Annual Report 2005 - Chubb Group of Insurance Companies

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The Chubb Corporation Directors Zoë Baird President The Markle Foundation John D. Finnegan Chairman, President and Chief Executive Officer The Chubb Corporation Lawrence M. Small Secretary Smithsonian Institution Sheila P. Burke Deputy Secretary and Chief Operating Officer Smithsonian Institution Dr. Klaus J. Mangold Executive Advisor to the Chairman DaimlerChrysler AG Daniel E. Somers Vice Chairman Blaylock and Partners LP James I. Cash, Jr. Retired Professor Harvard Business School Sir David G. Scholey, CBE Senior Advisor UBS Investment Bank Karen Hastie Williams Retired Partner Crowell & Moring LLP Joel J. Cohen Lead Director The Chubb Corporation Chairman and Co-Chief Executive Officer Sagent Advisors Inc. Raymond G.H. Seitz Former Vice Chairman Lehman Bros. International (Europe) Alfred W. Zollar General Manager Tivoli Software Group IBM Corporation James M. Cornelius Chairman Guidant Corporation All of the above directors are also directors of Federal Insurance Company. Officers Chairman, President and Chief Executive Officer John D. Finnegan Lead Director Joel J. Cohen Vice Chairman and Chief Operating Officer Thomas F. Motamed Vice Chairman and Chief Administrative Officer John J. Degnan Vice Chairman and Chief Financial Officer Michael O’Reilly Executive Vice Presidents Ned I. Gerstman Marjorie D. Raines Senior Vice Presidents Daniel J. Conway Frederick W. Gaertner Paul R. Geyer Mark E. Greenberg Andrew A. McElwee, Jr. Glenn A. Montgomery Henry B. Schram Robert M. Witkoff Senior Vice President and Counsel Michael J. O’Neill, Jr. Vice Presidents Stephen A. Fuller Marc R. Hachey Marylu Korkuch Robert A. Marzocchi Jenifer L. Rinehart Thomas J. Swartz, III Steven M. Versaggi Vice President, Corporate Counsel and Secretary W. Andrew Macan Vice President and Treasurer Douglas A. Nordstrom Executive Vice President and General Counsel Maureen A. Brundage 24
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ≤ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File No. 1-8661 The Chubb Corporation (Exact name of registrant as speciÑed in its charter) New Jersey 13-2595722 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer IdentiÑcation No.) 15 Mountain View Road, P.O. Box 1615 Warren, New Jersey 07061-1615 (Address of principal executive oÇces) (Zip Code) (908) 903-2000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Title of each class) (Name of each exchange on which registered) Common Stock, par value $1 per share New York Stock Exchange Series B Participating Cumulative New York Stock Exchange Preferred Stock Purchase Rights Common Stock Purchase Contracts 1 New York Stock Exchange 2.25% Senior Notes due 2008 1 New York Stock Exchange 1 OÅered together in the form of 7% Equity Units. Securities registered pursuant to Section 12(g) of the Act: None (Title of class) Indicate by check mark if the registrant is a well-known seasoned issuer, as deÑned in Rule 405 of the Securities Act. Yes ®„© No ® © Indicate by check mark if the registrant is not required to Ñle reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ® © No ®„© Indicate by check mark whether the registrant (1) has Ñled all reports required to be Ñled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to Ñle such reports), and (2) has been subject to such Ñling requirements for the past 90 days. Yes ®„© No ® © Indicate by check mark if disclosure of delinquent Ñlers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in deÑnitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ® © Indicate by check mark whether the registrant is a large accelerated Ñler, an accelerated Ñler, or a non-accelerated Ñler. See deÑnition of ""accelerated Ñler and large accelerated Ñler'' in Rule 12b-2 of the Exchange Act. Large accelerated Ñler ®„© Accelerated Ñler ® © Non-accelerated Ñler ® © Indicate by check mark whether the registrant is a shell company (as deÑned in Rule 12b-2 of the Exchange Act). Yes ® © No ®„© The aggregate market value of common stock held by non-aÇliates of the registrant was $16,942,712,627 as of June 30, 2005, computed on the basis of the closing sale price of the common stock on that date. 207,408,188 Number of shares of common stock outstanding as of February 28, 2006 Documents Incorporated by Reference Portions of the deÑnitive Proxy Statement for the 2006 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K.
Page 1 and 2: THE CHUBB CORPORATION Annual Report
Page 3 and 4: Letter to Shareholders John D. Finn
Page 5 and 6: Letter to Shareholders John J. Degn
Page 7 and 8: Letter to Shareholders With the imp
Page 9 and 10: Letter to Shareholders • In Janua
Page 11 and 12: Featured in this year’s report ar
Page 13 and 14: California From the moment they dec
Page 15: Pennsylvania Among acoustic guitari
Page 18 and 19: Canada Ellen Moore, Canada Aglobal
Page 20 and 21: Nebraska Timothy Szerlong, U.S. Nor
Page 22 and 23: Employee Profiles Meet six Chubb ma
Page 24 and 25: Chubb & Son, a division of Federal
Page 28 and 29: CONTENTS ITEM DESCRIPTION PAGE PART
Page 30 and 31: Indemnity), Executive Risk Specialt
Page 32 and 33: those reinsurers with strong balanc
Page 34 and 35: ANALYSIS OF LOSS AND LOSS ADJUSTMEN
Page 36 and 37: that is of value to the insured. Th
Page 38 and 39: Another area of potential regulatio
Page 40 and 41: However, there are inherent limitat
Page 42 and 43: Intense competition for our product
Page 44 and 45: Purported class actions arising out
Page 46 and 47: PART II. Item 5. Market for the Reg
Page 48 and 49: Item 7. Management's Discussion and
Page 50 and 51: ‚the eÅects of disclosures by, a
Page 52 and 53: PROPERTY AND CASUALTY INSURANCE A s
Page 54 and 55: Net premiums written by business un
Page 56 and 57: loss ratio. Losses from catastrophe
Page 58 and 59: premiums, multiple peril premiums w
Page 60 and 61: Our specialty insurance business pr
Page 62 and 63: District of New York. We are cooper
Page 64 and 65: Our loss reserves include signiÑca
Page 66 and 67: We regularly review the loss reserv
Page 68 and 69: theory, insurance coverage is deeme
Page 70 and 71: The following table presents the nu
Page 72 and 73: alance sheets and superior underwri
Page 74 and 75: On an after-tax basis, property and
Page 76 and 77:
CORPORATE AND OTHER Corporate and o
Page 78 and 79:
The writedowns of Ñxed maturities
Page 80 and 81:
Ratings Chubb and its insurance sub
Page 82 and 83:
The above table also excludes estim
Page 84 and 85:
At December 31, 2004 Total Estimate
Page 86 and 87:
Item 8. Consolidated Financial Stat
Page 88 and 89:
PART III. Item 10. Directors and Ex
Page 90 and 91:
SIGNATURES Pursuant to the requirem
Page 92 and 93:
THE CHUBB CORPORATION INDEX TO FINA
Page 94 and 95:
THE CHUBB CORPORATION Consolidated
Page 96 and 97:
THE CHUBB CORPORATION Consolidated
Page 98 and 99:
NOTES TO CONSOLIDATED FINANCIAL STA
Page 100 and 101:
In 2005, the Corporation transferre
Page 102 and 103:
(b) The components of unrealized ap
Page 104 and 105:
(7) Unpaid Losses and Loss Expenses
Page 106 and 107:
In establishing toxic waste reserve
Page 108 and 109:
(b) Interest costs of $134.8 millio
Page 110 and 111:
(11) Stock-Based Employee Compensat
Page 112 and 113:
The following table sets forth the
Page 114 and 115:
(13) Commitments and Contingent Lia
Page 116 and 117:
Revenues, income before income tax
Page 118 and 119:
(17) Fair Values of Financial Instr
Page 120 and 121:
In the event that any person or gro
Page 122 and 123:
THE CHUBB CORPORATION Schedule I CO
Page 124 and 125:
THE CHUBB CORPORATION Schedule II (
Page 126 and 127:
THE CHUBB CORPORATION Schedule III
Page 128 and 129:
Exhibit Number THE CHUBB CORPORATIO
Page 130 and 131:
Exhibit Number Description 10.18 Am
Page 132 and 133:
Exhibit Number Description 10.44 Fo
Page 134 and 135:
Exhibit 23.1 THE CHUBB CORPORATION
Page 136 and 137:
Exhibit 31.2 I, Michael O'Reilly, c
Page 138 and 139:
Exhibit 32.2 CERTIFICATION OF PERIO
Page 140:
The Chubb Corporation • Annual Re
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Annual Report 2005 - Chubb Group of Insurance Companies

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