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Name and title: Maureen Brundage, executive vice president and general counsel Age: 49 Keeping the jet set flying: The Chubb Corp., founded in 1882 as a family business insuring ships and cargo, was privately held until 1984. Today, with assets of $48.1 billion, Chubb is as lucrative as it is venerable. The 10th-largest U.S. property and casualty insurer, the company had sales totaling $14.1 billion in 2005, up 6.9% from 2004, while net income reached $1.8 billion, a 17.9% increase. Although business policies comprise 73% of Chubb’s sales, the company is renowned as the insurance company of choice for families with two or more lavish homes crammed with treasures and perhaps a yacht, private jet or chauffeured Bentley for shuttling among them. Chubb demands top premiums but doesn’t haggle about restoring the villa if calamity hits. The company has offices in 29 countries staffed by 10,800 employees serving jet-setters who crave the convenience of having a single insurance company to protect their homes, jewelry, art and six-figure autos-not to mention grievances by household staff or the yacht crew-anywhere on Earth. If the need arises, Chubb’s “family protection” policy will reimburse a ransom. Chubb offers nearly 100 product lines tailored to moneyed and minimally competitive business niche markets, including “political risk” policies for exporters. Chubb designed policies for information and network technology companies at the dawn of the Information Age a quarter-century ago and remains the largest insurer in that industrial segment. Chubb is the only insurer underwriting specialized property and casualty insurance for financial institutions, a product line it introduced 40 years ago. Chubb offers specialized property and casualty policies for biotechnology firms. The company’s real estate group develops commercial and residential properties in Florida and New Jersey. Litigation and deals: Chubb’s $200 million sale of its reinsurance unit to Harbor Point Ltd. was Brundage’s introduction as general counsel in October 2005. “The Harbor Point transaction began in earnest the week I began, and it was basically done in two weeks,” she said. “I got to work with many businesspeople very quickly, and I picked up a lot of insurance concepts. It was our reinsurance business and that has a vocabulary all its own. It was a very exciting transaction.” Legal team and daily duties: Brundage oversees 40 staff attorneys, about the same number as she oversaw in her old job as head of the securities group for White & Case in New York. Most attorneys work out of the headquarters in Warren, N.J., but Chubb has lawyers assigned in Canada, England, France, Germany and Singapore. Attorneys are dedicated to the commercial and personal lines of insurance Chubb offers, and they participate in the development of new product lines. “We don’t have a huge amount of litigation. We have a lot of regulatory issues because we are regulated at the federal level and in all 50 states,” Brundage said. In-house attorneys are active with employment law, reinsurance contracts and securities compliance issues, among many other topics. The transactions unit recently handled all aspects of an initial public offering for Allied World Assurance Holdings Ltd., a Bermuda-based property and casualty insurer in which Chubb holds a 16% stake. “It’s important to raise the profile of the GC department within Chubb,” Brundage said. “What I find is that the businesspeople are very pleased with the work of the attorneys they work with, but I don’t know if the business side realizes the depth we have in legal. We have engaged in a number of initiatives to see how we can work more closely and effectively to make sure we are an integral part of the company.” Although Brundage has gone in-house, her perspective is that of a former law firm partner who knows the importance of being useful to the client. “We are basically a little law firm and we have clients,” she said. “We have to keep the clients informed. The same practices and approaches a law firm uses to cultivate its relationship with clients apply here.” Brundage reports to John J. Degnan, vice chairman and chief administrative officer. Outside counsel: “We use a variety of outside firms but our policy is to not disclose which firms we use,” Brundage said. Various press accounts have listed Chubb as being represented in various matters by the New York-based firms Paul, Weiss, Rifkind, Wharton & Garrison and Davis Polk & Wardwell; and by Philadelphia-based Cozen O’Connor. Route to present position: Brundage graduated from New York University School of Law in 1981. She went straight to an associate’s position at White & Case. She made partner in 1988 and later became chief of the corporate securities practice in New York while sharing responsibility for the worldwide securities group. Brundage was recruiting for the White & Case securities section when a headhunter clued her to the open general counsel position at Chubb. At the time she had zero background in insurance but could boast expertise in corporate governance and compliance. Besides that, she was a veteran manager. “A varied background is a plus when you move in-house,” she said. “You are better served by having done more than one thing in your career.” At Chubb, she enjoys seeing what grows from the seeds she helps to plant. “As the outside counsel you do a deal and move on. You are a sort of hired gun and you don’t know the end of the story,” Brundage said. “Here, you work with the businesspeople from the first glimmer of an idea all the way through to completing the deal and implementing what follows.” Personal: Brundage and her husband, Terence, have two children: Katie, 13, and Brian, 10.

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