Our History

Introduction

Today's Chubb is a leading global insurer serving customers from the largest multinational companies to individuals and families around the world.

The company took its present form in 2016 when ACE Limited acquired the Chubb Corporation, creating a world leader in insurance. Now operating under the renowned Chubb name, both companies brought with them a rich history as leaders and innovators in the industry.

Our origins

1792

Chubb traces its history to 1792, when investors met at Independence Hall in Philadelphia to organize the Insurance Company of North America (INA), the first stock insurance company in the United States. 

INA, then part of Cigna Corporation, was acquired by ACE Limited in 1999.

OUR ORIGINS

1882

The origins of the Chubb Corporation date back to 1882 when Thomas Caldecot Chubb and his son Percy opened their marine underwriting business in the seaport district of New York City.

1985

ACE Limited


ACE Limited was established in 1985 in response to an availability crisis in the U.S. insurance marketplace for excess liability and directors and officers insurance coverage. Recognizing the need, a handful of forward-thinking pioneers helped form a consortium and pool the capital to create a new kind of insurance company. Those founding sponsors constituted an impressive list of 34 blue-chip companies from a broad range of industries, including health care, pharmaceuticals, manufacturing, transportation, utilities, oil and gas, banking and the automotive industry.
 

From its inception through the 1990s, ACE grew rapidly through product diversification, strategic partnerships and acquisition. A true turning point for ACE was its 1999 acquisition of Cigna Corporation’s international and domestic property and casualty business, the Insurance Company of North America (INA). The acquisition gave ACE an instant global network and simultaneously transferred INA’s 200-year history to the company.
 

In the following decade and beyond, ACE progressed on its path of growth and international expansion organically and via strategic acquisition. During that time, ACE fostered its reputation as a superior underwriting company that delivered exceptional service through an unparalleled global network.

 

1985

American Casualty Excess Insurance Company Ltd. and parent ACE Limited form.

1882

The Chubb Corporation


The origins of the Chubb Corporation date back to 1882 when Thomas Caldecot Chubb and his son Percy opened their marine underwriting business in the seaport district of New York City. Having collected $1,000 from each of 100 prominent merchants to start their venture, they focused initially on insuring ships and cargoes.
 

The Chubbs were adept at turning risk into success, often by helping their policyholders prevent disasters before they occurred. By the turn of the century, Chubb had established strong relationships with the insurance agents and brokers who placed their clients’ business with Chubb underwriters.
 

Chubb & Son did not value size in itself but regarded it as a measure of what had been achieved. Upon the Company's 75th anniversary in 1957, Hendon Chubb — who had joined his older brother Percy in the firm in 1895 — noted, "I think there is perhaps a tendency in American business to overemphasize mere size, whereas to me it should be a by-product of a job well done."

Timeline
1792
1792

Investors meet at Independence Hall in Philadelphia to organize the Insurance Company of North America.

Independence Hall in Philadelphia
1794
1794

INA enters fire insurance and is the first U.S. insurer to cover the contents of a house from fire.

INA
1808
1808

INA appoints fire insurance agents on the U.S. frontier and launches its first advertising campaign.

Fire insurance
1821
1821

Our predecessor fire insurer Aetna Insurance Company becomes the first U.S. insurer to enter Canada.

Aetna Insurance Company
1837
1837

Thomas Caldecot Chubb is born in London.

Thomas Caldecot
1837
1837

Westchester County Mutual Insurance Company is organized in New Rochelle, N.Y., the earliest predecessor of our Westchester unit today.

Westchester County Mutual Insurance Company
1848
1848

INA appoints an agent in San Francisco as the California Gold Rush begins. Premiums are sent to the home office in the form of gold dust.

California Gold Rush
1857
1857

Thomas Caldecot Chubb's son Percy Chubb is born in Australia.

Percy Chubb
1868
1868

After relocating to San Francisco, Thomas Chubb lists his new occupation as marine insurance.

relocating to San Francisco
1882
1882

Thomas and Percy Chubb set up Chubb & Son in New York City.

Chubb & Son in New York City
1887
1887

INA appoints agents in London, Vienna and Buenos Aires, the beginning of our Overseas General business today.

agents in London, Vienna, and Buenos Aires
1887
1887

Flour mills organize Pennsylvania Millers Mutual Fire Insurance Company, known as Penn Millers today.

Pennsylvania Millers Mutual Fire Insurance Company
1897
1897

INA becomes the first U.S. insurer to appoint an agent in China.

The first U.S. insurer to appoint an agent in China
1901
1901

Percy Chubb organizes the Federal Insurance Company in New Jersey. They write marine insurance and expand into fire two years later.

Federal Insurance Company
1911
1911

The Chubb & Son reins are passed onto Hendon Chubb, Percy Chubb's younger brother.

Hendon Chubb
1912
1912

Three of our predecessor insurance companies (Aetna, Federal, INA) suffer losses from the sinking of the Titanic.

Aetna, Federal, INA
1913
1913

Lloyds of Minneapolis (later Great Northern Insurance Company) begins offering auto liability insurance; it is acquired by Chubb in 1960.

Lloyds of Minneapolis
1919
1919

The Hail Audit and Statistical Bureau is formed, leading to the Rain and Hail Insurance Bureau five years later.

Rain and Hail Insurance Bureau
1921
1921

Chubb acquires control of U.S. Guarantee Company, transforming it from a fidelity and surety company to a general casualty insurer.

U.S. Guarantee Company
1928
1928

Chubb & Son opens its first branch outside the U.S. in Montreal, Canada.

Montreal, Canada
1929
1929

Chubb & Son begin underwriting aviation risk.

Underwriting aviation risk
1939
1939

Insurance agent W. Clement Stone incorporates the Combined Mutual Casualty Company in Illinois, predecessor insurer of Combined Insurance today.

W. Clement Stone
1950
1950

INA invents the definitive multiple-line homeowners policy.

multiple-line homeowners policy
1955
1955

Pacific Employers Group creates a claims unit called the Employers Self-Insurance Services (ESIS).

 Employers Self-Insurance Services (ESIS)
1956
1956

Chubb forms a personal lines department. It also installs the company's first computer, the IBM 705.

IBM 705
1965
1965

INA debuts on the New York Stock Exchange. That year it acquires the Pacific Employers Group.

Pacific Employers Group
1967
1967

The Chubb Corporation is formed. That year, Chubb acquires the Pacific Indemnity Companies.

Pacific Indemnity Companies.
1976
1976

Chubb responds to several years of business challenges by developing its successful focus on select markets, specialties, and — in personal lines — explicitly serving the high net worth client.

1976
1980
1980

INA insures the Olympic Winter Games in Lake Placid, N.Y.

Olympic Winter Games
1982
1982

INA Corporation and the Connecticut General Corporation complete a merger to create CIGNA Corporation.

 CIGNA Corporation
1982
1982

E.T. the Extra Terrestrial is released with Chubb Custom Market underwriting the production of the film.

E.T. the Extra Terrestrial
1984
1984

Marsh President Robert Clements foresees a potential excess liability crisis and has an idea to fill the void: American Casualty Excess - ACE.

Robert Clements
1984
1984

Chubb is listed on the New York Stock Exchange.

New York Stock Exchange
1985
1985

American Casualty Excess Insurance Company Ltd. and parent ACE Limited form.

American Casualty Excess Insurance Company Ltd.
1986
1986

Chubb launches the famed Masterpiece personal lines policy, becoming the company's definitive high net worth product.

Masterpiece personal lines policy
1990
1990

Chubb begins additional overseas expansion.

Overseas expansion
1993
1993

ACE goes public on the New York Stock Exchange.

ACE goes public
1996
1996

ACE acquires the first of its Lloyd's syndicate managing agencies and acquires Tempest Re, our major global reinsurer.

 Lloyd's and Tempest Re
1999
1999

ACE acquires CIGNA P&C for $3.45 billion, thus entering 50 countries and transforming its business from specialty catastrophic risk to diversified property and casualty.

CIGNA P&C
2001
2001

Evan Greenberg joins ACE.

Evan Greenberg
2004
2004

Evan Greenberg named Chief Executive Officer of ACE.

CEO
2012
2012

Chubb claims service shines after Superstorm Sandy, settling the largest number of claims in company history.

Superstorm Sandy
2016
2016

ACE and Chubb become one and adopt the Chubb name.

Chubb
2017
2017

Chubb celebrates 225 years of underwriting through the birth of our oldest company in 1792.

225 years of underwriting