Investor Relations
NYSE:CB 154.61 +0.63 +0.41% Volume: 156,150 October 20, 2017

Replacement Capital Covenant Notice

In connection with the issuance by The Chubb Corporation (“Chubb Corp”) of $1,000,000,000 aggregate principal amount of 6.375% Directly-Issued Subordinated Capital Securities due 2067 (the “6.375% DISCs due 2067”), Chubb Corp entered into a replacement capital covenant in which it agreed that it will not repay, redeem or purchase the 6.375% DISCs due 2067 before March 29, 2047, unless, subject to certain limitations, it has received proceeds from the sale of specified replacement capital securities. The replacement capital covenant can be found at this website. Upon the merger of Chubb Corp with and into ACE INA Holdings Inc. (“AIH”), a wholly owned subsidiary of Chubb Limited, on January 15, 2016, AIH assumed Chubb Corp’s rights, duties and obligations, including with respect to the 6.375% DISCs due 2067 and the replacement capital covenant. The replacement capital covenant is not intended for the benefit of holders of the 6.375% DISCs due 2067 and may not be enforced by them. The replacement capital covenant is for the benefit of holders of one or more designated series of AIH’s (as successor by merger to Chubb Corp) indebtedness, which initially was and continues to be its 6.8% debentures due November 15, 2031.


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