NEW YORK, Sept. 22, 2017 /PRNewswire/ -- Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb, today provided the following statement in support of the announcement by the U.S. Department of the Treasury and the Office of the U.S. Trade Representative that they have signed the Bilateral Agreement between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance:
"Chubb congratulates regulators and trade officials in both the European Union and the United States for reaching an agreement that respects the legitimacy of each other's regulatory structure and allows insurers and reinsurers to operate on a level and more predictable playing field.
"The agreement recognizes the soundness of the U.S. state-based insurance regulatory system and allows U.S.-supervised insurers to compete in Europe on the same basis as European insurers. The agreement also reflects U.S. recognition of the soundness of the EU regulatory environment and will allow EU-based reinsurers to operate under the same conditions as U.S. companies.
"We applaud the spirit and intent of this agreement, which is a de facto acknowledgment by the European regulatory community that there is indeed more than one way to regulate the insurance industry.
"This agreement represents a critically important, mutually beneficial recognition among the United States and the European Union that insurance and risk are often global in nature."
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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength 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 in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.