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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) July 19, 1999
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THE CHUBB CORPORATION
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(Exact name of Registrant as Specified in 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 PO 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) 903-3607
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
The Chubb Corporation ("Parent") announced yesterday it completed the
merger of Excalibur Acquisition, Inc., a wholly owned subsidiary of Parent, with
and into Executive Risk Inc.
A copy of Chubb's press release announcing the completion of the merger is
attached hereto as Exhibit 99.1.
Item 7. Exhibits.
99.1 Press Release dated July 20, 1999.
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SIGNATURE
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 thereunto duly authorized.
THE CHUBB CORPORATION
By: /s/ Joanne L. Bober
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Senior Vice President & General
Counsel
July 20, 1999
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EXHIBIT 99.1
[THE CHUBB CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE
CHUBB COMPLETES ACQUISITION OF EXECUTIVE RISK
WARREN, N.J., JULY 20, 1999 - The Chubb Corporation [NYSE CB] announced
today that is has completed the previously announced acquisition of Executive
Risk Inc. Shareholders of Executive Risk will receive 1.235 shares of Chubb for
each Executive Risk share owned of record as of July 19, 1999.
Chubb will combine Executive Risk with its own Executive Protection
Practice. The combined operation will be based in Simsbury, Connecticut and
will be known as Chubb Executive Risk.
"This acquisition strengthens Chubb's position as a leading specialty
insurer and creates an underwriting resource that will be known for its
creativity, responsiveness, speed to market, financial strength and outstanding
service," said Dean R. O'Hare, Chairman and CEO of Chubb. "Executive Risk
customers will now have access to a broader selection of executive protection
and professional liability insurance products, said Mr. O'Hare.
Chubb Executive Risk's combined distribution channel will now include
5,000 retail independent agents and brokers worldwide and more than 2,200
wholesale agents, specialty brokers and program administrators.
"Combining Chubb's top-rated balance sheet and global network with
Executive Risk's fast, innovative product-development capability will enable us
to accelerate premium growth in attractive specialty markets and achieve
attractive underwriting profit margins," said Mr. O'Hare.
Chubb is a leading global specialty insurer. It is known for its strength
in executive protection and financial institution coverages, particularly
directors and officers liability; employment practices liability, errors and
omissions; fiduciary liability, and fidelity. Chubb is also active in other
commercial lines and has a large and profitable personal lines business. Based
in Warren, New Jersey, Chubb has approximately 10,700 employees worldwide. In
1998, its gross written premiums were $6 billion.
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Executive Risk focused on the directors and officers; professional
liability; errors and omissions; and ancillary markets. Gross written premiums
for Executive Risk in 1998 were approximately $500 million. Executive Risk has
nearly 600 employees.
For further information contact: Gail Devlin
(908) 903-3245
Glenn Montgomery
(908) 903-2365
Forward Looking Information
Certain statements in this communication 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 words or phrases
"will result", "are expected to", "will continue", "is anticipated",
"estimate", or similar expressions. Such statements 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 Corporations'
public filings with the Securities and Exchange Commission and specifically to:
risk or uncertainties associated with the Corporations' expectations with
respect to premiums and profitability resulting from the Executive Risk
transaction; 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 valuations, the
occurrence of significant natural disasters, the development of major Year 2000
liabilities, the inability to reinsure certain risks economically, the adequacy
of loss reserves, as well as general market conditions, competition, pricing
and restructurings.
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