Regulator Allows Chubb Unit to Convert to Surplus Lines Carrier

The New Jersey Department of Banking & Insurance has approved the conversion of Chubb Custom Insurance Co. to a domestic surplus lines insurer.The Chubb Group subsidiary is now eligible to write surplus lines insurance in all 50 states.According to Chubb, the surplus lines designation will allow Chubb Custom to avail itself of the advantages for New Jersey-based surplus lines insurers created by the Reinsurance and Surplus Lines Stimulus Act, which Governor Chris Christie signed into law in 2011. Passage of the act made New Jersey one of a few states to permit a domestic insurer to offer s...