The Chubb Group of Insurance Companies has received approval from New Jersey regulators to convert Chubb Custom Insurance Co. into a domestic surplus lines insurance company.
By becoming a domestic surplus lines insurer, the Chubb subsidiary is now eligible to write surplus lines business in all 50 states.
Approval was granted by the state’s Department of Banking & Insurance.
Warren, N.J.-based Chubb said in a statement that the company will “avail itself of the advantages for New Jersey-based surplus lines insurers” that were created by passage of that state’s Reinsurance and Surplus Lines Stimulus Act in 2011. The law allows a domestic insurer to offer surplus lines products to customers in its state of domicile.
Not all states permit domestic insurers to offer products in their state of domicile.