Company Overview

Need to insure your Ferrari or sloop? You might look into the Chubb Corporation, a large insurance firm with a skew toward the well-to-do. Chubb was formed by a father and son in 1882 as a marine underwriting company. It has since expanded into a global business with 130 offices in 31 countries. Through The Chubb Group of Insurance Companies, it offers a wide variety of insurance products geared towards wealthy clients, including property and casualty, auto, yacht, jewelry, and other types of coverage. There is even a specialty program for Ferrari owners. Chubb got out of the life and health insurance business in 1997. Chubb suffered major underwriting losses after the attacks on September 11, 2001 and the collapse of Enron. The following year, the company paid charges for claims related to asbestos poisoning. The company raised rates and shed non-core businesses as a result of these losses.