Chubb finds 'right executive' to accelerate its global underwriting

Insurer Chubb has created a new global underwriting and claims leadership role for Paul Krump in a bid to accelerate its underwriting strategy and execution across the property and casualty product lines.

"The creation of the global chief underwriting role is an acknowledgment of our desire to lift our game even higher and Paul, given his proven experience, wisdom and leadership, and the respect he commands within our company, is the right executive to lead us," said John Keogh, executive vice chairman and chief operating officer (COO) of the company.

Chief executive Evan Greenberg described Krump as an "underwriter's underwriter" and a "consummate insurance professional". He said, "Chubb is an underwriting company and there is nothing more important than our core business of conceptualizing, structuring, pricing and assuming risk for a fair return on capital. Underwriting defines who we are – our reason to exist."

"Since the merger, I have had the honor of working closely with Paul, and my confidence in and admiration for who he is, his skill and leadership, are complete. Chubb has a much deserved reputation for underwriting, claims and engineering excellence. We are an instructively critical organization, and we strive for constant improvement and excellence. Paul's appointment, most assuredly, will make us even stronger," he added.

In his new role as vice chairman, global underwriting and claims, Krump will oversee the underwriting policy and standards-setting, and provide operational direction and oversight in underwriting execution across Chubb's P&C insurance product lines, which include commercial P&C, personal lines and accident and health insurance globally.

Reporting jointly to Greenberg and Keogh, Krump will be responsible for maintaining and enhancing the company's global underwriting standards, rules, authorities and risk management, as well as sharing accountability for underwriting standards and the profitability of the P&C books of business, and all underwriting and product line managers.

Krump is currently executive vice president, Chubb Group and president, North America commercial and personal insurance.

He will retain his current senior executive responsibility for global claims and risk engineering for the company.