The Chubb Corporation

About ChubbIn 1882 Thomas Caldecot Chuhb and his son Percy

opened marine nnderwriting business in theseaport district of

New YorkCity The Chubhs were adept at turning risk transfer

into business success often by helping policyholders prevent

losses before they occurred Chubh also established strong

relationships with the insuranceagents

and brokers who placed

their clients business with Chubb underwriters

Never compromise integrity Chubb slogan captures the spirit of our

company Each of our 10400 employees in North America South America Europe

Asia and Australia works toward the goal of satisfying customers by bringing

professional excellence and fairness to each transaction

Today Chubb stands among the largest property and casualty insurers in the

world The principles of financial strength proficient underwriting conservative

investment and excellent service executed by our market-leading employees have

been the mainstays of our organization for 126 years

On the CoverSunrise at The Nature Conservancys Blowing Rocks Preserve

Jupiter Island Florida

Featured on our cover this year is The Nature Conservancy Chubb customer

since 1982 Ray Culter Vice President and Director of Business Operations for

the Conservancy is shown at Blowing Rocks Preserve in Jupiter Island Florida

barrier islandsanctuary that shields variety of natural habitats including

beach dune coastal strand and mangrove wetlands It is one of the many ecologically

important sites in 33 countries protected by the Conservancy global conservation

organization whose one million members are dedicated to the preservation of plants

animals and natural communities

The Conservancy has relied on Chubb to understand the risks associated

with its conservation activity and to help the organization develop loss mitigation

programs that respond to those risks The Nature Conservancy is in the business

of protecting the natural systems that sustain life on Earth says Cultet The

Conservancy focuses on tangible lasting on-the-ground conservation results Chubbhas provided important risk management services to help our organization advance

its charitable mission

Note

Some of the statements in this review may be consideredforward-looking

statements as defined in the Private Securities Litigation ReformAct of

1995 PSLRA These forward-looking statements are made pursuant to the safe harbor

provisions of the PSLRA and include statements regarding the impact of the economic

downturn on insuranceexposures

and our investment portfolio our exposure to claims

arising out of the crisis in financial markets the impact of currency fluctuations the

property and casualty insurance market environment rates pricing and new business

opportunities and our ability to succeed in variety of market conditions Such

statements speak only as of the date of the review and are not guarantees of future

performance Various risks and uncertainties may cause actual results to differ

materially These risks and uncertainties include those discussed in the filings we

make with the Securities and Exchange Commission We assume no obligation to

update such forward-looking statements

This review discusses operating income which is non-GAAP financial

measure as defined by the Securities and Exchange Commission For additional

information regarding this non-GAAP financial measure please refer to the inside

back cover of this review

aiii happ\ to ehiort Chiiihh effeeti el\ iia\ igated the inot

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Chubb has always believed

in the need to earn an

underwriting profit rather

than rely on returns on our

investment portfolio to

cover underwriting losses

Accordingly we insure niche

segments that we know and

we cannot get the right

price for the risk we have been

asked to assume we will not

write the business

100%

98%

96%

94%

92%

90%

88%

86%

84%

82%

Combined Loss

Expense Ratio

Percentage of premium dollars

spent on claims and expenses

adhered to set of operating principles that have stood the test of time

underwrite with discipline invest conservatively maintain financial

strength and motivate employees to perform at the highest possible level

Underwriting Discipline

Chubb has always believed in the need to earn an underwriting profit

rather than rely on returns on our investment portfolio to cover under

writing losses Accordingly we insure niche segments that we know and

if we cannot getthe right price for the risk we have been asked to assume

we will not write the business This discipline not only served us well in

2008 but also has allowed us to perform consistently well in the face of

soft market realities Over the past four years intense competition and

excess insurer capital have caused rates for many commercial and

specialty lines to decline resulting in lower premiums and shrinking

margins as claim costs have continued to escalate This was compounded

in 2008 by the worldwide recessionary decline in economic activity

payrolls and property values which put further downward pressure on

both insurable exposures and rates as competitors scrambled to retain

their accounts and win slice of the smaller pie of available new business

Although 2008 underwriting income pre-tax decreased to

$1.4 billion due to the cumulative effect of four yearsof declining rates

and heavy catastrophe losses in 2008 it was the third-best underwriting

profit in our history Net written premiums in 2008 decreased only 1% to

$11.8 billion Our combined loss and expense ratio in 2008 was 88.7%

compared to 82.9% in 2007 Catastrophe losses including those

attributable to Hurricane Ike accounted for 5.1 percentage points of

the combined ratio in 2008 In 2007 catastrophe losses accounted for

3.0 points Excluding the impact of catastrophes the combined ratio was

83.6% in 2008 and 79.9% in 2007 We succeeded in keeping our expense

ratio essentially flat 30.2% in 2008 and 30.1% in 2007

Moreover each of Chubbs business units achieved substantial

underwriting profit Chubb Personal Insurance CPI net written premiums

grew 3% to $3.8 billion and the combined ratio was 87.1% including

5.4 percentage points of catastrophes CPI includes insurance for homes

98.0%

82.9%

2003 2004 2005 2006 2007 2008

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unparalleled claim service

superior coverages and

seamless global reach

Perhaps more than ever

we are also dfferentiated

by ourfinancial strength

investment portfolio we enjoy excellent ratings from all the major rating

agencies We are in the business of assuming risk but we do so prudently

It was this conservative mindset that guided our fortunate decision in early

2003 to exit the credit default swap business An insurance policy is

promise to pay and we take our promises seriously which is why we

guard our financial strength so zealously

We anticipate that some policyholders who are concerned about

their insurance carriers financial strength will switch to Chubb even if

the price of being insured by carrier with solid balance sheet might

be higher rate This should be particularly evident in the high-net-worth

homeowners market as well as the credit-sensitive excess casualty profes

sional liability and commercial real estate markets People want to know

that their insurer will be around to pay their claim

Quality Workforee

Chubbs people already the best in the industry are energized by

our standout performance in 2008 and determined to propel us to new

heights In addition to completing number of successful projects aimed

at reducing costs our people participated in an innovation initiative

designed to generate new ideas for premium growth aud service

enhancements The response from Chubb locations worldwide exceeded

$60.00

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Book Value and Market Value per Share

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$38.13

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2002 200 2001 2005 2006 2007 20eeeninr .1

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Chuhb Executive Vice Presidents

are pictured below fom left

Paul Krump Chief Underwriting

Officer Dino Rohusto Chief

Administrative Officer Harold

Morrison Jr Chief Global Field Officer

Richard Spiro Chief Financial Officer

Marjorie Raines Go-Chief Investment

Officer Ned Gerstman Co-Chief

Investment Officer Robert Cox Chief

Operating Officer Chuhh Specialty

Insurance Janice Tom linson

International Field Operations Manager

Andrew McEiwee Jr Chief Operating

Officer Chubb Personal Insurance

Vlaureen Brundage General Counsel

Sunita Hoizer Worldwide Human

Resources Ojficer James Knight

Global Chief Information Office

Outperforming the Market

We are grateful that our shareholders were spared the severe decline

in market values that befell so much of our industry and the overall stock

market We are never happy to report negative shareholder returns and

Chubbs total shareholder return for the year including stock price

fluctuation and reinvested dividends was negative 4% However in

2008 we far outperformed the Standard Poors Property Casualty

Insurance Index which returned negative 29% and the SP 500 Index

which was down staggering 37%

Outlook for 2009

Since the beginning of 2009 the recession has deepened and this

will adversely affect insurable exposures The market values of virtually

all asset classes have continued their decline and this will put pressure

on our investments Moreover the strengthening of the U.S dollar will

have the effect of reducing net written premium growth since more than

20% of our premiums are written outside the U.S

With repect to claims from the current crisis in financial markets

we are reserving prudently for our own anticipated losses from such

in 2008 weflir outperformed

the 5tandard Poors

Property Casualty

insurance Index and the

SP 500 index

Our capital position strong

credit ratings reputation

for claim service and focus

on niche markets should

enable us to leverage our

demonstrated underwriting

talent to generate solid

returns even in an uncertain

market

claims which we expect will he mitigated by our underwriting initiatives in

recent years including the move to reduce limits and to decrease our

exposure to large financial institutions and mortgage brokers

number of other developments give us good cause for optimism

We have begun to see flow of new business opportunities arising from

the weakened financial condition of some of our competitors

The industrys shrunken capital from investment losses should be

catalyst for rate improvements

Heavy catastrophe losses in 2008 should push up prices for both

commercial and residential property coverage in catastrophe-prone

areas

The industrys losses from claims related to the crisis in the financial

markets have already driven up rates for professional liability insurance

and should spread to other lines as well

The smaller rate declines that we saw in the fourthquarter

of 2008

might be an indication that the soft market is ending

Although the extent to which these trends will impact earnings in the

near term is uncertain we are confident that our peoples expertise guided

by our core values will enable us to succeed in variety of economic

conditions Our capital position strongcredit ratings reputation for claim

service and focus on niche markets should enable us to leverage our

demonstrated underwriting talent to generate solid returns even in an

uncertain market

would like to thank all of our employees for job well done in

2008 and extend my thanks as well to our customers agents brokers and

shareholders for your encouragement and support

John Finnegan

Chairman President and Chief Executive Officer

February 26 2009

The Chuhb Corporation

Officers

Chairman President and Vire Chairman and Execntive Vice President and Clenn Montgomery l7ice Presidents Vice President Cnrpornte

Chief Execntiee Officer Chief Operating OfficerGeneral Coamel Steven Vcrssggi Stephen Fnller Cnamel and

Secretarj

John Finnegan Jnhn Degnan Manrecn Brandage Robert Witknff Thnmas Canter Anrlrew Macan

Marc Hachey

lAnd Director Execntice Fire President Seninr Vice Presidents Senior Vice President and Snnita Holzer Vice President and Treasarer

Jnel Cohen Ned Cerstinan Daniel Conway ChiefAcconnting Officer Maryln Knrkuch Dan glas Nnrd at rain

Frederick Caertner John Kennedy Thnmas Swartz III

Execntire Vice President and PanI Ceyer Thnmas Walsh Jr

Chief Financial Officer Mark Creenberg

Richard Spiro Andrew McFhece Jo

Chubb Son division of Federal Insurance Company

Officers

Chairman and Mark Dngle Evan Rnsenberg Ceorge Allport Rnbert Fllis Jr Cille Kneh

Chief Execatice Officer Alexis Dnrean Jr Jntlith Sammaren Angela Alper Victoria Espnsits Jose ph Knrknch

John Finnegan Maiy Elliott Eric Schall Mary Aqninn Deat her Fvans Dicter Korte

Timothy Ellis Timothy Shannahan Michael Arcori Craig Farina Kathleen Konfacss

President and Kathleen Ellis Richard Simon RonaldArigo Timothy Fan Joseph Kozlowski

Chief Operating Officer Michele Finchcr Michael Slor Brendan Arnott Thomas Fazio Edgar Kroeze

John Degnan Philip Fisens Kevin Smith Dorothy Badger Michael Feighan Ralph La Canna

Thomas Fitzpatrick Cail Soja Sybil Dalioe Drew Feldman Anne La Fontaine

Fxecntiee Vice President and Philip Folz Richard Soja Kirk Bailey Amy Feller Darbara Lan gione

Chief Undeneriting OfficerPaul Franklin Jorly Speeht Gre

gory Bangs Karen Fenerherm Tern Lathan

Pan1 Krump Anthony Cal ban Edward Spell Achiles Barbatsonlis JeffreyFischer Mary Leahy

Thomas Canter Scott Spencer David Barclay James Fiske James Lenz

Executive Vice President and James Cardner Kort Stemmler Frances Darf not Brian Flynn Kelly Lewis

Chief Global Field Officer John Gibson Jr Kenneth Stephens Cynthia Barkman Peter Flynn Frederick Lobdell

Rarold Morn son Jr Christopher Cies John Swords Richard Barnett Jill Francis Mark Locke

Baxter Craham Timothy SzerlongWilliam Barr Jc John Fooss Donna Lombardi

Executice Vice President ased Jeffrey Crange Joel Tealer David Banman Frederick Caertner Matthese Lnhin

Cliiefddministratire Officer

Rick Cray Clifton Thomas Arthur Beaver EileenCallagher

Richard Lnongo

Dino Rohusto Mark Creenherg Brace Thorne William Bell III Trevor Candy John Lnthringcr

Donna Griffin Kathleen Tierney Donna Belvedere Donald Carvey Jc Robert Lynch

Fxecntice Vice Presidents Charles Canter Joel Townsend Kerry Besnia Mark Catliff David Mack

Robert Cox Marc Hachey Cary Trust David Bissell Irene Caughan Michacl Man gini

Sunita Holzer James Hamilton Peter Tucker Stanley Bloom Patrick Cerrity Lcona Mantie

James Knight Lorraine Deinen WilliamTally Julie Dond Ned Cerstman Keith Marks

Andrew McElwee Jr Stevnn Dernandez William Tnrnbnll Jo Odette Bonvonloir Ralph Ciordano John Marques

Richard Spiro Jeffrey Hoffman Michele Twyman Daniel Bosold Karen Caddcn Patricia Martz

Janice Tomliuson Kecin Dogan Jefirey Updykc Dennis Bostedo Jr Christine Gomes Brian Mates

Kim Hogrefe Snsan Vella Jeffrey Brown Eugene Coodridge Eileen Mathesrs

Executive Vice President and Patricia Harley Peter Vogt II Jeff Brundrett Frank Coudsmit Richard Mank

General Coumel Gerald Ippolito Charles Walkonis John Dryer IIIPerry

Cranof Anthony McCnller

Manreen Brundage Mark James Susan Waltermire John Bnrkhart III CraigGrant Elizabeth McDaid

Dope Jarris Carole Weher James Dutchart Kevin Guinan Sandra Mc Daniel

Administratire Committee Doris Johason James West Sabine Cain Patricia Hall Preston McGowan

Brian Barnes Dettina Kelly Jemwmy N.R Winter Walter Cain Nancy Halpin-Birkner Penny MeGnire

Maureen Brnndage John Kennedy Ronald Cal avaito Robert Hamburger Moniqne McKeon

Richard Cinllo Caroline King Senior Vice President and Alan Carl son Noel Hannon Michelle McLaoghlin

Robert Cox Mark Knmgaard Chief Actanry James Carson Richaril Haran Edward MeLon ghlin Jr

John Degnan Eric Krantz Brian Barnes John Cavanangh Patricia Harris Neil McPherson

John Finnegan Ulli Krell LyriaCharles Peter Harrison Robert Mcola

Mark Greenberg Andrew- LaGravenese Senior Vice Presidents and Barnes Chatelain William Han son Allison Meta

Sunita Holzer James Lalor Actuaries Kenneth Chung Gary Heard Scott Meyers

John Kennedy Kathleen Langncr

Peter Bnrchett Thomas Clansen Michael Reembrock Ann Minzncr Conley

James Knight Paul Larson Linda Gnih Laura Clark Lynne Heidelbach Joseph Miskell

Paul Krnmp Kevin Leidwinger Robert Hopper Frank Claybrooks Randolph Hem Andrea Mollica

Andrew McElwee Jc Paul Lewis Adrienne Kane Arthur Cohen Raymond Hendrickson Gregory Monroe

Harold Morrison Robert Lip pertMichael McManns Richard Consoli Richarnl Hesselman Terry Montgomery

Dino Rohusto Beverly Luehs Keith SpaldingBrian Cottnne Frederick Hcssent baler Michael Mooney

Richard Spiro Amelia Lynch Monika Cox Steven Hill Paul Morrissette

Janice Tomlinson Michael Maloney Senior Vice President nnd Edwin Creter Debra Ann Hochron Richard Munson

Michael Marinaro Deputy General Counsel Raymond Cci sci Jo Pamela Hoffman Patrick Murphy

Senior Vice Presidents Kathl cnn Marvel Judith Heim WilliamCroscley

Edward Hosrard Gerald Myers

Derck Adams David Mc Keon Timothy Dadik Thomas Howland Jeffery Neighbors

James Altman Michelle Middleton Senior Vice Presidents and Christine Dart Joaquin Hoysms Rnth Nelson

Joel Aronchick Robert Midwood Associate General Coumels Michael Daugherty Anthony lovine Jennifer Newsom

WilliamArrighi Jeffrey Miller Matthew Campbell Mark Davis Robert lskols Catherine Nikoden

Gregory Barabas John Mizzi Kirk Raslowsky Janet Decostro Michael Jackson Daniel Nocera

Donald Barb Ellen Moore Linsla Walker David Dents Steven Jakuhmcski David Norris Jr

John Barrett Frank Morelli Carol DeFrance John Jeffrey Nancy ODonnell

Mark Berthiaume Dcc Nunley Senior Vice President nnd Judith Delarosa Colleen Jennings Stephen Oh

Jon Bidwell Frances OBrien Cnrerags Coumel Joseph Delucco Bradley John Thomas Olson

Peter Boccher Moses Ojeisekhoba Louis Nagy PhillipDemmel Latrell Johnson John OMara

Julia BolandKelly OLeary Susan DeVries Amelang Kenneth Jones John Osaben

James Bronner Michael OMaJley Semsior Vice Presidemzt and Joanne Diamond Lisa Jones Mark Paccionc

Timothy Buckley Michael Oppe Treasurer Debra Diken John Jnarez Jr Catherine Padabno

Gerard Butler Rolando Oramna Douglas Nordstrom James Dobson John Kaas Peter Pal ermo

John Casclla Daniel Pacicco Catherine Donahue Celine Kacmarek Michael Palumbn

Michael Casella Nancy Pate-Nelson Vice Presidents Brian Douglas Arvind Kapoor Christopher Parker

Michael Chang Jane Peterson James Ahercromhie Wendy Dowd Dennis Kearns Mary Parzych

Richard Cinllo Gary Pet rosino Jill Ahcrc Alfreml Drowne James Kchhekns Louise Patrcgnani

Gardner Cunningham Jr Steven Pozzi William Adams Keith Dun ford Robert Kelly Jonathan Pensa

Robert Dadd Edward Radziuski Michael Adkins Leslie Edsall Timothy Kelly Joanna Penon

David Dalton Barbara King Elizabeth AgninagaRichard Edsall Amy Kendall Audrey Petersen

James Daring Christoph Ritterson James Albertson Patricia EgglestonThomas Kemx

JeffreyPeterson

Gary Dclssng Eric Rivera Brenda Albian Timothy Fhrhart Elshetlm Kirkpatrick Irene Petillo

Kathleen Dnbia James Romanclli Nicky Alexander James Ekdahl Jeffrey Kneeshaw MichaelPhillips

I0

Chuhb Son division of Federal Insurance Company continued

Officers

Mary Beth Pittinger Anne Rocco Anthony Shine Edc Thompson Ryan Watson Vice President and Secretary

Kdsten Poplar Edward Rochford Donald Siegdst Jr Peter Thompson Gregory Wells Andrew Macan

Robert Price Thomas Roessel Jason Skrant John Tomaine Janece White

Ramona Pringle Jorge Rosas Patricia Smith Dionysia TsregasDavid Williams Vice Presidents and

ScottPringle June Rose Scott Smith Richard Towle Grenes Eugene Williams Actuaries

Jennifer Proce Victoria Rossetti Clarke Smith III Tracy Tucker Michael Williams Jason Abrams

James Proferes Jeffrey Ryan Richard Soleau Roy Tyson III Dwen Williams Joseph Freedman

William Pnleo Ruth Ryan Veronica Somarclba Richard IJghetta Suzanne Witt Scott Henek

David Pych Carolyn Salapa Victor Surdillu Paula lJmreiko Barbara Wittiek Rye-Soak Kang

Madin Qniek Barbara Sandelands Chdstine Staron Scott Usilton Bert WolIf Jr Kevin Kesby

RobertRafferty

Franklin Sanders Jr LloydStoik Louise Vallee Archyne Woodard Shu Lin

Richard Reed Melissa Scheffler Beth StrappLonise Van Dyck Gary Woodnng Kraig

Peterson

Richard Reed Robert Sebmid Dorit Strans Nivaldo Venturini Steven Vacik

Robert Reedy Michael Schraer Jaeqnelyn Strobel Bennett Verniero Jeffrey Yao Vice Presidents and

Walead Refai Robert Schnck Robert Stroup Tracey Vispoli Regina Vork Associate Counsels

Michael Reiches II Russell Sehuren Patdck Sullivan John Volanski Jack Zacharias Gail Arkin

James Rhyner Mark Schnssel Scott Teller Kevin Waldron Stephen Zappas James Gunson

Merrily Riesebeek Roma Sendat James Thieringer Christine Wartella Cynthia Zegel James Sharkey

Gary Rispoli Mary Sheddan Jonathan Thomas Walter Washington Velena Zeltser Wendy Taylor

Nicholas Rizzi Leigh Sherman Chades Thompson Maureen Waterbury Dominick Zenenla Robert Tnohy

Mark Robinson Kdstine Shields

Federal Insurance Company

Officers

Chairman President Chief Senior Vice President and Mark Lingafelter Stephen Dc Gmchy James Kems Kevin Stevens

Execatire Officer and Chief ChiefAdministrative

OfficerFrededck bE Lubdell Mado Delrosso Helen Knustas Len Takagi

Operating OfficerBino Rubusto Kevin OShiel Gregory Dodds Christopher Lees Jik Tay

John Degnan Gary Petrusino Jonathan Doherty Irene Liang Janice Tomlinson

Senior Vice President and Doreen Yip Matthew Duquile Amelia Lynch Steven Versaggi

Senior Vice President and General Cnumel Frederick Gaertner Dermot MeComiskey Kyle Williams

Chief Underwriting OfficerMaureen Bmndage Vice Presidents Shasi Gangadharan David Mc Keon Robert Witkoff

Paul Kmmp James Altman Thomas Ganter Glenn Montgomery Esther Wung

Senior Vice Presidents Paul Baldacchinn Ned Gerstman David Norris Jc Kiynshi Yamamutn

Senior Vice President and Brendon Allan Kemsley Brennan Paul Geyer Rolando Drama

Chief Global Field Officer Stephen Blasina Roger CR Brookhonse Andrew Goudey Steven Drd Vice President and Actuary

Harold Morrison Jr Stanley Bloom Michael Casella Baxter bE Graham Emma Osborne bE Bnan Bames

PanI Chapman Amy Chai Rick Gray Matthew Pasterfield

Senior Vice President and Michael Collins Stephen Ming Sum Chan Jason Howard JorgeRosas Vice President and Secretary

Chief Financial Officer Ian Conk Bay Ron Chin George X.Z Huang Francis Row bE Andrew Macan

Richard SpiroAndre Dallaire Richard Ciullo Karen Hnmphreys Andrew Russell

Christopher Giles William Clarkson John Kennedy Len Schmidt Vice President and Treasurer

Chdstopher Hamilton Ann Macce Conk Mab Swee Keong John Stahelos Bnuglas Nordstrom

Chubb Insurance Company of Canada

Officers

Chairman Senior Vice President Giovanni Damiano Vice Presidents Christina MeAvella Vice President and

Janice Tomlinson General Coamel and Patricia Ewen BarryBlackburn Robert Murray Actuary

SecretaryPani Morrlssette LeeAnn Boyd Michel Rousseau Philip Jellery

President and John Calms Andrew Steen Dale Chow Zorlca Todocovic

Chief Executive OfficerSusan Watts Panl Johnstone

Ellen Moore Senior Vice Presidents David Williams Gale Lewis Vice President and

lean Bertrand Mary Maloney Chief Financial Officer

Nicole Bronillard Jeffrey Marit Grant McEwen

Chubb Insurance Company of Enrope SE

Officers

President and Jalil Rebman Vice President General Fiona Cux Richard Lambert Feliciano Rule

Chief Executive Officer Fred ShurbajiCoumel and Secretary Bian Daftarl Neil Lee-Amies Vittorio Scala

ChristopherGiles Bernardus Van Dec Vossen Ranald Munro Guillaume Beal Philippe

Leostie Henrik Sehwiening

Paul Van Pelt Mack Edmondson Andreas Luberichs Covington Shackleford

Senior Vice Presidents Vice Presidents Richard Eveleigh Jeremy Miles Alan Shell

Paul Chapman Senior Vice President and David Adams Juaquin FraguelaSimon Mnhey Chris Tait

Gardner Cnnningham Jr Chief Financial Officer Jan Auerbach Andrew Francis Miguel Molina Michael Thyssen

Thiem Daucourt Kevin DShiel Ron Bakker Bavid Gibbs Tom Newark Lynn Twinn

Johannes Ftten Hubert Belanger Macta Gnmez-Llorente Rene Nienwland Monique Van Dec Linden

CarolynHamilton Senior Vice President and Thierry Bourgnignon Brian Hardwick Stuart Payne Sophie Van Til Ceedham

Andrew McKee Actuary Bernhard Bndde Simon Hayter Bjom Petersen Brian Voslob

Cados Memo Calm Crouch Robert Cage Isabelle Hilaice Hugh Pollingtnn Bemd Wiemanu

Moses Djeisekhoha David Casement Mnnique Kooijman Jonathan Poole Nigel Williams

11

The Chuhh Corporation

Directors

Zoº Baird

President

The Markie Foundation

John Finnegan

Chairman President and

Chief Executive Officer

The Chubh Corporation

Daniel Somers

Retired Vice Chairman

Blaylock and Partners LP

Sheila Burke

Research acuity

J.F Kennedy School of

Government

Harvard University

Dr Klaus Mangold

Former Member of the Board

Daimler AG

Karen Hastie Williams

Retired Partner

Crowd Moring LLP

James Cash Ph.D

Profrssor Emeritus

Harvard Business School

Joel Cohen

Lead Director

The Chubb Corporation

Chairman and

Co- Chief Executive Officer

Sagent Advisors Inc

Martin McGuinn

Retired Chairman and

Chief Executive Officer

Mellon Financial Corp

Lawrence Small

Former Secretary

Smithsonian Institution

Jess Sderberg

Retired Partner arid

Group CEOA.P Moller-Maersk

James Zimmerman

Retired Chairman and

Chief Executive Officer

Federated Dept Stores Inc

Alfred Zollar

General Manager

Tivoli Software

IBM Corporation

Committees of the Board

Audit Committee

Daniel Somers ChairZoe Baird

Joel Cohen

Martin McGuinn

Alfred Zollar

Executive Ciuunuttee

John Finnegan ChairJames Cash Ph.D

Joel Cohen

Martin McGuinn

Daniel Somers

Corporate Governance

Nominating Committee

James Cash Ph.D ChairZoº Baird

Joel Cohen

Lawrence Small

Karen Hastie Williams

Jrgaiuzatioii Compensation

Commimittee

Martin McGuinn ChairSheila Burke

Daniel Somers

Karen Hastie Williams

James Zimmerman

Alfred Zollar

Finance Conmnmittee

John Finnegan ChairSheila Burke

Dr Klaus Mangold

Jess Sderherg

12

The Chubb Corporation

15 Mountain View Road

P.O Box 1615

Warren NJ 07061-1615

Telephone 908 903-2000

www.chubb.com

Stock Listing

The common stock of the

Corporation is traded on the

New York Stock Exchange

under the symbol CB

Dividend Ageni Transfer

Agent and Registrar

BNY Mellon

Shareholder Services

480 Washington Boulevard

Jersey City NJ 07310

Telephone 877 251-3569

www.bnymellon.com

Explanation of Non-GAAP

Financial Measure

Operating income non-GAAP financial

measure is net income excluding after-tax

realized investment gains and losses

Management uses operating income among

other measures to evaluate its performance

because the realization of investment gains

and losses in any given period is largely

discretionary as to timing and can fluctuate

significantly which could distort the

analysis of trends

SEC and NYSE Certifications

Chubb has included as exhibits to

its Annual Report on Form 10-K for

the year ended December 31 2008

filed with the Securities and

Exchange Commission certificates

of its Chief Executive Officer and

Chief Financial Officer certifying

the quality of Chubbs internal

controls over financial reporting

and disclosure controls Chubb has

submitted to the New York Stock

Exchange NYSE certificate of

its Chief Executive Officer

certifying that he is not aware

of any violation by Chubb of the

NYSEs corporate governance

listing standards

Photography Peter Vidor