Chubb Announces New MarineCapabilities.

ATLANTA--(BUSINESS WIRE)--Nov. 18, 1997--The member insurers of the Chubb Group of Insurance Companies announced today that they are launching a new ocean marine liability product.

Effective immediately, the product will be available in the southeastern United States. The product

will then be rolled out by region to the rest of the country during 1998. At the same time, the company disclosed a new approach to distributing its ocean, inland and marine liability products in the Southeast region of the U.S through AXIOM Insurance Management, a new marine specialty underwriting facility recently appointed and contracted by Chubb.

Through AXIOM, Chubb will offer its new ocean marine liability product to maritime operations such as ship repairers, stevedores, terminal operators, marina operators, wharfingers and charterers on either a primary or excess basis. The product line is designed not only to help protect against the marine liabilities for these classes but also to provide insurance for non-marine liability exposures, including premises and products/completed operations liabilities and other commercial general liability exposures. In addition, Chubb will offer a bumbershoot liability product, useful as a broad form excess policy, much like a commercial umbrella but specifically designed for maritime operations. Limits up to $20,000,000 are available.

"Chubb, already one of the largest U.S. cargo insurers, feels it is important to add marine liabilities to our product portfolio. Many U.S. customers have had to obtain this type of insurance in the London market or from a limited domestic market. As we enter this market, we are interested in providing them with a broad policy form, local loss prevention and claim service," said Jim Darling, worldwide marine manager and a vice president of Chubb & Son Inc. "Our ability to offer and distribute this product will be greatly enhanced by our new relationship with Axiom."

Initially, AXIOM Insurance Management will distribute Chubb's new marine liability product and select lines of commercial inland marine business to independent agents and brokers in the southeastern United States. AXIOM will underwrite and produce this business on behalf of Chubb. Other agents appointed by Chubb will benefit from AXIOM's underwriting expertise and its focus on servicing specialty lines of marine business.

"We believe that our specialty expertise will be of significant and increasing value as some carriers attempt to reduce costs by foregoing specialization in this market," said Alison Simmons, president of AXIOM Insurance Management. "Our niche approach will be a valuable service to Chubb and its independent agents as they capitalize on new avenues of production and underwriting management."

"This is a true collaborative effort," said Darling. "Chubb brings AXIOM quality paper, and systems, claims and loss control expertise as well as broad coverage contracts. AXIOM brings Chubb underwriting expertise in the new product line of marine liabilities, along with cost efficient production of new business."

AXIOM Insurance Management was founded this year by Simmons, formerly an inland and ocean marine underwriter with Navigators Insurance Company, and Melodee Harvey, a marine reinsurance underwriter most recently with Swiss Reinsurance. Joining AXIOM in early November were Clark Travitz, formerly an ocean marine specialist for St. Paul Fire & Marine, and David Smith, formerly an inland marine specialist with Wm. H. McGee. The principals have substantial marine underwriting and servicing experience.

Chubb entered the insurance business as a marine insurer in 1882. It offers a wide portfolio of marine products worldwide. Member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 5,000 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

CONTACT: Chubb & Son Inc.

Donna Lovre, 908/903-2107

or

Gilbert Whitney & Johns

Mark Schussel, 973/386-1776, ext. 249