Chubb Specialty Sells Renewal Rights To Hospital Professional Liability And Managed Care Errors & Omissions Books To Onebeacon
WARREN,
New Jersey
,
June 1, 2005 – Chubb Specialty Insurance (CSI) announced today that it has sold the renewal rights to its hospital professional liability
and managed care errors & omissions books of business to OneBeacon Professional Partners. Terms were not announced. OneBeacon
will renew business that fits its underwriting guidelines starting with
July 1, 2005 effective dates.
Matt Dolan, President of OneBeacon Professional Partners, said “These are nice additions to our business, as hospital malpractice
and managed care are sectors we know well. OneBeacon is fully committed to providing the agents and brokers handling this
business with exceptional service as they transition their clients to OneBeacon coverage.” Renewed business will be insured
on policies issued by OneBeacon companies, which are rated “A” (Class XIV) by A.M. Best.
Chubb Specialty Insurance’s Chief Operating Officer, Robert C. Cox, added, “Selling renewal rights to these books will help
us focus our resources on our core specialty businesses. We will continue to grow our health-care executive protection classes
of business, which have excellent synergy with the rest of our specialty book.” The premiums affected by this transaction
represent less than four percent of CSI’s net written premiums and less than one percent of Chubb’s total.
OneBeacon Professional Partners, based in
Avon,
Connecticut
, underwrites various specialty liability products and is a subsidiary of OneBeacon Insurance Group. Headquartered in
Boston,
Massachusetts
, OneBeacon Insurance Group offers specialty and segmented personal and commercial insurance products sold primarily through
select independent agents.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd.
White Mountains’ principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance
and reinsurance. The company is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol
“WTM.”
CSI is a business unit for the insurers owned by The Chubb Corporation [NYSE: CB]. The member insurers of the Chubb Group
of Insurance Companies provide property and casualty insurance for personal and commercial customers worldwide through approximately
4,500 independent agents and brokers in the
United States
.
Certain statements made in this release should be considered forward-looking information as defined in the Private Securities
Litigation Reform Act of 1995. Chubb cautions investors that any such forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors are directed to consider the risks and uncertainties in
our business that may affect future performance and that are discussed in readily available documents, including annual and
quarterly reports and other documents filed by The Chubb Corporation with the Securities and Exchange Commission.
For further information contact:
Investors: Glenn A. Montgomery 908-903-2365
Media: Mark E. Greenberg 908-903-2682
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