Chubb: Everything you need to know

About Chubb

Chubb is the among the world’s largest publicly traded property and casualty insurers, based on market capitalization of about $87 billion as of 2022. The company has operations in more than 50 countries and territories, and offers commercial and personal P/C insurance, in addition to personal accident and supplemental health insurance, reinsurance and life insurance. Chubb is a leading commercial lines insurer in the US, and is the largest financial lines writer globally. It is also the largest personal lines provider globally and leads in this line in the US as well, though almost 40% of the company’s business is transacted outside the country.

Chubb boasts a diverse group of clients, from mid-size and small businesses to multinational corporations, and high net worth individuals as well as those seeking to purchase personal accident, supplemental health, homeowners, life, automobile, and specialty personal insurance coverage. The insurer serves companies and affinity groups offering accident and health insurance programs and life insurance to employees or members, and services other insurers managing their exposures with reinsurance coverage. It is also an underwriting company with deep expertise across a range of industries and specialty coverage areas. Its claims handling service has the ability to handle claims big and small, and Chubb’s risk engineering services, comprised of over 400 risk engineers worldwide, help companies prepare for and minimize costly exposures.

Chubb employs more than 31,000 people worldwide. Its insurance companies have financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best, as of August 2021. Its parent company, Chubb Limited, is listed on the New York Stock Exchange and is also a component of the S&P 500 Index.

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A merging of two insurance giants

The Chubb Corporation was founded in 1882 when Thomas Caldecot Chubb and his son opened a marine underwriting business in New York City, focusing first on insuring ships and cargoes. Fast forward to 2016, the company was acquired by ACE Limited while retaining the Chubb name. ACE was established in 1985 to answer a need in the US insurance marketplace for excess liability, and directors and officers coverage. It expanded its product offerings over the following decades and at the time of its Chubb acquisition, ACE was a leading global insurer with customers from multinational companies as well as individuals across the globe.

What products does Chubb offer?

Chubb’s impressive portfolio of products spans a variety of lines, from commercial P/C insurance products for businesses of all sizes to personal lines –automobile, homeowners, recreational marine and aviation and umbrella liability coverage, to name a few – but also includes captive programs, political risk coverages, crop insurance, accident and health, life insurance, excess and surplus lines, along with many others, though offerings vary across regions.

Industry practices are likewise varied, and include clean tech, construction, cultural institutions, healthcare, private equity, real estate, technology, and many more. Commercial coverages are equally diverse, with cyber, management liability, commercial auto, but also railroad liability, transactional risk, foreign casualty, and mergers and acquisitions, alongside a full roster of other products.

Chubb’s products are distributed through retail and wholesale brokers, independent and captive agents, as well as bancassurance, mobilassurance, direct marketing, and other channels. For brokerages, Chubb provides tools, resources and programming, such as product training, to help its partners succeed.

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