Chubb domestic conversion approved, now sells surplus in all states

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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.

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