Chubb Announcement Regarding Sept. 11 Tragedies

Dean R. O’Hare, Chairman and CEO of The Chubb Corporation stated, “The tragic terrorist attacks on the World Trade Center and elsewhere in the United States are almost beyond comprehension. We extend our deepest sympathy to the families of those who suffered deaths and injuries in today’s attacks.”

To protect the safety of Chubb employees, the company has closed all New York City branches as well as its branches in Atlanta, Boston, Chicago, Dallas, Los Angeles, Minneapolis, San Francisco, Seattle and Washington, D.C. At the discretion of zone officers, other branches may close as well. The home office in Warren, New Jersey remains open, as do Chubb’s claim centers.

“Chubb will do everything in its power to quickly process claims and make payments for losses related to today’s events,” said O’Hare.

“It is difficult to focus on the financial fallout of these events during this time of overwhelming human tragedy and grief, but we have received numerous calls from the news media and the financial community on this subject. Although it is too early to estimate accurately the financial impact of these tragedies on Chubb, based on preliminary reports and estimates the company believes it has significant property exposure in the World Trade Center, both for the structure and for businesses housed in the towers. However, significant reinsurance that is in place is expected to limit Chubb’s pre-tax loss to the range of $100 million to $200 million, subject to revision as more facts become known.

“In addition, the company will also pay customers’ claims under business interruption, accident and workers’ compensation coverages, but it is unable at this time to quantify the potential exposure for these losses.”|”chubb, announcement, regarding, sept., 11, tragedies, , september, 13,, 2001, dean, r., o’hare,, chairman, ceo, of, chubb, corporation, stated,, tragic, terrorist, attacks, on, world, trade, center, elsewhere, in, united, states, are, almost, beyond, comprehension., we, extend, our, deepest, sympathy, families, of, those, who, suffered, deaths, injuries, in, today’s, attacks.”, , protect, safety, of, chubb, employees,, company, hclosed, all, new, york, city, branches, well, its, branches, in, atlanta,, boston,, chicago,, dallas,, los, angeles,, minneapolis,, san, francisco,, seattle, washington,, d.c., discretion, of, zone, officers,, other, branches, may, close, well., home, office, in, warren,, new, jersey, remains, open,, do, chubb’s, claim, centers., , chubb, will, do, everything, in, its, power, quickly, process, claims, make, payments, losses, related, today’s, events,”, said, o’hare., , it, is, difficult, focus, on, financial, fallout, of, these, events, during, this, time, of, overwhelming, human, tragedy, grief,, but, we, have, received, numerous, calls, from, news, medifinancial, community, on, this, subject., although, it, is, too, early, estimate, accurately, financial, impact, of, these, tragedies, on, chubb,, based, on, preliminary, reports, estimates, company, believes, it, hsignificant, property, exposure, in, world, trade, center,, both, structure, businesses, housed, in, towers., however,, significant, reinsurance, this, in, place, is, expected, limit, chubb’s, pre-tax, loss, range, of, $100, million, $200, million,, subject, revision, more, facts, become, known., , in, addition,, company, will, also, pay, customers’, claims, under, business, interruption,, accident, workers’, compensation, coverages,, but, it, is, unable, this, time, quantify, potential, exposure, these, losses.”, ,

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