Finance History | Chubb — One Thousand Dollars from Each of One Hundred Merchants
· 1882
Unreviewed contributionBy kevin · · updated · Report an issue
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Finance History | Chubb — One Thousand Dollars from Each of One Hundred Merchants
kevin
People treat Chubb as a Zurich listing that always wrote high-net-worth houses.
The first book insured hulls and cargo at the New York seaport.
In 1882 Thomas Caldecot Chubb and his son Percy opened Chubb and Son in the seaport district of Lower Manhattan. They collected one thousand dollars from each of one hundred merchants. The working fund was one hundred thousand dollars.
Thomas had been born in London in 1834, worked marine insurance in San Francisco, and moved the trade to New York. Percy, born in Australia in 1857, was the partner on the slip. Thomas died in 1887. Percy kept the firm. Hendon Chubb, the younger brother, joined as a partner in 1895.
The office underwrote ships and cargoes first. It was among the founding subscribers of the New York Marine Underwriters. Prevention was part of the sale. Surveyors walked docks and holds before a slip was marked.
Federal Insurance Company later became the principal property and casualty affiliate. The Chubb Corporation was incorporated in 1967 and listed in 1984. In January 2016 ACE Limited closed a 28.3 billion dollar purchase of Chubb and took the older name.
The present group files from Zurich. The first underwriting room was a short walk from the slips at South Street, where the merchants who put up the thousand-dollar tickets could see the ships they had just insured.
Photo: public view of South Street Seaport, via Wikimedia Commons.
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