8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 24, 2008

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	1-8661	13-2595722
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

15 Mountain View Road, Warren, New Jersey	07059
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (908) 903-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 9.01 Financial Statements and Exhibits

Signatures

Exhibit Index to Current Report on Form 8-K dated April 24, 2008

Item 2.02 Results of Operations and Financial Condition.

The following information, including the text of the exhibits attached hereto, is furnished pursuant to Item 2.02 of Form 8-K. On April 24, 2008, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended March 31, 2008. On April 24, 2008, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2008 first quarter results. Copies of the press release and the SIIR, both of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are attached to this Form 8-K as Exhibits 99.1 and 99.2, respectively. In its press release, the SIIR and the conference call to discuss its 2008 first quarter results, scheduled to be webcast at 5:00 P.M. on April 24, 2008, Chubb presents, and will present, its results of operations in the manner that it believes is most meaningful to investors, which includes certain measures that are not based on accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release dated April 24, 2008 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE CHUBB CORPORATION
Date: April 24, 2008	By:	/s/ Henry B. Schram
		Name:	Henry B. Schram
		Title:	Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED APRIL 24, 2008

Exhibit No.		Description
	99.1	Press release dated April 24, 2008 (furnished pursuant to Item 2.02 of Form 8-K)
	99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

EX-99.1

Exhibit 99.1

News from The Chubb Corporation          

The Chubb Corporation

15 Mountain View Road • P.O. Box 1615

Warren, New Jersey 07061-1615

Telephone: 908-903-2000

FOR IMMEDIATE RELEASE

Chubb Reports First Quarter Net Income per Share of $1.77;
Operating Income per Share Increases 8% to $1.65;
Combined Ratio Is 83.9%

     WARREN, New Jersey, April 24, 2008 — The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2008 was $664 million or $1.77 per share, compared to $710 million or $1.71 per share in the first quarter of 2007.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, declined 2% to $620 million from $634 million in the first quarter of 2007. Average diluted shares outstanding in the first quarter decreased to 375.8 million in 2008 from 414.3 million in 2007. As a result, operating income per share increased 8% to $1.65 in the first quarter of 2008 from $1.53 in the first quarter of 2007.

     Net written premiums for the first quarter increased 2% to $2.9 billion. Premiums for the insurance business increased 3% due to the impact of currency fluctuation on business written outside the United States; premiums were flat in the U.S. and increased 14% outside the U.S. (4% in local currencies). Premiums for the reinsurance assumed business continued to decline, reflecting the impact of the Chubb Re-Harbor Point transaction completed in December 2005.

     The first quarter combined loss and expense ratio was 83.9% in 2008, compared to 83.4% in 2007. The impact of catastrophes accounted for 1.8 percentage points of the combined ratio in the first quarter of 2008, compared to 2.5 percentage points in the first quarter of 2007. Excluding catastrophes, the first quarter combined ratio was 82.1% in 2008 and 80.9% in 2007. The expense ratio for the first quarter was 30.5% in 2008 and 30.4% in 2007.

     Property and casualty investment income after taxes for the first quarter increased 7% to $327 million in 2008 from $305 million in 2007.

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     “We are pleased with Chubb’s solid first quarter performance in a competitive market environment,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “These results reflect the strong underwriting discipline that has long been a hallmark of Chubb’s culture.”

     During the first quarter of 2008, Chubb repurchased 11,319,984 shares of its common stock at a total cost of $582 million. As of March 31, 2008, there were 14,792,686 shares of common stock remaining for repurchase under the current authorization.

First Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums grew 4% in the first quarter to $877 million. CPI’s combined ratio for the quarter was 84.8%, compared to 79.3% in the first quarter of 2007. Catastrophe losses for the quarter accounted for 1.7 percentage points in 2008 and 1.3 points in 2007. Excluding catastrophe losses, CPI’s first quarter combined ratio was 83.1% in 2008 and 78.0% in 2007.

     Net written premiums for Homeowners grew 4%, and the combined ratio was 80.1%. Personal Automobile net written premiums declined 3%, and the combined ratio was 93.1%. Other Personal lines grew 13% and had a combined ratio of 93.9%.

     Chubb Commercial Insurance (CCI) net written premiums increased 3% in the first quarter to $1.3 billion. The combined ratio for the quarter was 87.2% in 2008 and 88.0% in 2007. Catastrophe losses accounted for 3.0 percentage points in the first quarter of 2008 compared to 5.0 points in the first quarter of 2007. Excluding the impact of catastrophes, CCI’s first quarter combined ratio was 84.2% in 2008 and 83.0% in 2007.

     Average first quarter renewal rates in the U.S. were down 5% for CCI, which retained 85% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1 to 1.

     Chubb Specialty Insurance (CSI) net written premiums grew 3% in the first quarter to $703 million. The combined ratio was 78.1%, compared to 83.1% in the first quarter of 2007.

     Professional Liability (PL) net written premiums grew 1%, and the business had a combined ratio of 83.7%. Average first quarter renewal rates in the U.S. were down 4% for PL, which retained 89% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.5 to 1.

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     Surety net written premiums were up 18%, and the combined ratio was 30.8%.

Webcast Conference Call to be Held Today at 5 P.M.

     Chubb’s senior management will discuss the company’s first quarter performance with investors and analysts today, April 24th, at 5 P.M. Eastern Daylight Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the day for replay.

About Chubb

     Founded in 1882, the Chubb Group of Insurance Companies provide property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

     Chubb’s Supplementary Investor Information Report has been posted on its Internet site at http://www.chubb.com.

     All financial results in this release and attachments are unaudited. 

For further information contact:	Investors:	Glenn A. Montgomery
		(908) 903-2365
	Media:	Mark E. Greenberg
		(908) 903-2682

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Definitions of Key Terms

Operating Income

Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.

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 measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies 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.

Property and Casualty Investment Income After Income Tax

Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax exempt securities and is therefore more meaningful for analysis purposes than investment income before income tax.

Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost

Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

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.

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FORWARD-LOOKING INFORMATION

     In the conference call identified above and otherwise, we may make statements regarding our results of operations, financial condition and other matters that are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on Chubb. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in Chubb’s public filings with the Securities and Exchange Commission and those associated with:

• global political conditions and the occurrence of terrorist attacks, including any nuclear, biological, chemical or radiological events;

• the effects of the outbreak or escalation of war or hostilities;

• premium pricing and profitability or growth estimates overall or by lines of business or geographic area, and related expectations with respect to the timing and terms of any required regulatory approvals;

• adverse changes in loss cost trends;

• the ability to retain existing business;

• our expectations with respect to cash flow projections and investment income and with respect to other income;

• the adequacy of loss reserves, including:

- our expectations relating to reinsurance recoverables;

- the willingness of parties, including us, to settle disputes;

- developments in judicial decisions or regulatory or legislative actions relating to coverage and liability, in particular, for asbestos, toxic waste and other mass tort claims;

- development of new theories of liability;

- our estimates relating to ultimate asbestos liabilities;

- the impact from the bankruptcy protection sought by various asbestos producers and other related businesses; and

- the effects of proposed asbestos liability legislation, including the impact of claims patterns arising from the possibility of legislation and those that may arise if legislation is not passed;

• the availability and cost of reinsurance coverage;

• the occurrence of significant weather-related or other natural or human-made disasters, particularly in locations where we have concentrations of risk;

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• the impact of economic factors on companies on whose behalf we have issued surety bonds, and in particular, on those companies that file for bankruptcy or otherwise experience deterioration in creditworthiness;

• the effects of disclosures by, and investigations of, companies relating to possible accounting irregularities, practices in the financial services industry, investment losses or other corporate governance issues, including:

- claims and litigation arising out of stock option “backdating,” “spring loading” and other option grant practices by public companies;

- the effects on the capital markets and the markets for directors and officers and errors and omissions insurance;

- claims and litigation arising out of actual or alleged accounting or other corporate malfeasance by other companies;

- claims and litigation arising out of practices in the financial services industry;

- claims and litigation relating to uncertainty in the credit and broader financial markets; and

- legislative or regulatory proposals or changes;

• the effects of changes in market practices in the U.S. property and casualty insurance industry, in particular contingent commissions and loss mitigation and finite reinsurance arrangements, arising from any legal or regulatory proceedings, related settlements and industry reform, including changes that have been announced and changes that may occur in the future;

• the impact of legislative and regulatory developments on our business, including those relating to terrorism and catastrophes;

• any downgrade in our claims-paying, financial strength or other credit ratings;

• the ability of our subsidiaries to pay us dividends;

• general economic and market conditions including:

- changes in interest rates, market credit spreads and the performance of the financial markets;

- the effects of inflation;

- changes in domestic and foreign laws, regulations and taxes;

- changes in competition and pricing environments;

- regional or general changes in asset valuations;

- the inability to reinsure certain risks economically; and

- changes in the litigation environment; and

• our ability to implement management’s strategic plans and initiatives.

Chubb assumes no obligation to update any forward-looking information set forth in this document, which speak as of the date hereof.

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THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Three Months Ended
	March 31
	2008			2007
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,936		$	2,867
Decrease in Unearned Premiums		40			118
Premiums Earned		2,976			2,985
Losses and Loss Expenses		1,584			1,580
Operating Costs and Expenses		894			870
Decrease (Increase) in Deferred Policy Acquisition Costs		(13	)		3
Dividends to Policyholders		9			5
Underwriting Income		502			527
Investments
Investment Income Before Expenses		418			392
Investment Expenses		8			11
Investment Income		410			381
Other Income		3			3
Property and Casualty Income		915			911
CORPORATE AND OTHER		(54	)		(27	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		861			884
Federal and Foreign Income Tax		241			250
CONSOLIDATED OPERATING INCOME		620			634
REALIZED INVESTMENT GAINS AFTER INCOME TAX		44			76
CONSOLIDATED NET INCOME	$	664		$	710
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	327		$	305

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	Three Months Ended
	March 31
	2008			2007
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		375.8			414.3
Actual Common Shares at End of Period		365.5			401.5
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.65		$	1.53
Realized Investment Gains		.12			.18
Net Income	$	1.77		$	1.71
Effect of Catastrophes	$	(.09	)	$	(.12	)

	Mar. 31		Dec. 31		Mar. 31
	2008		2007		2007
BOOK VALUE PER COMMON SHARE	$	39.25	$	38.56	$	34.55
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		38.47		37.87		34.28

PROPERTY AND CASUALTY UNDERWRITING RATIOS
THREE MONTHS ENDED MARCH 31

	2008			2007
Losses and Loss Expenses to Premiums Earned		53.4	%		53.0	%
Underwriting Expenses to Premiums Written		30.5			30.4
Combined Loss and Expense Ratio		83.9	%		83.4	%
Effect of Catastrophes on Combined Loss and Expense Ratio		1.8	%		2.5	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS
THREE MONTHS ENDED MARCH 31

	2008		2007
	(in millions)
Paid Losses and Loss Expenses	$	1,304	$	1,460
Increase in Unpaid Losses and Loss Expenses		280		120
Total Losses and Loss Expenses	$	1,584	$	1,580

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PROPERTY AND CASUALTY PRODUCT MIX
THREE MONTHS ENDED MARCH 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2008		2007		(Decrease)			2008			2007
	(in millions)
Personal Insurance
Automobile	$	142	$	147		(3	)%		93.1	%		95.4	%
Homeowners		539		520		4			80.1			71.1
Other		196		173		13			93.9			93.1
Total Personal		877		840		4			84.8			79.3
Commercial Insurance
Multiple Peril		295		307		(4	)		78.4			83.3
Casualty		460		441		4			92.4			94.3
Workers’ Compensation		248		257		(4	)		82.9			77.3
Property and Marine		337		301		12			93.1			93.2
Total Commercial		1,340		1,306		3			87.2			88.0
Specialty Insurance
Professional Liability		604		597		1			83.7			89.0
Surety		99		84		18			30.8			31.4
Total Specialty		703		681		3			78.1			83.1
Total Insurance		2,920		2,827		3			84.1			84.1
Reinsurance Assumed		16		40		(60	)		*			*
Total	$	2,936	$	2,867		2			83.9			83.4

* Combined loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

EX-99.2

Exhibit 99.2

The	Supplementary	March 31, 2008
Chubb	Investor
Corporation	Information

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
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
MARCH 31, 2008

	Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights	1
Share Repurchase Activity	2
Summary of Invested Assets:
Corporate	3
Property and Casualty	3
Investment Income After Taxes:
Corporate	4
Property and Casualty	4
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus	4
Change in Net Unpaid Losses	5
Underwriting Results	6-10
Definitions of Key Terms	11