O’HARE TO LEAVE CHUBB INSIDE A YEAR

Dean O’Hare, president and CEO of New Jersey-based Chubb Corp, announced yesterday that he would retire within 12 months, while “still young enough to enjoy it” and with the company performing strongly. Mr O’Hare revealed the move in a conference call ostensibly made to release the group’s first-quarter earnings. He said that the search for his successor would begin immediately. The company posted first-quarter net earnings of $198.2m, up 13% year-on-year, as its combined ratio improved to 95.9% from 99.9%. CFO Weston Hicks also noted that Chubb’s premiums grew by 22%, while its policies in force increased by just 6%. Mr O’Hare said that Chubb would see the full impact of current rate hikes in next year’s results. While deeming 2002 “a very good year”, he said that 2003 would be “absolutely fabulous”. He added that he wanted to retire “at the beginning of a golden era for Chubb”.