Chubb CEO John Finnegan Announces Management Changes to Follow COO John Degnan's Retirement on December 31

WARREN, N.J., Oct. 21 /PRNewswire-FirstCall/ -- In anticipation of the previously announced retirement of Chief Operating Officer John J. Degnan on December 31, 2010, John D. Finnegan, Chairman, President and Chief Executive Officer of The Chubb Corporation (NYSE: CB), today announced the following management appointments, effective January 1, 2011:

• Paul J. Krump, currently Executive Vice President and Chief Underwriting Officer, will become President of Commercial and Specialty Lines.  He will also assume direct responsibility for the Accident business.  Krump will report to Finnegan.

• Dino E. Robusto, currently Executive Vice President and Chief Administrative Officer, will become President of Personal Lines and Claims.  He will also continue to oversee Information Technologies, Communications, Corporate Development and Innovation.  He, too, will report to Finnegan.

• Harold L. Morrison, Executive Vice President and Chief Global Field Officer, will continue in that role and assume the additional title of Chief Administrative Officer, in which capacity he will supervise Human Resources and Administrative Services.  Morrison will report to Krump and Robusto.

Krump, Robusto and Morrison will serve on the company's Executive Committee together with Finnegan and Richard G. Spiro, Executive Vice President and Chief Financial Officer.

Finnegan also announced that he had asked Degnan to continue his association with Chubb in a part-time consulting role as Senior Advisor to the Chairman.  Although all of the details have not yet been finalized, it is expected that Degnan will provide counsel for a period of two years on matters related to special-situation claims and representation before government and industry groups.  

"John Degnan has had a distinguished and eminently successful 20-year career at Chubb culminating in outstanding performance as COO," said Finnegan.  "I am delighted that we will continue to benefit from his special expertise in these areas.

"At the same time," said Finnegan, "we are fortunate to have such an able cadre of next-generation seasoned leaders who have demonstrated their readiness to step in and assume these top leadership posts within Chubb."

Degnan, 66, served as Attorney General of New Jersey under Governor Brendan T. Byrne.  He joined Chubb in 1990 as Senior Vice President and General Counsel and was named President in 1996.  He became Vice Chairman and Chief Administrative Officer in 2002 and Vice Chairman and Chief Operating Officer in 2008.

Krump, 50, began his career in 1982 as a Chubb underwriting trainee in Minneapolis.  He has held underwriting and management positions in several U.S. cities and Europe, and was named Chief Operating Officer of Chubb Commercial Insurance in 2000. In 2008 he became Chief Underwriting Officer, overseeing all three Chubb business units.  

Robusto, 52, joined Chubb in 1986 as an underwriter in the Montreal office.  He has led Chubb's Multinational Risk Group and held other domestic and international underwriting and field management positions.  In 2006 he became head of Chubb's global Claims operations and in 2008 was promoted to Chief Administrative Officer.

Morrison, 53, who joined Chubb in 1984 as an operations supervisor, has held a number of management positions in operations, underwriting and field management.  In 2004, he became U.S. Field Operations Officer, and in 2008, he was named Chief Global Field Officer, overseeing Chubb's field organization in 120 offices in 28 countries.

About Chubb

Founded in 1882, the Chubb Group of Insurance Companies provides property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers.  Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

SOURCE Chubb Corporation