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The Chubb Corporation
About ChubbIn 1882 Thomas Caldecot Chuhb and his son Percy
opened marine nnderwriting business in theseaport district of
New YorkCity The Chubhs were adept at turning risk transfer
into business success often by helping policyholders prevent
losses before they occurred Chubh also established strong
relationships with the insuranceagents
and brokers who placed
their clients business with Chubb underwriters
Never compromise integrity Chubb slogan captures the spirit of our
company Each of our 10400 employees in North America South America Europe
Asia and Australia works toward the goal of satisfying customers by bringing
professional excellence and fairness to each transaction
Today Chubb stands among the largest property and casualty insurers in the
world The principles of financial strength proficient underwriting conservative
investment and excellent service executed by our market-leading employees have
been the mainstays of our organization for 126 years
On the CoverSunrise at The Nature Conservancys Blowing Rocks Preserve
Jupiter Island Florida
Featured on our cover this year is The Nature Conservancy Chubb customer
since 1982 Ray Culter Vice President and Director of Business Operations for
the Conservancy is shown at Blowing Rocks Preserve in Jupiter Island Florida
barrier islandsanctuary that shields variety of natural habitats including
beach dune coastal strand and mangrove wetlands It is one of the many ecologically
important sites in 33 countries protected by the Conservancy global conservation
organization whose one million members are dedicated to the preservation of plants
animals and natural communities
The Conservancy has relied on Chubb to understand the risks associated
with its conservation activity and to help the organization develop loss mitigation
programs that respond to those risks The Nature Conservancy is in the business
of protecting the natural systems that sustain life on Earth says Cultet The
Conservancy focuses on tangible lasting on-the-ground conservation results Chubbhas provided important risk management services to help our organization advance
its charitable mission
Note
Some of the statements in this review may be consideredforward-looking
statements as defined in the Private Securities Litigation ReformAct of
1995 PSLRA These forward-looking statements are made pursuant to the safe harbor
provisions of the PSLRA and include statements regarding the impact of the economic
downturn on insuranceexposures
and our investment portfolio our exposure to claims
arising out of the crisis in financial markets the impact of currency fluctuations the
property and casualty insurance market environment rates pricing and new business
opportunities and our ability to succeed in variety of market conditions Such
statements speak only as of the date of the review and are not guarantees of future
performance Various risks and uncertainties may cause actual results to differ
materially These risks and uncertainties include those discussed in the filings we
make with the Securities and Exchange Commission We assume no obligation to
update such forward-looking statements
This review discusses operating income which is non-GAAP financial
measure as defined by the Securities and Exchange Commission For additional
information regarding this non-GAAP financial measure please refer to the inside
back cover of this review
aiii happ\ to ehiort Chiiihh effeeti el\ iia\ igated the inot
tiirhiibeiit ghlal financial markets \lriiilcl iiI Iepreioii
ieltic\ nig 2008 reiil ere thiirdhet in orora Iii
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Chubb has always believed
in the need to earn an
underwriting profit rather
than rely on returns on our
investment portfolio to
cover underwriting losses
Accordingly we insure niche
segments that we know and
we cannot get the right
price for the risk we have been
asked to assume we will not
write the business
100%
98%
96%
94%
92%
90%
88%
86%
84%
82%
Combined Loss
Expense Ratio
Percentage of premium dollars
spent on claims and expenses
adhered to set of operating principles that have stood the test of time
underwrite with discipline invest conservatively maintain financial
strength and motivate employees to perform at the highest possible level
Underwriting Discipline
Chubb has always believed in the need to earn an underwriting profit
rather than rely on returns on our investment portfolio to cover under
writing losses Accordingly we insure niche segments that we know and
if we cannot getthe right price for the risk we have been asked to assume
we will not write the business This discipline not only served us well in
2008 but also has allowed us to perform consistently well in the face of
soft market realities Over the past four years intense competition and
excess insurer capital have caused rates for many commercial and
specialty lines to decline resulting in lower premiums and shrinking
margins as claim costs have continued to escalate This was compounded
in 2008 by the worldwide recessionary decline in economic activity
payrolls and property values which put further downward pressure on
both insurable exposures and rates as competitors scrambled to retain
their accounts and win slice of the smaller pie of available new business
Although 2008 underwriting income pre-tax decreased to
$1.4 billion due to the cumulative effect of four yearsof declining rates
and heavy catastrophe losses in 2008 it was the third-best underwriting
profit in our history Net written premiums in 2008 decreased only 1% to
$11.8 billion Our combined loss and expense ratio in 2008 was 88.7%
compared to 82.9% in 2007 Catastrophe losses including those
attributable to Hurricane Ike accounted for 5.1 percentage points of
the combined ratio in 2008 In 2007 catastrophe losses accounted for
3.0 points Excluding the impact of catastrophes the combined ratio was
83.6% in 2008 and 79.9% in 2007 We succeeded in keeping our expense
ratio essentially flat 30.2% in 2008 and 30.1% in 2007
Moreover each of Chubbs business units achieved substantial
underwriting profit Chubb Personal Insurance CPI net written premiums
grew 3% to $3.8 billion and the combined ratio was 87.1% including
5.4 percentage points of catastrophes CPI includes insurance for homes
98.0%
82.9%
2003 2004 2005 2006 2007 2008
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Chubb has always been
dffrrentiated by our
unparalleled claim service
superior coverages and
seamless global reach
Perhaps more than ever
we are also dfferentiated
by ourfinancial strength
investment portfolio we enjoy excellent ratings from all the major rating
agencies We are in the business of assuming risk but we do so prudently
It was this conservative mindset that guided our fortunate decision in early
2003 to exit the credit default swap business An insurance policy is
promise to pay and we take our promises seriously which is why we
guard our financial strength so zealously
We anticipate that some policyholders who are concerned about
their insurance carriers financial strength will switch to Chubb even if
the price of being insured by carrier with solid balance sheet might
be higher rate This should be particularly evident in the high-net-worth
homeowners market as well as the credit-sensitive excess casualty profes
sional liability and commercial real estate markets People want to know
that their insurer will be around to pay their claim
Quality Workforee
Chubbs people already the best in the industry are energized by
our standout performance in 2008 and determined to propel us to new
heights In addition to completing number of successful projects aimed
at reducing costs our people participated in an innovation initiative
designed to generate new ideas for premium growth aud service
enhancements The response from Chubb locations worldwide exceeded
$60.00
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551A
$15.00
Book Value and Market Value per Share
$51.00
$38.13
a1ue per Share
2002 200 2001 2005 2006 2007 20eeeninr .1
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Chuhb Executive Vice Presidents
are pictured below fom left
Paul Krump Chief Underwriting
Officer Dino Rohusto Chief
Administrative Officer Harold
Morrison Jr Chief Global Field Officer
Richard Spiro Chief Financial Officer
Marjorie Raines Go-Chief Investment
Officer Ned Gerstman Co-Chief
Investment Officer Robert Cox Chief
Operating Officer Chuhh Specialty
Insurance Janice Tom linson
International Field Operations Manager
Andrew McEiwee Jr Chief Operating
Officer Chubb Personal Insurance
Vlaureen Brundage General Counsel
Sunita Hoizer Worldwide Human
Resources Ojficer James Knight
Global Chief Information Office
Outperforming the Market
We are grateful that our shareholders were spared the severe decline
in market values that befell so much of our industry and the overall stock
market We are never happy to report negative shareholder returns and
Chubbs total shareholder return for the year including stock price
fluctuation and reinvested dividends was negative 4% However in
2008 we far outperformed the Standard Poors Property Casualty
Insurance Index which returned negative 29% and the SP 500 Index
which was down staggering 37%
Outlook for 2009
Since the beginning of 2009 the recession has deepened and this
will adversely affect insurable exposures The market values of virtually
all asset classes have continued their decline and this will put pressure
on our investments Moreover the strengthening of the U.S dollar will
have the effect of reducing net written premium growth since more than
20% of our premiums are written outside the U.S
With repect to claims from the current crisis in financial markets
we are reserving prudently for our own anticipated losses from such
in 2008 weflir outperformed
the 5tandard Poors
Property Casualty
insurance Index and the
SP 500 index
Our capital position strong
credit ratings reputation
for claim service and focus
on niche markets should
enable us to leverage our
demonstrated underwriting
talent to generate solid
returns even in an uncertain
market
claims which we expect will he mitigated by our underwriting initiatives in
recent years including the move to reduce limits and to decrease our
exposure to large financial institutions and mortgage brokers
number of other developments give us good cause for optimism
We have begun to see flow of new business opportunities arising from
the weakened financial condition of some of our competitors
The industrys shrunken capital from investment losses should be
catalyst for rate improvements
Heavy catastrophe losses in 2008 should push up prices for both
commercial and residential property coverage in catastrophe-prone
areas
The industrys losses from claims related to the crisis in the financial
markets have already driven up rates for professional liability insurance
and should spread to other lines as well
The smaller rate declines that we saw in the fourthquarter
of 2008
might be an indication that the soft market is ending
Although the extent to which these trends will impact earnings in the
near term is uncertain we are confident that our peoples expertise guided
by our core values will enable us to succeed in variety of economic
conditions Our capital position strongcredit ratings reputation for claim
service and focus on niche markets should enable us to leverage our
demonstrated underwriting talent to generate solid returns even in an
uncertain market
would like to thank all of our employees for job well done in
2008 and extend my thanks as well to our customers agents brokers and
shareholders for your encouragement and support
John Finnegan
Chairman President and Chief Executive Officer
February 26 2009
The Chuhb Corporation
Officers
Chairman President and Vire Chairman and Execntive Vice President and Clenn Montgomery l7ice Presidents Vice President Cnrpornte
Chief Execntiee Officer Chief Operating OfficerGeneral Coamel Steven Vcrssggi Stephen Fnller Cnamel and
Secretarj
John Finnegan Jnhn Degnan Manrecn Brandage Robert Witknff Thnmas Canter Anrlrew Macan
Marc Hachey
lAnd Director Execntice Fire President Seninr Vice Presidents Senior Vice President and Snnita Holzer Vice President and Treasarer
Jnel Cohen Ned Cerstinan Daniel Conway ChiefAcconnting Officer Maryln Knrkuch Dan glas Nnrd at rain
Frederick Caertner John Kennedy Thnmas Swartz III
Execntire Vice President and PanI Ceyer Thnmas Walsh Jr
Chief Financial Officer Mark Creenberg
Richard Spiro Andrew McFhece Jo
Chubb Son division of Federal Insurance Company
Officers
Chairman and Mark Dngle Evan Rnsenberg Ceorge Allport Rnbert Fllis Jr Cille Kneh
Chief Execatice Officer Alexis Dnrean Jr Jntlith Sammaren Angela Alper Victoria Espnsits Jose ph Knrknch
John Finnegan Maiy Elliott Eric Schall Mary Aqninn Deat her Fvans Dicter Korte
Timothy Ellis Timothy Shannahan Michael Arcori Craig Farina Kathleen Konfacss
President and Kathleen Ellis Richard Simon RonaldArigo Timothy Fan Joseph Kozlowski
Chief Operating Officer Michele Finchcr Michael Slor Brendan Arnott Thomas Fazio Edgar Kroeze
John Degnan Philip Fisens Kevin Smith Dorothy Badger Michael Feighan Ralph La Canna
Thomas Fitzpatrick Cail Soja Sybil Dalioe Drew Feldman Anne La Fontaine
Fxecntiee Vice President and Philip Folz Richard Soja Kirk Bailey Amy Feller Darbara Lan gione
Chief Undeneriting OfficerPaul Franklin Jorly Speeht Gre
gory Bangs Karen Fenerherm Tern Lathan
Pan1 Krump Anthony Cal ban Edward Spell Achiles Barbatsonlis JeffreyFischer Mary Leahy
Thomas Canter Scott Spencer David Barclay James Fiske James Lenz
Executive Vice President and James Cardner Kort Stemmler Frances Darf not Brian Flynn Kelly Lewis
Chief Global Field Officer John Gibson Jr Kenneth Stephens Cynthia Barkman Peter Flynn Frederick Lobdell
Rarold Morn son Jr Christopher Cies John Swords Richard Barnett Jill Francis Mark Locke
Baxter Craham Timothy SzerlongWilliam Barr Jc John Fooss Donna Lombardi
Executice Vice President ased Jeffrey Crange Joel Tealer David Banman Frederick Caertner Matthese Lnhin
Cliiefddministratire Officer
Rick Cray Clifton Thomas Arthur Beaver EileenCallagher
Richard Lnongo
Dino Rohusto Mark Creenherg Brace Thorne William Bell III Trevor Candy John Lnthringcr
Donna Griffin Kathleen Tierney Donna Belvedere Donald Carvey Jc Robert Lynch
Fxecntice Vice Presidents Charles Canter Joel Townsend Kerry Besnia Mark Catliff David Mack
Robert Cox Marc Hachey Cary Trust David Bissell Irene Caughan Michacl Man gini
Sunita Holzer James Hamilton Peter Tucker Stanley Bloom Patrick Cerrity Lcona Mantie
James Knight Lorraine Deinen WilliamTally Julie Dond Ned Cerstman Keith Marks
Andrew McElwee Jr Stevnn Dernandez William Tnrnbnll Jo Odette Bonvonloir Ralph Ciordano John Marques
Richard Spiro Jeffrey Hoffman Michele Twyman Daniel Bosold Karen Caddcn Patricia Martz
Janice Tomliuson Kecin Dogan Jefirey Updykc Dennis Bostedo Jr Christine Gomes Brian Mates
Kim Hogrefe Snsan Vella Jeffrey Brown Eugene Coodridge Eileen Mathesrs
Executive Vice President and Patricia Harley Peter Vogt II Jeff Brundrett Frank Coudsmit Richard Mank
General Coumel Gerald Ippolito Charles Walkonis John Dryer IIIPerry
Cranof Anthony McCnller
Manreen Brundage Mark James Susan Waltermire John Bnrkhart III CraigGrant Elizabeth McDaid
Dope Jarris Carole Weher James Dutchart Kevin Guinan Sandra Mc Daniel
Administratire Committee Doris Johason James West Sabine Cain Patricia Hall Preston McGowan
Brian Barnes Dettina Kelly Jemwmy N.R Winter Walter Cain Nancy Halpin-Birkner Penny MeGnire
Maureen Brnndage John Kennedy Ronald Cal avaito Robert Hamburger Moniqne McKeon
Richard Cinllo Caroline King Senior Vice President and Alan Carl son Noel Hannon Michelle McLaoghlin
Robert Cox Mark Knmgaard Chief Actanry James Carson Richaril Haran Edward MeLon ghlin Jr
John Degnan Eric Krantz Brian Barnes John Cavanangh Patricia Harris Neil McPherson
John Finnegan Ulli Krell LyriaCharles Peter Harrison Robert Mcola
Mark Greenberg Andrew- LaGravenese Senior Vice Presidents and Barnes Chatelain William Han son Allison Meta
Sunita Holzer James Lalor Actuaries Kenneth Chung Gary Heard Scott Meyers
John Kennedy Kathleen Langncr
Peter Bnrchett Thomas Clansen Michael Reembrock Ann Minzncr Conley
James Knight Paul Larson Linda Gnih Laura Clark Lynne Heidelbach Joseph Miskell
Paul Krnmp Kevin Leidwinger Robert Hopper Frank Claybrooks Randolph Hem Andrea Mollica
Andrew McElwee Jc Paul Lewis Adrienne Kane Arthur Cohen Raymond Hendrickson Gregory Monroe
Harold Morrison Robert Lip pertMichael McManns Richard Consoli Richarnl Hesselman Terry Montgomery
Dino Rohusto Beverly Luehs Keith SpaldingBrian Cottnne Frederick Hcssent baler Michael Mooney
Richard Spiro Amelia Lynch Monika Cox Steven Hill Paul Morrissette
Janice Tomlinson Michael Maloney Senior Vice President nnd Edwin Creter Debra Ann Hochron Richard Munson
Michael Marinaro Deputy General Counsel Raymond Cci sci Jo Pamela Hoffman Patrick Murphy
Senior Vice Presidents Kathl cnn Marvel Judith Heim WilliamCroscley
Edward Hosrard Gerald Myers
Derck Adams David Mc Keon Timothy Dadik Thomas Howland Jeffery Neighbors
James Altman Michelle Middleton Senior Vice Presidents and Christine Dart Joaquin Hoysms Rnth Nelson
Joel Aronchick Robert Midwood Associate General Coumels Michael Daugherty Anthony lovine Jennifer Newsom
WilliamArrighi Jeffrey Miller Matthew Campbell Mark Davis Robert lskols Catherine Nikoden
Gregory Barabas John Mizzi Kirk Raslowsky Janet Decostro Michael Jackson Daniel Nocera
Donald Barb Ellen Moore Linsla Walker David Dents Steven Jakuhmcski David Norris Jr
John Barrett Frank Morelli Carol DeFrance John Jeffrey Nancy ODonnell
Mark Berthiaume Dcc Nunley Senior Vice President nnd Judith Delarosa Colleen Jennings Stephen Oh
Jon Bidwell Frances OBrien Cnrerags Coumel Joseph Delucco Bradley John Thomas Olson
Peter Boccher Moses Ojeisekhoba Louis Nagy PhillipDemmel Latrell Johnson John OMara
Julia BolandKelly OLeary Susan DeVries Amelang Kenneth Jones John Osaben
James Bronner Michael OMaJley Semsior Vice Presidemzt and Joanne Diamond Lisa Jones Mark Paccionc
Timothy Buckley Michael Oppe Treasurer Debra Diken John Jnarez Jr Catherine Padabno
Gerard Butler Rolando Oramna Douglas Nordstrom James Dobson John Kaas Peter Pal ermo
John Casclla Daniel Pacicco Catherine Donahue Celine Kacmarek Michael Palumbn
Michael Casella Nancy Pate-Nelson Vice Presidents Brian Douglas Arvind Kapoor Christopher Parker
Michael Chang Jane Peterson James Ahercromhie Wendy Dowd Dennis Kearns Mary Parzych
Richard Cinllo Gary Pet rosino Jill Ahcrc Alfreml Drowne James Kchhekns Louise Patrcgnani
Gardner Cunningham Jr Steven Pozzi William Adams Keith Dun ford Robert Kelly Jonathan Pensa
Robert Dadd Edward Radziuski Michael Adkins Leslie Edsall Timothy Kelly Joanna Penon
David Dalton Barbara King Elizabeth AgninagaRichard Edsall Amy Kendall Audrey Petersen
James Daring Christoph Ritterson James Albertson Patricia EgglestonThomas Kemx
JeffreyPeterson
Gary Dclssng Eric Rivera Brenda Albian Timothy Fhrhart Elshetlm Kirkpatrick Irene Petillo
Kathleen Dnbia James Romanclli Nicky Alexander James Ekdahl Jeffrey Kneeshaw MichaelPhillips
I0
Chuhb Son division of Federal Insurance Company continued
Officers
Mary Beth Pittinger Anne Rocco Anthony Shine Edc Thompson Ryan Watson Vice President and Secretary
Kdsten Poplar Edward Rochford Donald Siegdst Jr Peter Thompson Gregory Wells Andrew Macan
Robert Price Thomas Roessel Jason Skrant John Tomaine Janece White
Ramona Pringle Jorge Rosas Patricia Smith Dionysia TsregasDavid Williams Vice Presidents and
ScottPringle June Rose Scott Smith Richard Towle Grenes Eugene Williams Actuaries
Jennifer Proce Victoria Rossetti Clarke Smith III Tracy Tucker Michael Williams Jason Abrams
James Proferes Jeffrey Ryan Richard Soleau Roy Tyson III Dwen Williams Joseph Freedman
William Pnleo Ruth Ryan Veronica Somarclba Richard IJghetta Suzanne Witt Scott Henek
David Pych Carolyn Salapa Victor Surdillu Paula lJmreiko Barbara Wittiek Rye-Soak Kang
Madin Qniek Barbara Sandelands Chdstine Staron Scott Usilton Bert WolIf Jr Kevin Kesby
RobertRafferty
Franklin Sanders Jr LloydStoik Louise Vallee Archyne Woodard Shu Lin
Richard Reed Melissa Scheffler Beth StrappLonise Van Dyck Gary Woodnng Kraig
Peterson
Richard Reed Robert Sebmid Dorit Strans Nivaldo Venturini Steven Vacik
Robert Reedy Michael Schraer Jaeqnelyn Strobel Bennett Verniero Jeffrey Yao Vice Presidents and
Walead Refai Robert Schnck Robert Stroup Tracey Vispoli Regina Vork Associate Counsels
Michael Reiches II Russell Sehuren Patdck Sullivan John Volanski Jack Zacharias Gail Arkin
James Rhyner Mark Schnssel Scott Teller Kevin Waldron Stephen Zappas James Gunson
Merrily Riesebeek Roma Sendat James Thieringer Christine Wartella Cynthia Zegel James Sharkey
Gary Rispoli Mary Sheddan Jonathan Thomas Walter Washington Velena Zeltser Wendy Taylor
Nicholas Rizzi Leigh Sherman Chades Thompson Maureen Waterbury Dominick Zenenla Robert Tnohy
Mark Robinson Kdstine Shields
Federal Insurance Company
Officers
Chairman President Chief Senior Vice President and Mark Lingafelter Stephen Dc Gmchy James Kems Kevin Stevens
Execatire Officer and Chief ChiefAdministrative
OfficerFrededck bE Lubdell Mado Delrosso Helen Knustas Len Takagi
Operating OfficerBino Rubusto Kevin OShiel Gregory Dodds Christopher Lees Jik Tay
John Degnan Gary Petrusino Jonathan Doherty Irene Liang Janice Tomlinson
Senior Vice President and Doreen Yip Matthew Duquile Amelia Lynch Steven Versaggi
Senior Vice President and General Cnumel Frederick Gaertner Dermot MeComiskey Kyle Williams
Chief Underwriting OfficerMaureen Bmndage Vice Presidents Shasi Gangadharan David Mc Keon Robert Witkoff
Paul Kmmp James Altman Thomas Ganter Glenn Montgomery Esther Wung
Senior Vice Presidents Paul Baldacchinn Ned Gerstman David Norris Jc Kiynshi Yamamutn
Senior Vice President and Brendon Allan Kemsley Brennan Paul Geyer Rolando Drama
Chief Global Field Officer Stephen Blasina Roger CR Brookhonse Andrew Goudey Steven Drd Vice President and Actuary
Harold Morrison Jr Stanley Bloom Michael Casella Baxter bE Graham Emma Osborne bE Bnan Bames
PanI Chapman Amy Chai Rick Gray Matthew Pasterfield
Senior Vice President and Michael Collins Stephen Ming Sum Chan Jason Howard JorgeRosas Vice President and Secretary
Chief Financial Officer Ian Conk Bay Ron Chin George X.Z Huang Francis Row bE Andrew Macan
Richard SpiroAndre Dallaire Richard Ciullo Karen Hnmphreys Andrew Russell
Christopher Giles William Clarkson John Kennedy Len Schmidt Vice President and Treasurer
Chdstopher Hamilton Ann Macce Conk Mab Swee Keong John Stahelos Bnuglas Nordstrom
Chubb Insurance Company of Canada
Officers
Chairman Senior Vice President Giovanni Damiano Vice Presidents Christina MeAvella Vice President and
Janice Tomlinson General Coamel and Patricia Ewen BarryBlackburn Robert Murray Actuary
SecretaryPani Morrlssette LeeAnn Boyd Michel Rousseau Philip Jellery
President and John Calms Andrew Steen Dale Chow Zorlca Todocovic
Chief Executive OfficerSusan Watts Panl Johnstone
Ellen Moore Senior Vice Presidents David Williams Gale Lewis Vice President and
lean Bertrand Mary Maloney Chief Financial Officer
Nicole Bronillard Jeffrey Marit Grant McEwen
Chubb Insurance Company of Enrope SE
Officers
President and Jalil Rebman Vice President General Fiona Cux Richard Lambert Feliciano Rule
Chief Executive Officer Fred ShurbajiCoumel and Secretary Bian Daftarl Neil Lee-Amies Vittorio Scala
ChristopherGiles Bernardus Van Dec Vossen Ranald Munro Guillaume Beal Philippe
Leostie Henrik Sehwiening
Paul Van Pelt Mack Edmondson Andreas Luberichs Covington Shackleford
Senior Vice Presidents Vice Presidents Richard Eveleigh Jeremy Miles Alan Shell
Paul Chapman Senior Vice President and David Adams Juaquin FraguelaSimon Mnhey Chris Tait
Gardner Cnnningham Jr Chief Financial Officer Jan Auerbach Andrew Francis Miguel Molina Michael Thyssen
Thiem Daucourt Kevin DShiel Ron Bakker Bavid Gibbs Tom Newark Lynn Twinn
Johannes Ftten Hubert Belanger Macta Gnmez-Llorente Rene Nienwland Monique Van Dec Linden
CarolynHamilton Senior Vice President and Thierry Bourgnignon Brian Hardwick Stuart Payne Sophie Van Til Ceedham
Andrew McKee Actuary Bernhard Bndde Simon Hayter Bjom Petersen Brian Voslob
Cados Memo Calm Crouch Robert Cage Isabelle Hilaice Hugh Pollingtnn Bemd Wiemanu
Moses Djeisekhoha David Casement Mnnique Kooijman Jonathan Poole Nigel Williams
11
The Chuhh Corporation
Directors
Zoº Baird
President
The Markie Foundation
John Finnegan
Chairman President and
Chief Executive Officer
The Chubh Corporation
Daniel Somers
Retired Vice Chairman
Blaylock and Partners LP
Sheila Burke
Research acuity
J.F Kennedy School of
Government
Harvard University
Dr Klaus Mangold
Former Member of the Board
Daimler AG
Karen Hastie Williams
Retired Partner
Crowd Moring LLP
James Cash Ph.D
Profrssor Emeritus
Harvard Business School
Joel Cohen
Lead Director
The Chubb Corporation
Chairman and
Co- Chief Executive Officer
Sagent Advisors Inc
Martin McGuinn
Retired Chairman and
Chief Executive Officer
Mellon Financial Corp
Lawrence Small
Former Secretary
Smithsonian Institution
Jess Sderberg
Retired Partner arid
Group CEOA.P Moller-Maersk
James Zimmerman
Retired Chairman and
Chief Executive Officer
Federated Dept Stores Inc
Alfred Zollar
General Manager
Tivoli Software
IBM Corporation
Committees of the Board
Audit Committee
Daniel Somers ChairZoe Baird
Joel Cohen
Martin McGuinn
Alfred Zollar
Executive Ciuunuttee
John Finnegan ChairJames Cash Ph.D
Joel Cohen
Martin McGuinn
Daniel Somers
Corporate Governance
Nominating Committee
James Cash Ph.D ChairZoº Baird
Joel Cohen
Lawrence Small
Karen Hastie Williams
Jrgaiuzatioii Compensation
Commimittee
Martin McGuinn ChairSheila Burke
Daniel Somers
Karen Hastie Williams
James Zimmerman
Alfred Zollar
Finance Conmnmittee
John Finnegan ChairSheila Burke
Dr Klaus Mangold
Jess Sderherg
12
The Chubb Corporation
15 Mountain View Road
P.O Box 1615
Warren NJ 07061-1615
Telephone 908 903-2000
www.chubb.com
Stock Listing
The common stock of the
Corporation is traded on the
New York Stock Exchange
under the symbol CB
Dividend Ageni Transfer
Agent and Registrar
BNY Mellon
Shareholder Services
480 Washington Boulevard
Jersey City NJ 07310
Telephone 877 251-3569
www.bnymellon.com
Explanation of Non-GAAP
Financial Measure
Operating income non-GAAP financial
measure is net income excluding after-tax
realized investment gains and losses
Management uses operating income among
other measures to evaluate its performance
because the realization of investment gains
and losses in any given period is largely
discretionary as to timing and can fluctuate
significantly which could distort the
analysis of trends
SEC and NYSE Certifications
Chubb has included as exhibits to
its Annual Report on Form 10-K for
the year ended December 31 2008
filed with the Securities and
Exchange Commission certificates
of its Chief Executive Officer and
Chief Financial Officer certifying
the quality of Chubbs internal
controls over financial reporting
and disclosure controls Chubb has
submitted to the New York Stock
Exchange NYSE certificate of
its Chief Executive Officer
certifying that he is not aware
of any violation by Chubb of the
NYSEs corporate governance
listing standards
Photography Peter Vidor