Chubb Not For Sale, Says CEO

Shares in Chubb Corp soared to a 52-week high Thursday on rumors that Citigroup and Berkshire Hathaway are interested in buying the company.

Chubb Chief Executive Dean O’Hare laid those rumors to rest, insisting the company is not for sale. Chubb shares rose to a 52-week high of 77 on the New York Stock Exchange after the company reported better than expected second quarter profits.

“The share price rise is totally attributable to the fact that Wall Street is becoming convinced that the turn in the underwriting cycle in standard commercial lines has occurred,” O’Hare reportedly told Reuters news service.

Reuters reported that O’Hare said “no” when asked if Chubb was for sale. He also refused to discuss with the news service whether Chubb would be willing to enter talks if an offer was made for the company.