Richard G. Spiro Is Elected CFO of Chubb

WARREN, N.J., Sept. 8 /PRNewswire-FirstCall/ -- The Board of Directors of The Chubb Corporation (NYSE: CB) has elected investment banker Richard G. Spiro to the position of Executive Vice President and Chief Financial Officer, it was announced today by John D. Finnegan, Chairman, President and Chief Executive Officer of Chubb.

Spiro, 44, will join Chubb as Executive Vice President on October 1 and will assume the CFO position in early November, following the filing of Chubb's Form 10-Q for the third quarter of 2008. He will succeed Michael O'Reilly, Vice Chairman and CFO, whose retirement was announced previously. O'Reilly will remain at Chubb until the end of 2008 to assist in the transition.

Spiro joins Chubb from Citigroup Global Markets Inc., where he was a Managing Director in its financial institutions investment banking group. He held a variety of positions in Citigroup's financial institutions group, including Head of North America, Global Head of Insurance Investment Banking and Co-Head of the Insurance, Asset Management, Exchanges and Processors Group. Specializing in advising insurance companies for more than 20 years, Spiro has been involved in numerous initial public offerings; equity, debt and hybrid financings; and mergers and acquisitions. He began his investment banking career at The First Boston Corporation in 1986 and joined Citigroup in 1999. Prior to joining Citigroup, he was a Managing Director at Lehman Brothers. Spiro holds an A.B. in Economics from Princeton University.

"We are delighted that Ricky Spiro is joining Chubb," said Finnegan, "bringing us his wealth of expertise in our industry as well as proven leadership abilities and strategic skills. At the same time, we are grateful for Mike O'Reilly's 39 years of outstanding service to Chubb, including six years as CFO, and we wish him well upon his retirement."

"I have always regarded Chubb as the preeminent player in the property and casualty insurance industry," said Spiro. "I look forward to joining its impressive management team."

Founded in 1882, the Chubb Group of Insurance Companies provides property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

      For further information contact:    Investors:   Glenn A. Montgomery                                                       (908) 903-2365                                           Media:       Mark E. Greenberg                                                       (908) 903-2682

SOURCE Chubb Corporation

CONTACT: Investors: Glenn A. Montgomery, +1-908-903-2365, or Media: Mark E. Greenberg, +1-908-903-2682, both of Chubb Corporation