The Chubb Group of Insurance Companies said on May 23 it received approval from the New Jersey Department of Banking and Insurance to convert one of its subsidiaries, Chubb Custom Insurance Co., into a domestic surplus lines insurance company.
By becoming a domestic surplus lines insurer, the Chubb subsidiary is now eligible to write surplus lines insurance in all 50 states, the Warren, N.J.-based insurer said.
Chubb said getting Chubb Custom designated as a domestic surplus lines insurer will allow Chubb to take advantage of the Reinsurance and Surplus Lines Stimulus Act, which was signed into law by Gov. Chris Christie in 2011 and made New Jersey one of only a few U.S. states to permit a domestic insurer to offer surplus lines products to customers in its state of domicile.
“Chubb already is a major surplus lines insurer throughout the country, but converting Chubb Custom Insurance Company to a 50-state eligible surplus lines insurer will make it even easier to provide customers with our experienced underwriting, valuable loss control recommendations and responsive claim services.”