Exhibit 99.3

The
Chubb
Corporation Reclassification of
Property and Casualty
Underwriting Results For the Three Months Ended
December 31, 2004

This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE CHUBB CORPORATION

Beginning with the first quarter of 2005, the reporting format for property and casualty underwriting results by line of business has been changed to more closely reflect the way the business is now managed. The new reporting format provides additional clarity in that all Professional Liability business is now reported in one line within Chubb Specialty Insurance, all commercial business is now reported in Chubb Commercial Insurance and Reinsurance Assumed (Chubb Re) is now reported as a separate business unit. For additional information, see the first quarter 2005 earnings release.

Property and casualty underwriting results for the fourth quarter of 2004 presented herein have been reclassified to conform to the new reporting format.

Definitions of Key Terms

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is based on statutory underwriting results. Statutory accounting principles differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Combined Loss and Expense Ratio or Combined Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal								Other				Total
	Automobile				Homeowners				Personal				Personal
	2005	2004			2005	2004			2005	2004			2005	2004
Net Premiums Written		$	155.0			$	496.5			$	126.5			$	778.0
Increase (Decrease) in Unearned Premiums			0.6				11.6				(2.2	)			10.0
Net Premiums Earned			154.4				484.9				128.7				768.0
Net Losses Paid			98.2				262.2				78.5				438.9
Increase (Decrease) in Outstanding Losses			2.0				(59.4	)			11.6				(45.8	)
Net Losses Incurred			100.2				202.8				90.1				393.1
Expenses Incurred			40.3				163.0				43.5				246.8
Dividends Incurred			0.0				0.0				0.0				0.0
Statutory Underwriting Income (Loss)		$	13.9			$	119.1			$	(4.9	)		$	128.1
Ratios After Dividends to Policyholders:
Loss			64.9	%			41.8	%			70.0	%			51.2	%
Expense			26.0				32.9				34.4				31.7
Combined			90.9	%			74.7	%			104.4	%			82.9	%
Premiums Written as a % of Total			4.9	%			16.2	%			4.1	%			25.2	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 1 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

									Commercial				Commercial
	Commercial				Commercial				Workers’				Property				Total
	Multiple Peril				Casualty				Compensation				and Marine				Commercial
	2005	2004			2005	2004			2005	2004			2005	2004			2005	2004
Net Premiums Written		$	335.2			$	418.4			$	199.2			$	259.3			$	1,212.1
Increase (Decrease) in Unearned Premiums			9.1				4.9				(17.1	)			(16.1	)			(19.2	)
Net Premiums Earned			326.1				413.5				216.3				275.4				1,231.3
Net Losses Paid			136.4				152.1				71.7				97.3				457.5
Increase (Decrease) in Outstanding Losses			31.1				164.5				78.2				24.1				297.9
Net Losses Incurred			167.5				316.6				149.9				121.4				755.4
Expenses Incurred			107.2				107.8				46.0				84.0				345.0
Dividends Incurred			0.0				0.0				6.6				0.0				6.6
Statutory Underwriting Income (Loss)		$	51.4			$	(10.9	)		$	13.8			$	70.0			$	124.3
Ratios After Dividends to Policyholders:
Loss			51.3	%			76.5	%			71.5	%			44.1	%			61.7	%
Expense			32.0				25.8				23.9				32.4				28.6
Combined			83.3	%			102.3	%			95.4	%			76.5	%			90.3	%
Premiums Written as a % of Total			10.9	%			13.6	%			6.5	%			8.4	%			39.4	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

The Property and Casualty underwriting results for the fourth quarter of 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 74.1% for Multiple Peril, 91.4% for Casualty and 84.2% for Total Commercial.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional								Total
	Liability				Surety				Specialty
	2005	2004			2005	2004			2005	2004
Net Premiums Written		$	734.7			$	51.0			$	785.7
Increase (Decrease) in Unearned Premiums			72.8				1.8				74.6
Net Premiums Earned			661.9				49.2				711.1
Net Losses Paid			265.8				8.8				274.6
Increase (Decrease) in Outstanding Losses			290.8				(16.6	)			274.2
Net Losses Incurred			556.6				(7.8	)			548.8
Expenses Incurred			151.9				18.3				170.2
Dividends Incurred			0.0				1.0				1.0
Statutory Underwriting Income (Loss)		$	(46.6	)		$	37.7			$	(8.9	)
Ratios After Dividends to Policyholders:
Loss			84.1	%			(16.2	)%			77.3	%
Expense			20.7				36.6				21.7
Combined			104.8	%			20.4	%			99.0	%
Premiums Written as a % of Total			23.9	%			1.7	%			25.6	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total				Reinsurance				Worldwide
	Insurance				Assumed				Total
	2005	2004			2005	2004			2005	2004
Net Premiums Written		$	2,775.8			$	304.4			$	3,080.2
Increase (Decrease) in Unearned Premiums			65.4				(10.3	)			55.1
Net Premiums Earned			2,710.4				314.7				3,025.1
Net Losses Paid			1,171.0				78.9				1,249.9
Increase (Decrease) in Outstanding Losses			526.3				116.4				642.7
Net Losses Incurred			1,697.3				195.3				1,892.6
Expenses Incurred			762.0				95.2				857.2
Dividends Incurred			7.6				0.0				7.6
Statutory Underwriting Income (Loss)		$	243.5			$	24.2				267.7
Increase in Deferred Acquisition Costs											11.6
GAAP Underwriting Income										$	279.3
Ratios After Dividends to Policyholders:
Loss			62.8	%			62.1	%			62.7	%
Expense			27.5				31.2				27.9
Combined			90.3	%			93.3	%			90.6	%
Premiums Written as a % of Total			90.2	%			9.8	%			100.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

The Property and Casualty underwriting results for the fourth quarter of 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 87.6% for Total Insurance and 88.1% for Worldwide Total.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

									Worldwide
	United States				Foreign				Total
	2005	2004			2005	2004			2005	2004
Net Premiums Written		$	2,509.2			$	571.0			$	3,080.2
Increase (Decrease) in Unearned Premiums			32.8				22.3				55.1
Net Premiums Earned			2,476.4				548.7				3,025.1
Net Losses Paid			1,226.7				23.2				1,249.9
Increase (Decrease) in Outstanding Losses			302.7				340.0				642.7
Net Losses Incurred			1,529.4				363.2				1,892.6
Expenses Incurred			679.7				177.5				857.2
Dividends Incurred			7.6				0.0				7.6
Statutory Underwriting Income (Loss)		$	259.7			$	8.0				267.7
Increase in Deferred Acquisition Costs											11.6
GAAP Underwriting Income										$	279.3
Ratios After Dividends to Policyholders:
Loss			61.9	%			66.2	%			62.7	%
Expense			27.2				31.1				27.9
Combined			89.1	%			97.3	%			90.6	%
Premiums Written as a % of Total			81.5	%			18.5	%			100.0	%

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