and in aviation underwriting.
He was elected a director of The Chubb Corp. in 1978 and vice chairman in 1986. He was a member of the Policy Committee, which oversaw all facets of the business. Chubb’s day-to-day responsibilities encompassed IT, marketing, HR, and other financial and administrative areas.
Over the years, Chubb served as president of the Victoria Foundation, trustee of the Mystic Seaport Museum and director of Safeway Stores and First Fidelity Bank.
He is survived by his wife, the former Sally Gilady, and their children and grandchildren.
After he retired as an officer of the company in 1997, he maintained an office at Chubb’s Warren, N.J. headquarters.
“As the fourth generation to work in the company started by his great grandfather and great uncle, Pi Chubb exemplified the principles that defined the great company he helped to build and lead over many years,” said Evan G. Greenberg, chairman and CEO of Chubb, which was recently acquired by ACE. “Our thoughts go out to his family and friends, as well as to all the Chubb employees and industry colleagues with whom he worked.”
Source: Chubb Corp.