ZURICH, Jan. 28, 2019 /PRNewswire/ -- Chubb Limited (NYSE: CB) announced today that it has entered into a 15-year distribution agreement with Banco de Chile, the largest bank based in Chile. Under the terms of the agreement, Chubb will distribute its life and general insurance products on an exclusive basis in Chile through Banco de Chile's multiple channels, including in-branch, automated teller machines, direct marketing and a number of digital channels including mobile, subject to receipt of any applicable regulatory approvals. Banco de Chile will distribute Chubb's insurance products through its wholly owned captive broker, which has a long track record of insurance sales success through bank channels.
Based in Santiago, Banco de Chile has nearly 400 branches and serves more than 2 million customers across the country. The bank's business lines include consumer and commercial banking, insurance and stock brokerage, asset management and financial advisory. Chubb will have exclusive rights to sell insurance products currently distributed by Banco de Chile, including credit life, home and fire, theft/personal protection, personal accident, supplemental health, travel and a variety of commercial products. Chubb will also roll out new products over time.
"For Chubb, our long-term agreement with Banco de Chile is a significant opportunity to partner with Chile's leading financial institution and provide our extensive product and service capabilities to meet the needs of their clients," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "This partnership will meaningfully increase Chubb's already significant presence in Chile and in the important region of Latin America. Similar to other strategic relationships, our partnership with Banco de Chile significantly extends our distribution in Chile, enabling us to reach and serve millions of new customers, including in digitally advanced ways."
"Banco de Chile is well known for putting the customer at the center of its decisions and this agreement is, unquestionably, aligned with this view. We believe through this partnership with Chubb, we will be able to provide our customers with world-class insurance products that meet their increasingly sophisticated coverage needs, including individuals and corporations," said Eduardo Ebensperger O., CEO of Banco de Chile. "Banco de Chile is proud of becoming a partner of a first-class company such as Chubb and we know that our clients will benefit from Chubb's expertise, innovation capabilities, strong attention to detail and its service quality standards, all of which are crucial in the insurance business."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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.
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements made in this press release, such as those related to the manner, performance and expected timing of commencement of distribution, and other expectations, intentions and statements that are not historical facts, reflect Banco de Chile's and Chubb's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, receipt of any required regulatory approvals, competition, pricing and policy term trends, general competitive, economic, political, insurance and reinsurance business market conditions, conflicting distribution agreements and judicial, legislative, regulatory and other governmental developments, as well as Banco de Chile and Chubb management responses to these factors. In addition, you should carefully consider the risks and uncertainties and other factors identified in each of Banco de Chile's and Chubb's respective filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Each of Banco de Chile and Chubb undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Chubb Limited