Chubb Establishes New Marine Operation

February 10, 2004

Chubb announced that it has established Chubb Marine Underwriters within its commercial insurance operation to provide marine products and services to the global insurance market.

The new unit, headquartered in New York City, encompasses Chubb’s U.S. and non-U.S. marine operations. It will work closely with the newly established Marine Services Unit, which combines marine loss control with claim and recovery specialists to deliver seamless customer services.

In addition to inland marine and ocean cargo products, “Chubb Marine Underwriters provides marine liability insurance in the United States through AXIOM Insurance Management, Ltd., a marine specialty underwriting facility. AXIOM has offices in Atlanta and Seattle, and will open a New York office in March 2004,” the bulletin indicated.

“Chubb Marine Underwriters offers a more integrated, specialized approach to procuring marine insurance products and services, and demonstrates our global commitment to meeting the needs of this important business segment,” stated Paul Krump, executive vice president, Chubb & Son, and chief operating officer of Chubb Commercial Insurance.

Rich Soja, senior vice president, Chubb & Son, has been named global manager of Chubb Marine Underwriters. During his 15-year tenure with Chubb, Soja has held a variety of managerial positions across the United States. He is a certified Chartered Property/Casualty Underwriter (CPCU), an Associate in Marine Insurance Management (AMIM) and an Associate in Reinsurance (ARe). Soja is on the board of directors of the Inland Marine Underwriters Association.

The announcement noted that Chubb began as a marine insurer in 1882 under the name New York Marine Underwriters. Soja noted that “more than a century later, marine insurance remains core to our business. The formation of Chubb Marine Underwriters advances our marine underwriting and service capabilities, while allowing us to remain focused on local agents as well as specialized marine brokers.”

Agents and brokers will continue to access Chubb’s marine products through its branch network in the U.S. and in nearly 30 other countries.

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