Chubb Limited announced the appointment of Paul Krump, currently Executive Vice President, Chubb Group and President, North America Commercial and Personal Insurance, to Vice Chairman, Global Underwriting and Claims. In this new leadership role, Mr. Krump will oversee high-level underwriting policy and standards-setting, and provide operational direction and oversight in underwriting execution across Chubb’s property and casualty (P&C) insurance product lines, which include commercial P&C, personal lines and accident and health insurance globally.
The appointment is effective September 1, and Mr. Krump will report jointly to Evan G. Greenberg, Chairman and Chief Executive Officer, and to John Keogh, Executive Vice Chairman and Chief Operating Officer.
In his new role as the company’s Executive Underwriting and Claims Officer, Mr. Krump will maintain and enhance the company’s global underwriting standards, rules, authorities and risk management. In partnership with the presidents of the company’s North American and international P&C operations, Mr. Krump will share accountability for underwriting standards and the profitability of the P&C books of business, and all underwriting and product line managers will matrix to him for underwriting. The global underwriting and corporate underwriting functions will report to Mr. Krump and he will supervise the global product boards, portfolio management processes and underwriting audits.
Additionally, Mr. Krump will retain his current senior executive responsibility for global claims and risk engineering for the company. In this role, he oversees strategy, policy, delivery standards and overall execution excellence for two core capabilities that contribute significantly to the company’s reputation: the Chubb claims organization, with its more than 5,000 professionals who manage, adjudicate and service claims of all sizes and complexity; and the team of more than 400 commercial risk engineers who help companies minimize potential costly exposures with loss mitigation services.
“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,” said Mr. Greenberg. “Underwriting defines who we are – our reason to exist. Paul Krump is an underwriter’s underwriter, a consummate insurance professional. His experience, knowledge and judgment have few peers. 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.”
Mr. Keogh commented: “Chubb has a distinguished and consistent track record in its underwriting results. We have a culture of continuous improvement and there’s always room to be better. 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.”