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): June 12, 1997
The Chubb Corporation
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(Exact name of registrant as specified in its charter)
New Jersey 1-8661 13-2595722
(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
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Information.
On June 12, 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 Reform Act of 1995, such as statements that include the
words or phrases "are expected to", "plan to", "are anticipated" or to other
similar expressions. In particular, this Report and the exhibit hereto
include forward looking statements relating to the Corporation's expectations
with respect to the sale of portions of its real estate properties. 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 announced sale activities
relating to portions of its real estate properties, 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 June 12, 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: June 20, 1997 By: /s/ Robert Rusis
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Name: Robert Rusis
Title: Senior Vice President
and General Counsel
EXHIBIT 99.2
NEWS
[LOGO]
CHUBB from
The Chubb Corporation
15 Mountain View Road, P.O. box 1615, Warren, New Jersey 07061-1615
CHUBB CORPORATION COMPANIES: Chubb & Son Inc.o Federal Insurance Company o
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
CHUBB SELLS COMMERCIAL REAL ESTATE ASSETS
WARREN, N.J., June 12, 1997 - The Chubb Corporation announced today that
its real estate subsidiary, Bellemead Development Corporation, has reached a
definitive agreement to sell a substantial portion of its commercial real
estate properties for $758 million to PW/MS Acquisition I, LLC, a joint venture
company formed by Paine Webber Real Estate Securities Inc. and Morgan Stanley
Real Estate Fund II, L.P. The purchase price includes $649 million in cash
and the assumption of $109 million in debt. The cash proceeds to Chubb are
expected to be applied to further debt reduction.
The transaction is expected to close in the fall of 1997.
"With this sale Chubb has taken a major step in its planned divestiture
of real estate properties," said Dean R. O'Hare, chairman and chief executive
officer. "We are receiving excellent value for these commercial properties and
strengthening our balance sheet with their divestiture."
"We also are proceeding with our previously announced plans to dispose of
our residential and commercial real estate properties. These plans are on
schedule." Mr. O'Hare said.
For further information contact: Gail E. Devlin
(908) 903-3245
Glenn A. Montgomery
(908) 903-2365
