The Chubb Group of Insurance Companies said on May 23 it received approval from the New Jersey Department of Banking & Insurance to convert one of its subsidiaries, Chubb Custom Insurance Company, into a domestic surplus lines insurance company.
By becoming a domestic surplus lines insurer, the Chubb subsidiary is now eligible to write surplus lines insurance in all 50 states, the Warren, N.J.-based insurer said.
Chubb said getting Chubb Custom Insurance Company designated as a domestic surplus lines insurer will allow Chubb to avail itself of the advantages for New Jersey-based surplus lines insurers created by the Reinsurance and Surplus Lines Stimulus Act, which was signed into law by Gov. Chris Christie in 2011.
Passage of this law made New Jersey one of only a few U.S. states to permit a domestic insurer to offer surplus lines products to customers in its state of domicile, Chubb said.
“As a large employer in the state, we are especially pleased to see New Jersey continue to improve the operating environment for insurers located here, and we commend the Legislature and Governor Christie for passage of the Reinsurance and Surplus Lines Stimulus Act,” said Paul Krump, president of Commercial and Specialty Lines for Chubb.
“Chubb already is a major surplus lines insurer throughout the country, but converting Chubb Custom Insurance Company to a 50-state eligible surplus lines insurer will make it even easier to provide customers with our experienced underwriting, valuable loss control recommendations and responsive claim services.”
Source: Chubb Group of Insurance Companies
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