The need for insurance for ships and cargo prompted Thomas Caldecot Chubb and his son to establish Chubb Insurance in 1882, in New York City. They started collecting $1,000 investments from 100 interested merchants operating around the area and the rest is history. In the 1900's, Chubb successfully delivered its ability to manage high risk insurance policies, became successful in the industry, and eventually rewarded the original investors with substantial amounts in return.
Over the past 100 years of operation, Chubb did not become an instant sensation like what other insurance companies have accomplished for short periods of time. However, they were quick to point out that size is not their main goal. Instead, they focus on quality service. Fairness, quality, and integrity are the key principles that Chubb Insurance has been enduring ever since its founding date.
It was in 1967 when Chubb became a corporation and was publicly traded in the New York Stock Exchange beginning of 1984. Presently, Chubb is one of the top 11 publicly traded insurers in the United States. It also receives numerous praises and is rated A++ by A.M. Best, a prestigious financial stability rating available today, has and held it for more than 50 years already.
Currently, Chubb is operating in 28 countries around the globe and employing more than 12,000 committed employees. In United States alone, Chubb institutes more than 120 offices in different states and is carried by over 9,000 freelance agents and brokers around the world.
As of 2007, Chubb Corporations' total assets are well over $50 billion and its revenues totaling up to $14 billion. Fortune magazine, a well known publisher that rates companies according to revenues, ranks them as the 176th largest corporation in the United States. Chubb also receives a distinguished mark of being one of the Most Admired Companies, according to Forbes.
While Chubb continues to expand its insurance coverage to commercial and industrial levels, they never abandoned their original goal and that is to provide insurance in the maritime industry. Being exposed to excessive risks already, Chubb has developed its own way towards risk management and has eventually become collectors of insurance provider, covering collectors of all types from Auto to Wine Connoisseurs.