Chubb on CreditWatch Neg

March 24, 2003

S&P’s Ratings Services placed on CreditWatch with negative implications its “A+/A-1” counterparty credit and senior debt ratings on New Jersey-based The Chubb Corp. following Chubb’s announcement concerning several unexpected incremental fourth-quarter 2002 charges for the strengthening of reserves for asbestos exposure and directors and officers liability coverage in its European
operations.

S&P’s also said that it placed its “AA+” counterparty credit and financial strength ratings on Chubb’s operating insurance companies on CreditWatch negative.

The very strong “AA+” ratings on Chubb’s operating companies are based on the group’s leadership position in a range of insurance lines in both commercial and personal segments of the property/casualty industry. In addition, the group enjoys very strong brand-name recognition and secure capital strength.

S&P’s said it plans a full review of the charges as well as the “underlying performance of its business lines, and reinsurance related to asbestos.”