NEW YORK, March 22, 2016 /PRNewswire/ -- Chubb today released the following statement:
We regret to announce the passing of Percy Chubb, III, former Vice Chairman of The Chubb Corporation. He was 81.
Known to generations of employees, friends and industry colleagues as Pi, Mr. Chubb was the great-grandson of Thomas Caldecot Chubb and grandson ofHendon Chubb, who founded Chubb & Son in 1882. After graduating from Yaleand serving two years in the Army, Pi Chubb joined the firm in 1958 as a trainee in the New York office. At that time, Chubb & Son had 17 offices and $67 millionin written premium.
"As the fourth generation to work in the company started by his great grandfather and great uncle, Pi Chubb exemplified the principles that defined the great company he helped to build and lead over many years," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "Our thoughts go out to his family and friends, as well as to all the Chubb employees and industry colleagues with whom he worked."
Paul J. Krump, Executive Vice President, Chubb Group, and President, North America Commercial & Personal Insurance, said, "It was a joy to work with Pi. He was both student and teacher. He was constantly asking questions to better understand issues and opportunities while generously sharing his insights and experience. I fondly remember traveling with him and having long discussions about the art and science of underwriting. He loved the business and valued everyone's contributions. He was a true gentleman."
At the time Mr. Chubb joined the company, it was headed by his father, Percy Chubb, II. To avoid the confusion of having two Percy Chubbs at work, Percy III used his family nickname, Pi, which was borrowed from a center fielder for the Newark Bears, a Yankees farm team.
Pi Chubb learned the business by attending the College of Insurance at night and by participating in the company's rigorous training program, which rotated trainees from department to department every few weeks. His first assignment was in multiple peril, where he was mentored by Henry Harder, who later served as Chairman of Chubb from 1981 to 1988. Among his assignments, Mr. Chubb worked in Detroit as a marine underwriter and in New Jersey in the company's life insurance business and in aviation underwriting. He was elected a director of The Chubb Corporation in 1978 and Vice Chairman in 1986. He was a member of the Policy Committee, which oversaw all facets of the business. Mr. Chubb's day-to-day responsibilities encompassed IT, marketing, HR, and other financial and administrative areas.
Over the years, Mr. Chubb served as president of the Victoria Foundation, trustee of the Mystic Seaport Museum and director of Safeway Stores and First Fidelity Bank. He is survived by his wife, the former Sally Gilady, and their children and grandchildren.
After Mr. Chubb retired as an officer of the company in 1997, he long maintained an office at Chubb's Warren, N.J. headquarters, where he served as a beloved and respected friend and mentor to hundreds of Chubb employees.
Chubb is the world's largest publicly traded property and casualty insurance company. 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. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices inZurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: new.chubb.com