WARREN, NJ, May 23, 2013 (PRWEB) May 23, 2013
The Chubb Group of Insurance Companies has received approval from the New Jersey Department of Banking & Insurance to convert Chubb Custom Insurance Company into a domestic surplus lines insurance company. By becoming a domestic surplus lines insurer, the Chubb subsidiary now is eligible to write surplus lines insurance in all 50 states.
Designating Chubb Custom Insurance Company as a domestic surplus lines insurer allows Chubb to avail itself of the advantages for New Jersey-based surplus lines insurers created by the Reinsurance and Surplus Lines Stimulus Act, which was signed into law by Governor Chris Christie in 2011. Passage of this act made New Jersey one of only a few U.S. states to permit a domestic insurer to offer surplus lines products to customers in its state of domicile.
“As a large employer in the state, we are especially pleased to see New Jersey continue to improve the operating environment for insurers located here, and we commend the Legislature and Governor Christie for passage of the Reinsurance and Surplus Lines Stimulus Act,” said Paul J. Krump, president of Commercial and Specialty Lines for Chubb. “Chubb already is a major surplus lines insurer throughout the country, but converting Chubb Custom Insurance Company to a 50-state eligible surplus lines insurer will make it even easier to provide customers with our experienced underwriting, valuable loss control recommendations and responsive claim services.”
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high net worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.
The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit http://www.chubb.com.