Posted on 03 Jun 2010
Chubb Insurance Company of Europe SE (Chubb) today announced that it has received approval from the Lloyd's Franchise Board to establish a new Syndicate which will be named Chubb 1882. The new Syndicate will commence underwriting from 14 June for business incepting from 1 July 2010.
Chubb 1882 will be managed by a newly created Lloyd's managing agency, Chubb Managing Agent Limited ("CMAL"), which is authorised by the Financial Services Authority in the UK.
The name Chubb 1882 is taken from the year Chubb was founded.
The Syndicate will write a wide variety of business and will offer a unique blend of traditional marine and professional indemnity business and the specialist classes such as technology. These are businesses in which Chubb has an established reputation in the insurance market.
The active underwriter of Chubb 1882 with principal authority to write business is Rob Cage who was previously Chubb’s UK head of commercial business. He will be joined by 16 specialist underwriters who are experts in the Chubb 1882 fields of business. Chubb 1882 capacity for the remainder of 2010 is £41.5m.
Rob Cage, Active Underwriter of Chubb 1882, says: “Chubb has been writing business in Lloyd’s since 1994 and becoming a full Syndicate is a natural step for us. We believe we are bringing something truly different to the marketplace by pairing the unique underwriting stance of Chubb with the unrivaled underwriting platform of Lloyd’s.”
Michael Casella, CEO Chubb Insurance Company of Europe, says: “We are pleased that Lloyd’s has approved the formation of Chubb 1882 as the establishment of a presence at Lloyd's fulfils a key strategic objective of providing a new distribution channel for our products. We will now have access to the international markets in which Lloyd’s operates. We have assembled an outstanding team with exceptional experience and are confident that Chubb 1882 will be very successful.”
Chubb Insurance Company of Europe SE (Chubb) provides specialist commercial and personal lines products through independent brokers. It is part of the NYSE-listed Chubb Corporation with more than 120 offices in 28 countries worldwide. Chubb consistently earns exceptionally high ratings for financial strength from the leading credit rating agencies. Chubb Insurance Company of Europe is rated A++ (superior) by A.M. Best. Chubb is renowned for its award winning service and was voted Insurance Times General Insurer of the Year 2009.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia