Chubb Agrees to Sell Personal Lines Insurance Brokerage to Hub International
August 01 2005 - 9:03AM
PR Newswire (US)
Chubb Agrees to Sell Personal Lines Insurance Brokerage to Hub
International WARREN, N.J., Aug. 1 /PRNewswire-FirstCall/ -- The
Chubb Corporation (NYSE:CB) announced today that it has entered
into an agreement to sell Personal Lines Insurance Brokerage, Inc.
(PLI) to Hub International Limited (NYSE:HBG). The transaction is
expected to close within 60 days, subject to customary closing
conditions. Terms of the transaction were not announced. The sale
of PLI will have no material impact on Chubb's financial results.
PLI's 2004 revenue (unaudited) was approximately $27 million. PLI,
one of the nation's leading personal lines insurance brokers,
focuses on high net worth clients. It is licensed to do business in
the 50 states. The member insurers of the Chubb Group of Insurance
Companies provide property and casualty insurance for personal and
commercial customers worldwide through approximately 8,000
independent agents and brokers. For further information contact:
Investors: Glenn A. Montgomery 908-903-2365 Media: Mark E.
Greenberg 908-903-2682 FORWARD-LOOKING INFORMATION Certain
statements in this release, and certain oral statements made by
management from time to time, are "forward-looking statements" as
that term is defined in the Private Securities Litigation Reform
Act of 1995 (PSLRA). These forward-looking statements are made
pursuant to the safe harbor provisions of the PSLRA and include
estimates and assumptions related to economic, competitive,
regulatory, judicial, legislative and other developments. These
include statements relating to trends in, or representing
management's beliefs about, our future strategies, operations and
financial results, as well as other statements that include words
such as "anticipate," "believe," "estimate," "expect," "intend,"
"may," "plan," "should," "will," or other similar expressions.
Forward-looking statements are made based upon management's current
expectations and beliefs concerning trends and future developments
and their potential effects on us. These statements are not
guarantees of future performance. Actual results may differ
materially from those suggested by forward-looking statements as a
result of risks and uncertainties, which include, among others,
those discussed or identified from time to time in our public
filings with the Securities and Exchange Commission and those
associated with: * the availability of primary and reinsurance
coverage, including the implications relating to terrorism
legislation and regulation; * global political conditions and the
occurrence of terrorist attacks, including any nuclear, biological,
chemical or radiological events; * the effects of the outbreak or
escalation of war or hostilities; * premium pricing and
profitability or growth estimates overall or by lines of business
or geographic area, and related expectations with respect to the
timing and terms of any required regulatory approvals; * adverse
changes in loss cost trends; * our ability to retain existing
business; * our expectations with respect to cash flow projections
and investment income and with respect to other income; * the
adequacy of loss reserves, including: -- our expectations relating
to reinsurance recoverables; -- the effects of proposed asbestos
liability legislation, including the impact of claims patterns
arising from the possibility of legislation and those that may
arise if legislation is not passed; -- our estimates relating to
ultimate asbestos liabilities; -- the impact from the bankruptcy
protection sought by various asbestos producers and other related
businesses; -- the willingness of parties, including us, to settle
disputes; -- developments in judicial decisions or regulatory or
legislative actions relating to coverage and liability for
asbestos, toxic waste and mold claims; -- development of new
theories of liability; * the impact of economic factors on
companies on whose behalf we have issued surety bonds, and in
particular, on those companies that have filed for bankruptcy or
otherwise experienced deterioration in creditworthiness; * the
effects of disclosures by, and investigations of, public companies
relating to possible accounting irregularities, practices in the
financial services industry and other corporate governance issues,
including: -- the effects on the capital markets and the markets
for directors and officers and errors and omissions insurance; --
claims and litigation arising out of actual or alleged accounting
or other corporate malfeasance by other companies; -- claims and
litigation arising out of practices in the financial services
industry. -- legislative or regulatory proposals or changes,
including the changes in law and regulation implemented under the
Sarbanes-Oxley Act of 2002; * the effects of investigations into
market practices in the U.S. property and casualty insurance
industry and any legal or regulatory proceedings arising therefrom;
* the occurrence of significant weather-related or other natural or
human- made disasters, particularly in locations where we have
concentrations of risk; * any downgrade in our claims-paying,
financial strength or other credit ratings; * the ability of our
subsidiaries to pay us dividends; * general economic conditions
including: -- changes in interest rates, market credit spreads and
the performance of the financial markets, generally and as they
relate to credit risks assumed by our Chubb Financial Solutions
unit in particular; -- the effects of inflation; -- changes in
domestic and foreign laws, regulations and taxes; -- changes in
competition and pricing environments; -- regional or general
changes in asset valuations; -- the inability to reinsure certain
risks economically; -- changes in the litigation environment; --
general market conditions; and * our ability to implement
management's strategic plans and initiatives. Chubb assumes no
obligation to update any forward-looking information set forth in
this document, which speak as of the date hereof. DATASOURCE: Chubb
Corporation CONTACT: Investors, Glenn A. Montgomery,
+1-908-903-2365, or Media, Mark E. Greenberg, +1-908-903-2682, both
of Chubb Corporation Web site: http://www.chubb.com/
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