Chubb Overview: Chubb is a leading property and casualty insurance company headquartered in Warren, NJ. Chubb serves both individual and business customers, offering these principal lines of coverage:
- Business property and casualty
- Professional and management liability
- Homeowner insurance
- Automobile insurance
- Valuables insurance
- Marine insurance
Size: Chubb reports these figures as of 2007:
- Employees = 10,600
- Worldwide offices = 120
- Located in 28 countries
- Sales through 8,500 independent agents and brokers
Positives: Chubb is cited in several surveys of the best and most admired companies, notably those published by Forbes and Fortune magazines. It is regularly mentioned as one of the best places to work.
Chubb is regarded as a very well-managed company, notable for conservative business practices and stable leadership. In what now appears to be a prescient move, Chubb closed its financial products division, which competed against AIG in structuring complex derivatives of the sort that would have caused AIG to fail, absent a massive federal bailout.
Chubb has a reputation for fair and generous claims settlements (Barron's, 1/18/10). This has bolstered consumer confidence in the company and allowed it to charge higher prices than its competitors. Positive consumer experiences with Chubb increase its ability to make follow-on sales of other types of policies to the same customers.
Negatives: Full year 2008 profits declined to $1.8 billion from $2.8 billion in 2007. However, staying profitable in a difficult environment can be taken as a positive.
