Chubb (NYSE: CB) is the world’s largest publicly traded property and casualty insurer. The company started in 1882 when Thomas Caldecot Chubb and his son Percy started a marine underwriting business in New York City. They collected $1,000 from 100 prominent merchants and focused on insuring ships and their cargoes. The Chubb Corporation was incorporated in 1967 and was listed on the New York Stock Exchange in 1984.
With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. They maintain executive offices in Zurich, New York, London and other locations, and employ approximately 31,000 people worldwide. They have approximately $160 billion in assets and $35 billion of gross premiums written in 2016. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Evan Greenberg, President and CEO of Chubb, walked away from a chance to run one of the world’s biggest insurance companies (his father, Maurice R. Greenberg, was the head of the American International Group) to start his own venture which ultimately led him to his current position. He reports that his father has been ”very supportive and positive and at the end of the day,” Mr. Greenberg said, ”He’s my dad, and I’m his son.”
Chubb’s Chicago office started an employee satisfaction initiative called “Be the Change.” The name plays on Mahatma Gandhi’s famous quote, “Be the change you want to see in the world,” and the goal is to empower employees to make positive changes themselves.One result that grew from the initiative was a Web portal called ChubbBook, a riff on Facebook. Employees use it to close gaps among the 400-person staff and learn who might be specialists in certain areas.Another idea from that initiative was an internal blog in which employees share ideas on improving the business and increasing customer satisfaction and hash out issues. These programs increase employee satisfaction and improve the bottom line.
Chubb supports communities around the world as well as the communities where their employees live and work. They do this through volunteerism, grants, sponsorships, matching gifts and scholarship programs. The company’s foundations made grants and matching gifts of nearly $7.0 million in 2016 to support initiatives around the globe.Chubb contributes to any non-profit group that receives at least 40 volunteered hours annually by a Chubb employee. The company matches its charitable contributions made by employees in the U.S. and Bermuda.Fundraising campaigns are conducted to raise money to provide assistance and match employees’ donations in support of relief efforts in global disasters.
The Chubb Charitable Foundations primary focuses support in the areas of education, poverty and health, and the environment. In 2015, 130 scholarships were given to the children of Chubb employees to attend college at institutions all over the world.As a result of Chubb helping to build a primary school in Thanh Hoa Province of Vietnam, 200 students living in rural Vietnam now have a well-built, safe school that can also provide safe shelter for residents in the event of a flood.Past funding has also supported the Shoah Foundation’s Witness for Humanity Rwanda genocide testimony and education project, supporting the videotaping of interviews with survivors of the 1994 genocide in Rwanda.
They have supported the Trust Group Loan program in Colombia; providing opportunities to impoverished Colombian entrepreneurs to improve their business earnings and quality of life. The International Rescue Committee’s Jobs to Careers program in the United States provides support and training to refugees who are moving from entry level jobs to long-term careers on a path to transition out of poverty and into financial security.
Chubb has been a pioneer in developing advanced environmental insurance solutions, like “green building” consulting services and a property policy that enables greener rebuilding after a loss.Grants from Chubb’s charitable foundations have helped preserve sensitive lands and habitats across the U.S. and around the world, finance “green” business entrepreneurs, and support educational programs that promote a healthy and sustainable environment.Through the Conservation Fund’s Chubb Land Legacy and ShadeFund program, Chubb has provided $1 million in funding since 2006 for the conservation of more than 342,000 acres of critical lands and water resources in the U.S.Chubb’s annual Environmental Report outlines the full scope of the company’s environmental program and initiatives. The report addresses many issues including climate change, reducing GHG emissions in their operations and corporate philanthropy focusing on the environment.
While Chubb is defined by its extensive product and service offerings and exceptional business strength, they also should be recognized for their integrity, fairness and caring that factor into their everyday business practices. Chubb is a firm believer that positive contributions to the fabric of our communities return long-lasting benefits to society, their employees and their company. For these reasons, we are pleased to recognize Chubb, Ltd as a Shining Light Company!
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