Chubb Merges Argentine Units

December 31, 2002

Chubb Corp. has merged its Argentine subsidiaries, Chubb Argentina de Seguros and Chubb de Fianzas y Garantias, in an effort to improve their solvency and to give the new operation greater flexibility in the management of its funds.

Argentine operations chairman Herman Weiss was quoted by the local newspaper daily La Nacion as indicating that the combined operation expects to boost its premiums between 10 and 15 percent next year.

The merger will produce a larger capitalization, which Chubb hopes will increase growth, and provide greater claims coverage.

The article also indicated that most of the company’s funds in Argentina will be sent abroad due to the lack of local dollar-denominated investment opportunities.

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