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): February 23, 1997
The Chubb Corporation
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(Exact name of registrant as specified in its charter)
New Jersey 1-8661 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 February 24, 1997, The Chubb Corporation (the "Registrant") issued the
press release attached as Exhibit 1 to this report and incorporated herein by
reference.
Any statements in this Report on Form 8-K and the exhibit hereto which may be
considered to be "forward looking statements" as that term is defined in the
Private Securities Litigation Reform Act of 1995 are subject to certain risks
and uncertainties. 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
ongoing strategic evaluation of its non-property and casualty business, or
associated with its expectations of premium and investment income growth
projections and new cash available for investment; 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, the occurrence of significant
natural disasters, the inability to reinsure certain risks economically, the
adequacy of loss reserves, as well as general market conditions, competition,
pricing and restructurings.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits.
1. Press release dated February 24, 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: February 24, 1997 By: /s/ Robert Rusis
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Name: Robert Rusis
Title: Senior Vice President
and General Counsel
EXHIBIT 1
Chubb To Sell Life Subsidiary to
Jefferson-Pilot Corporation for $875 Million
WARREN, N.J., February 24, 1997 -- The Chubb Corporation announced today that
it has signed a definitive purchase agreement under which Chubb will sell
Chubb Life Insurance Company of America to Jefferson-Pilot Corporation for
$875 million in cash.
Dean O'Hare, chairman and chief executive officer of The Chubb
Corporation, said that Chubb intends to use a substantial portion of the
proceeds of the sale to repurchase Chubb stock. "We had two goals when we
announced last October that we were reviewing our strategic options for Chubb
Life," Mr. O'Hare said. "Our first goal, as always, was to enhance
shareholder value, and the combination of the sale of Chubb Life and the
redeployment of capital into an accelerated share repurchase program will
achieve this. The second was to complete the process as quickly as possible
so as to minimize the period of uncertainty for Chubb Life's employees and
agents, and I believe that we have accomplished this as well."
Mr. O'Hare said that Chubb Life is a first-quality company with
excellent prospects. "Chubb Life management has done a terrific job turning
the company around in the last two years," Mr. O'Hare said. "However, the
consolidation sweeping life insurance is creating an industry where scale has
become extremely important. Chubb Life will have a brighter future with
Jefferson-Pilot, which has become a major player in the industry."
Completion of the transaction is subject to regulatory
approvals.
