SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 1997
The Chubb Corporation
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(Exact name of registrant as specified in its charter)
New Jersey 001-08661 13-2595722
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
15 Mountain View Road
P. O. Box 1615
Warren, New Jersey 07061-1615
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 908-903-2000
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Information.
On November 10, 1997, The Chubb Corporation (the "Registrant") issued the
press release attached as Exhibit 99.2 to this report and incorporated herein
by reference.
Certain statements in this Report on Form 8-K and the exhibit hereto may be
considered to be "forward looking statements" as that term is defined in the
Private Securities Litigation Reform Act of 1995, such as statements that
include the words or phrases "is expected to", "plan to", "intends to" or
other similar expressions. The factors which could cause actual results to
differ materially from those suggested by any such statements include, but are
not limited to, those discussed or identified from time to time in the
Corporation's public filings with the Securities & Exchange Commission and
specifically to risks or uncertainties associated with the Corporation's
expectations with respect to the sale of portions of its remaining real estate
properties and deployment of real estate proceeds, and, more generally, to:
general economic conditions including changes in interest rates and the
performance of the financial markets, changes in domestic and foreign laws,
regulations and taxes, changes in competition and pricing environments,
regional or general changes in asset valuation, as well as general market
conditions, competition, pricing and restructurings.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
99.2 Press release dated November 10, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
The Chubb Corporation
Date: November 11, 1997 By: /s/ Robert Rusis
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Name: Robert Rusis
Title: Senior Vice President
and General Counsel
EXHIBIT 99.2
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NEWS from
The Chubb Corporation
[LOGO] 15 Mountain View Road, P.O. box 1615, Warren, New Jersey 07061-1615
CHUBB CORPORATION COMPANIES: Chubb & Son Inc.o Federal Insurance Company o
CHUBB Vigilant Insurance Company o Great Northern Insurance Company o Pacific Indemnity Company
o Northwestern Pacific Indemnity Company o Texas Pacific Indemnity Company o Chubb
Insurance Company of Canada oChubb Compagnie d'Assurances, S.A. o The Chubb Insurance
Company of Australia Limited o Chubb Insurance Company of Europe o Chubb Life Insurance
Company of America o Chubb Sovereign Life Insurance Company o The Colonial Life Insurance
Company of America o Bellemead Development Corporation
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CHUBB CLOSES SALE OF COMMERCIAL REAL ESTATE ASSETS
WARREN, N.J., November 10, 1997 - The Chubb Corporation announced today
that its real estate subsidiary, Bellemead Development Corporation, has closed
the sale of a substantial portion of its commercial real estate properties to a
joint venture company formed by Paine Webber Real Estate Securities Inc.,
Morgan Stanley Real Estate Fund II, L.P. and Gale & Wentworth, L.L.C. for $737
million. The closing includes almost all of the properties covered by the
agreement reached in June 1997. Closing on the few remaining properties is
expected to occur in 1998.
The $737 million purchase price includes $628 million in cash and the
assumption of $109 million in debt. Chubb intends to use the cash proceeds
from the sale to further reduce debt.
Chubb is proceeding with its previously announced plans to dispose of its
commercial and residential real estate properties, principally through a
series of single-property transactions.
For further information contact: Gail E. Devlin
(908) 903-3245
Glenn A. Montgomery
(908) 903-2365
