<SEC-DOCUMENT>0001214659-23-005910.txt : 20230425
<SEC-HEADER>0001214659-23-005910.hdr.sgml : 20230425
<ACCEPTANCE-DATETIME>20230425102950
ACCESSION NUMBER:		0001214659-23-005910
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230425
DATE AS OF CHANGE:		20230425
EFFECTIVENESS DATE:		20230425

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		23842385

	BUSINESS ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41 0 43 456 7600

	MAIL ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHUBB Ltd
		DATE OF NAME CHANGE:	20160115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE Ltd
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE LTD
		DATE OF NAME CHANGE:	19930122

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>e425230px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Chubb Limited (CB)<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chubb Limited (CB)<BR>
Vote Yes: Item #14 &ndash; Shareholder Proposal on Paris Aligned Goals</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 19, 2023</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Danielle Fugere | dfugere@asyousow.org</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FCFCFC"><B>BE IT&nbsp;RESOLVED:&nbsp;</B>&nbsp;Shareholders
request that Chubb issue a report, at reasonable cost and omitting proprietary information, disclosing 1.5&deg;C aligned medium and long-term
GHG targets for its underwriting, insuring, and investment activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FCFCFC"><B>SUPPORTING STATEMENT:</B>&nbsp;&nbsp;Additionally,
shareholders recommend the report disclose, at management discretion, a general timeline on which Chubb will:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: #FCFCFC"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Measure the emissions of its highest emitting business sectors; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: #FCFCFC"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Set Paris-aligned 1.5&deg;C targets for its highest emitting business sectors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite the growing global focus on climate change, greenhouse gas
(&ldquo;GHG&rdquo;) emissions and climate-related risk continue to grow.<SUP>1</SUP> A trend of record high emissions continued in 2022.<SUP>2</SUP>
These emissions, and subsequent climate warming, pose a major risk to the stability of the U.S. financial system and to insurers in particular.<SUP>3</SUP>
Munich Re estimates that 2021 was the second-most costly year <FONT STYLE="font-size: 11pt">on record for the world&rsquo;s insurers with
$120 billion in losses from natural catastrophes.<SUP>4</SUP> Global insurance losses for natural catastrophes reached over $130 billion
in 2022.<SUP>5</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.iea.org/news/global-co2-emissions-rebounded-to-their-highest-level-in-history-in-2021</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.iea.org/reports/co2-emissions-in-2022</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.cftc.gov/sites/default/files/2020-09/9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%<BR>
20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf,
p.1</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://money.usnews.com/investing/news/articles/2022-01-10/natural-disasters-cost-insurers-120-billion-in-2021-munich-re-says</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.reinsurancene.ws/natural-disasters-caused-over-130bn-global-insured-losses-in-2022-aon/#:~:text=A%20new%20Aon%20report%20has,record%20from%20an%20insurance%20perspective</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #71C267"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The insurance industry faces climate-related
risk on two fronts: investment risk on the asset side of the balance sheet and underwriting risk, particularly in the property and casualty
line, on the liability side.<SUP>6</SUP> Despite growing risk, insurers, including Chubb Limited (&ldquo;Chubb&rdquo; or &ldquo;the Company&rdquo;)
remain highly exposed to carbon emissions-intensive industries including oil, gas, coal, and utilities. In 2019, the U.S. insurance industry
invested $582 billion in fossil fuel-related activities, an increase from $519 billion in 2018.<SUP>7</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chubb is a leading insurer and investor in
high-carbon activities and thus is contributing significant financed and insured emissions (&ldquo;portfolio emissions&rdquo;).<SUP>8</SUP>
Chubb&rsquo;s bondholding and shareholding in coal alone amounts to $195 million.<SUP>9</SUP> The Company has not disclosed any measurement
of these emissions, nor has it set targets to reduce them. The emissions facilitated by Chubb&rsquo;s underwriting and investment in high-carbon
activities and companies add to the global inventory of greenhouse gas emissions and thereby contribute to climate change.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chubb lags behind its peers in adopting net
zero goals. Twenty-eight global insurers, including U.S.-based insurers, have committed to transition their insurance and reinsurance
underwriting portfolios to net zero greenhouse gas emissions.<SUP>10</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Last year, a similar proposal received a vote of 72.2% support from
shareholders, constituting $52 billion shares in support.<SUP>11</SUP> Since that time, Chubb has not begun to measure or disclose its
portfolio GHG emissions, set a target to reduce such emissions in alignment with the 1.5&deg;C global Paris goal, or set a timeline for
doing so.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Without measuring and disclosing its financed and insured emissions,
neither Chubb nor its investors can understand the full range of the Company&rsquo;s climate contribution. Further, Chubb&rsquo;s failure
to set climate goals for its portfolio emissions increases risk for Chubb in the form of growing climate-related catastrophe losses and
regulatory exposure. It also increases climate-related portfolio risk to investors. A &ldquo;Yes&rdquo; vote on this Proposal is warranted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.spglobal.com/esg/insights/climate-risks-for-insurers-why-the-industry-needs-to-act-now-to-address-climate-risk-on-both-sides-of-the-balance-sheet</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.spglobal.com/esg/insights/climate-risks-for-insurers-why-the-industry-needs-to-act-now-to-address-climate-risk-on-both-sides-of-the-balance-sheet</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://global.insure-our-future.com/2022-scorecard/,
p.11</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.coalexit.org/investor/chubb</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.unepfi.org/net-zero-insurance/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.asyousow.org/press-releases/2022/5/19/shareholders-support-climate-change-emissions-reduction-chubb</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; background-color: #B8CCE4">RATIONALE FOR
A YES VOTE</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><B>1.</B></FONT></TD><TD><B>Chubb&rsquo;s continued underwriting and investment in carbon-in<FONT STYLE="font-size: 11pt">tensive activities escalates its financial
and regulatory risk and increases risk to the climate and investor portfolios.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Chubb does not provide shareholders with sufficient analysis and disclosure of whether and how it will measure, disclose, and reduce
the significant GHG emissions associated with its underwriting and investment decisions in alignment with the Paris Agreement&rsquo;s
Net Zero goals.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Chubb is falling behind peers in addressing the climate impact of its underwriting and investment activities and has not adequately
responded to shareholders&rsquo; climate-related expectations.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Chubb&rsquo;s continued underwriting and investment in carbon-intensive activities escalates its financial and regulatory risk
and increases risk to the climate and investor portfolios.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chubb&rsquo;s continued underwriting of and
investment in carbon-intensive activities generates risk to the Company&rsquo;s business. Chubb&rsquo;s insurance operations, which constitute
over 90% of its business by revenue,<SUP>12</SUP> face risk from the escalating effects of climate change. In the third quarter of 2022
alone, the company&rsquo;s pre-tax catastrophe losses were almost $1.2 billion, with $975 million resulting from claims related to Hurricane
Ian.<SUP>13</SUP> Chubb&rsquo;s 2022 fourth quarter net income was about $1.3 billion, nearly 39% lower than the same period the prior
year because of catastrophe losses and crop insurance losses (due to a below average crop year).<SUP>14,15</SUP> This follows a larger
U.S. trend. According to the National Oceanic and Atmospheric Administration, there were 18 individual weather and climate disaster events
in the U.S. in 2022, with losses exceeding $1 billion each.<SUP>16</SUP> Cumulative damage from these events was estimated at $165 billion,
with insurers responsible for much of these losses. This compares to an annual average of $57.6 billion for the years 1980-2022.<SUP>17</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chubb&rsquo;s underwriting and investment decisions not only create
risk for the Company but contribute to global climate impact by enabling carbon-intensive projects and companies, including those that
use and emit fossil fuels. According to an <I>Insure Our Future </I>report on insurers&rsquo; exposure to the oil and gas sector, Chubb
is one of the top providers of coverage to the oil and gas industry, surpassin<FONT STYLE="font-size: 11pt">g peers like AIG and The Hartford.<SUP>18</SUP>
Additionally, Chubb&rsquo;s bondholding and shareholding in coal alone amounts to $195 million.<SUP>19</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896159/000089615923000007/cb-20221231.htm,
p.48</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.artemis.bm/news/chubb-reports-1-2bn-of-cat-losses-for-q3-reinsurance-partners-to-take-share/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.insurancejournal.com/news/national/2023/02/01/705576.htm</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://news.chubb.com/2023-01-31-Chubb-Reports-Fourth-Quarter-Per-Share-Net-Income-and-Core-Operating-Income-of-3-13-and-4-05,-Respectively-Consolidated-Net-Premiums-<BR>
Written-Up-11-9-,-or-16-0-in-Constant-Dollars,-with-P-C-Up-9-8-and-a-Combined-Ratio-of-88-0-,-or-85-9-Excluding</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <I>See &lsquo;Hurricane Fallout&rsquo;, </I>https://eu.starnewsonline.com/story/news/local/2023/01/24/states-insurance-industry-push-back-on-us-climate-risk-data-request/69793477007/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>See &lsquo;Hurricane Fallout&rsquo;, </I>https://eu.starnewsonline.com/story/news/local/2023/01/24/states-insurance-industry-push-back-on-us-climate-risk-data-request/69793477007/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://global.insure-our-future.com/2022-scorecard/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.coalexit.org/investor/chubb</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">McKinsey &amp; Company advises insurers to
consider the environmental impact of their investments, just as banks and asset managers are doing, and to develop a plan to shift significant
portions of their portfolios to help facilitate a sustainable, decarbonized economy.<SUP>20</SUP> In addition to long-term climate risk
reduction benefits, such a shift can help insurers align with increasingly likely regulatory policies and incentives.<SUP>21</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In the United States, regulatory and legislative pressure on insurers
to account for their climate-intensive activities and liabilities is increasing. For example, this year, the Federal Insurance Office
requested information from insurance companies to assess the impact of their climate-related exposures on the availability, affordability,
and sustainability of insurance in areas impacted by climate-driven weather events.<SUP>22</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In recent years, state governments have also begun focusing attention
on the insurance industry&rsquo;s climate-related risks and actions. For example, in 2019 California announced the first U.S. Sustainable
Insurance Roadmap designed to reduce California&rsquo;s climate risk.<SUP>23</SUP> The roadmap includes actions to strengthen financial
oversight and transparency on the climate-related risks of insurers. In 2019, Washington State conducted a climate risk survey requiring
insurers to disclose the risk of climate change impacts in their annual filings.<SUP>24</SUP> In 2021, the New York Department of Financial
Services issued a guidance document requiring insurers to conduct climate risk stress tests with the goal of assessing the potential impact
of climate change on insurers' financial strength and ability to meet their policyholder obligations.<SUP>25</SUP> Massachusetts has issued
a directive requiring insurance companies to either respond to a climate-risk disclosure survey or submit TCFD disclosures, and further
initiated a task force dedicated to assessing the climate-related risk and resiliency of insurance companies operating in the state.<SUP>26</SUP>
Connecticut passed a law requiring the state insurance regulator to include emission reduction targets into its review of insurers and
the potential risks they face.<SUP>27</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Taking action now to measure its insured and financed emissions and
set 1.5&deg;C-aligned targets to reduce them, will hel<FONT STYLE="font-size: 11pt">p ensure that Chubb reduces its growing regulatory
and financial risk and its climate impact. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.mckinsey.com/industries/financial-services/our-insights/climate-change-and-p-and-c-insurance-the-threat-and-opportunity</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.mckinsey.com/industries/financial-services/our-insights/climate-change-and-p-and-c-insurance-the-threat-and-opportunity</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://eu.starnewsonline.com/story/news/local/2023/01/24/states-insurance-industry-push-back-on-us-climate-risk-data-request/69793477007/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.insurance.ca.gov/01-consumers/180-climate-change/upload/California-Sustainable-Insurance-Roadmap-2022.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.insurance.wa.gov/sites/default/files/2020-07/climate-risk-disclosure-survey-reporting-year-2019-commissioner-kreidler-letter.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.dfs.ny.gov/system/files/documents/2021/11/dfs-insurance-climate-guidance-2021_1.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.mass.gov/info-details/climate-risk-and-resiliency-in-the-insurance-sector#task-force-on-climate-related-financial-disclosures-(tcfd)-</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.businessinsurance.com/article/20210617/NEWS06/912342605/Connecticut-bill-calls-for-regulation-of-insurers%E2%80%99-climate-risks</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
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                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Chubb does not provide shareholders with sufficient analysis and disclosure of whether and how it will measure, disclose, and reduce
the significant GHG emissions associated with its underwriting and investment decisions in alignment with the Paris Agreement&rsquo;s
Net Zero goals.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders continue to be concerned over the lack of transparency
Chubb has shown regarding measuring, disclosing, and reducing the full range of GHG emissions associated with its underwriting and investment
activities. The United Nations Environment Program Finance Initiative notes that, for financial institutions, Scope 3 portfolio emissions
constitute approximately 97% of the firm&rsquo;s total emissions.<SUP>28</SUP> This highlights the likely scale of Chubb&rsquo;s unaddressed
emissions. Chubb&rsquo;s failure to measure and account for its financed and insured emissions leaves investors with insufficient knowledge
of the climate impact of its underwriting and investment portfolios, and the extent to which the Company is mitigating such impact, impeding
fully informed decision making.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite Chubb&rsquo;s complaints, measuring insured and financed emissions
is feasible. The Partnership for Carbon Accounting Financials (&ldquo;PCAF&rdquo;) and the United Nations-convened Net Zero Insurance
Alliance (&ldquo;NZIA&rdquo;) have launched a global accounting standard to measure greenhouse gas emissions associated with insurance
underwriting portfolios.<SUP>29</SUP> This methodology &ldquo;will enable [insurers] to begin to independently set science-based, intermediate
targets for their respective insurance and reinsurance underwriting portfolios in line with a net-zero transition pathway&hellip;Now is
the time for insurers to set ambitious and credible science-based decarbonization targets for their respective insurance portfolios.&rdquo;<SUP>30</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Chubb is falling behind peers in addressing the climate impact of its underwriting and investment activities and has not adequately
responded to shareholders&rsquo; climate-related expectations.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Globally, Chubb&rsquo;s peers are beginning to take action to address
portfolio emissions, and Chubb continues to fall behind.<SUP>31</SUP> Nineteen global insurers have committed to measure and disclose
the GHG emissions associated with their underwriting and investment activities via the PCAF methodology. These members include Chubb peers
Liberty Mutual, Aviva plc, Swiss Re, and MassMutual.<SUP>32</SUP> Twenty-eight global insurers have joined the NZIA and have committed
to transition emissions from their insurance and reinsurance underwriting portfolios to Net Zero by 2050.<SUP>33</SUP> Under the NZIA,
each company decides how it will achieve this objective.<SUP>34</SUP> Chubb does not publicly acknowledge the importance of meeting the
global 1.5&deg;C goal, nor has it has <FONT STYLE="font-size: 11pt">adopted targets for its own insured and invested emissions to help
achieve that goal. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.unepfi.org/themes/climate-change/recommendations-for-credible-net-zero-commitments-from-financial-institutions,
p.7</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.unepfi.org/industries/insurance/launch-of-nzia-target-setting-protocol-version-1-0/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.unepfi.org/industries/insurance/launch-of-nzia-target-setting-protocol-version-1-0/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://insure-our-future.com/scorecard</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://carbonaccountingfinancials.com/financial-institutions-taking-action#overview-of-financial-institutions</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.unepfi.org/net-zero-insurance/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.unepfi.org/psi/wp-content/uploads/2021/07/NZIA-launch-press-release.pdf,
p.1</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In the U.S., peers have begun to adapt portfolio emissions reduction
targets. For example, AIG has committed to reaching net zero GHG emissions across its underwriting and investments portfolios by 2050.<SUP>35</SUP>
AIG&rsquo;s commitment includes using science-based emission reduction targets, aligning with the latest climate science to meet the goals
of the Paris Agreement, and commitments to prohibit and phase out a range of coal, oil sands, and Arctic investment and underwriting activities.<SUP>36</SUP>
The Hartford also announced a goal of net Zero GHG emissions across its full range of businesses and operations by 2050.<SUP>37</SUP>
Other insurers setting net zero commitments include Allstate and MassMutual. <SUP>38, 39</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">According to Boston Consulting Group, insurers
that more actively pursue net zero can enable a competitive advantage. This is because &ldquo;first movers&rdquo; that anticipate how
markets are transitioning will be able to price better, provide customers with relevant new services, attract new funding, and address
the growing consumer preference for low-carbon alternatives.<SUP>40</SUP> Unfortunately, Chubb seems poised to miss this opportunity.
The 2022 <I>Insure Our Future</I> report asserts that Chubb defies climate science and evidence by continuing to insure new oil and gas
projects without significant exclusions.<SUP>41</SUP> Chubb&rsquo;s fossil fuel underwriting and investment ranking on the Insure Our
Future Scorecard has declined year over year since 2020, reflecting its failure to prepare its business for transition.<SUP>42</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO CHUBB
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>In its opposition statement, Chubb states that it: &ldquo;shares
the proponent&rsquo;s goal of achieving a net zero economy by 2050.&rdquo; Yet it argues that, &ldquo;[w]e disagree that forcing Chubb
to set targets related to the emissions produced by its insureds, rather than Chubb&rsquo;s own emissions, would advance that goal.&rdquo;
</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Investors support the goal of achieving a net zero economy by 2050.
To achieve this goal, every company must take responsibility for the emissions produced through its business activities, including the
indirect emissions which its business facilitates. As discussed above, limiting Chubb&rsquo;s focus to its &ldquo;own emissions&rdquo;
(by which it presumably means the Scope 1 and 2 emissions from its offices and electricity use) while ignoring the much larger emissions
associated with its insuring, underwriting, and investing activities, would do little to achieve the global net zero goal. As discussed
above, its direct emissions are vastly smaller than its insured and invested emissions<FONT STYLE="font-size: 11pt">, constituting only
about 3% of its total Scope 1-3 emissions.<SUP>43</SUP> Ignoring the vast majority of its Scope 3 emissions is unacceptable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.businesswire.com/news/home/20220301005761/en/AIG-Commits-to-Net-Zero-Greenhouse-Gas-GHG-Emissions-Across-its-Underwriting-and-Investment-Portfolios-by-2050</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://aig.gcs-web.com/node/53226/pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://newsroom.thehartford.com/newsroom-home/news-releases/news-releases-details/2022/The-Hartford-Announces-Goal-Of-Net-Zero-Greenhouse-Gas-Emissions-For-All-Operations-By-2050/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.allstatenewsroom.com/news/the-allstate-corporation-announces-a-net-zero-emissions-commitment/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2021/04/massmutual-announces-new-net-zero-commitments-that-address-climate-change</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://www.bcg.com/publications/2022/net-zero-insurance-companies-transformation</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://global.insure-our-future.com/2022-scorecard/,
p.7</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://insure-our-future.com/company/chubb/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://g20sfwg.org/wp-content/uploads/2021/10/2021-UNEP-FI.-Recommendations-for-Credible-Net-Zero-Commitments.pdf,
p.7</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb frames the Proposal as unduly prescriptive arguing that &ldquo;[t]o
produce the report requested by the proposal, Chubb would be required to set targets related to the emissions produced by the hundreds
of thousands of individual consumers and private, public and governmental entities that it insures<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">.&rdquo;</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This incorrectly presumes the Proposal requires any specific actions
from Chubb. In fact, under the Proposal Chubb can decide the most effective means of accomplishing its 1.5&deg;C goal. Investors assume
that Chubb will focus first on the areas which contribute most significantly to its portfolio emissions, not by measuring and creating
policies for the smallest activities it insures. Chubb has already begun focus on its most carbon emissions activities with its coal and
tar sands policies and recent oil &amp; gas underwriting policies, each of which will contribute to reducing its portfolio emissions in
some measure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb argues that it cannot measure its portfolio emissions and
argues that Proposal would have it measure individual cell phone purchases or travel policies. </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Again, this is not the case. Investors have no interest in requiring
Chubb to do the impossible or the unnecessary. This Proposal asks Chubb to set targets based on accepted methodologies, including existing
methodologies to measure its Portfolio emissions. As discussed in Section 2 above, frameworks exist for measuring and modelling insured,
underwriting, and invested emissions. Such methodologies do not require measuring small individual actions. Other insurers, including
peer U.S.-based insurers, are already measuring emissions and setting targets based on those measurements. To wait until emissions measurement
techniques are perfect would mean that no company would ever act to reduce its emissions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb argues that &ldquo;it has no control over its insureds&rsquo;
emissions and no basis to know how any change in any of its underwriting or investment activity would reduce its insureds&rsquo; emissions
or could be aligned with the Paris Agreement.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This objection is not well-founded and, in fact, is in direct conflict
with Chubb&rsquo;s own actions and statements. For example, Chubb has &ldquo;announced new underwriting criteria for oil and gas extraction
projects that it states <I>will require clients to reduce methane emissions</I>.&rdquo;<SUP>44</SUP> The policy itself is an acknowledgment
that Chubb&rsquo;s actions, including its underwriting criteria, will influence its insureds&rsquo; activities. We agree that the effect
of this underwriting criteria remains unclear since Chubb has not estimated or disclosed its probable emissions reductions. We note, however,
that failing to measure is not the same as not being able to measure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb argues that &ldquo;assuming that we could accurately measure
Scope 3 emissions for all of our insureds, the proposal provides no basis for understanding what a Scope 3 &ldquo;target&rdquo; aligned
with the Paris Agreement would be or how any such target could advance the reduction in GHG emissions sought by the proponent.&rdquo;
</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This is a surprising statement given the recent investor and company
work to align with the global Paris 1.5&deg;C goal. Although the Proposal does not require any specific annual reductions other <FONT STYLE="font-size: 11pt">than
to align with this global goal, the following entities provide guidelines for Chubb to apply: </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> https://news.chubb.com/2023-03-22-Chubb-Announces-New-Climate-and-Conservation-Focused-Underwriting-Standards-for-Oil-and-Gas-Extraction
(emphasis added).</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The IPCC has demonstrated that to keep global temperatures below 1.5
degrees Celsius, global emissions must be reduced by approximately 45% by 2030 from 2010 levels.<SUP>45</SUP> The Science Based Targets
Initiative suggests that companies should therefore reduce their own emissions by approximately 4% per year to align with those global
reductions.<SUP>46</SUP> Thus, while a transition plan by Chubb may call for more or fewer reductions in any given year, the trajectory
itself is clear. Actual reductions will depend on the policies Chubb puts in place and when it does so.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb states, &ldquo;[t]o the extent that the proposal seeks to
force Chubb to set limits on insuring some specific activity, such as insuring fossil fuel extraction, refining or use, such a limit has
no connection to the actual production of GHG emissions.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This objection misconstrues the Proposal, which does not advocate for
a limitation on fossil fuels. Instead, the Proposal supports setting forward-looking targets in line with an <I>orderly</I> transition
toward the global Net Zero Paris goal. Indeed, effective transition planning promises to be significantly <I>less disruptive</I> and more
cost-effective than being caught flat-footed by burgeoning and costly climate events and tightening global regulations. Setting 1.5&deg;
aligned targets would enable Chubb to reduce growing risk to its own profitability, while accelerating climate transitions across the
real economy, itself an important risk mitigation strategy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb&rsquo;s opposition states that setting scope 3 targets for
its insured clients is an impractical and ineffective way to meaningly contribute to meet Net Zero targets and reduce global GHG emissions.
Specifically, Chubb states:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Chubb believes the most effective use of its resources to
support society&rsquo;s transition to net zero involve focusing on the impact we can have on our broad client base to support their respective
transitions. We have more influence over the climate risks related to our clients&rsquo; insurable activity when we use our risk management
expertise to support their transition than if we end the business relationship altogether.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal, however, does not require ending business relationships.
Proponent agrees with the statement that helping clients to transition is important. Chubb is certainly free to support its client&rsquo;s
transitions and it is to be applauded for doing so. At some point, Chubb may need to respond to non-transitioning companies; it can do
so by introducing incentives, more ambitious sectoral policies, or other accountability measures to drive insureds&rsquo; emission reductions.
We note that a commitment to strengthened sectoral targets can signal to clients and investors that Chubb is driving forward on its timebound
decarbonization pathway in line with a net zero by 2050 economy. Measuring and disclosing its emissions annually, and adopting a plan
to proactively reduce emissions, will help it to do so.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chubb also cites various climate-related activities it has undertaken
-- including its new underwriting criteria and existing coal and tar sand policies &ndash; to indica<FONT STYLE="font-size: 11pt">te that
it is making sufficient climate progress and thus the Proposal is unnecessary. </FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> https://unfccc.int/news/climate-commitments-not-on-track-to-meet-paris-agreement-goals-as-ndc-synthesis-report-is-published</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>46</SUP> https://sciencebasedtargets.org/resources/files/Target-Validation-Protocol.pdf,
p.22</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chubb Limited | Shareholder Proposal on Paris Aligned Goals</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While Chubb has taken certain steps to reduce climate risk, investors
are unsure what reductions these policies are likely to achieve and by when. Without a stated emissions reduction goal, it is unclear
whether Chubb is taking responsibility for aligning its portfolio emissions with global goals or not. Both Chubb and its investor will
benefit by Chubb stating its intention to align with global goals and then beginning to reduce its climate risk and climate contributions
in alignment with those goals.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #201F1E"><B>Vote &ldquo;Yes&rdquo;
on this Shareholder Proposal.</B> Chubb&rsquo;s underwriting and investing activities are climate-intensive, the Company has failed to
set clear goals to reduce its GHG emissions footprint in line with the Paris Agreement&rsquo;s goals, and it is currently lagging peers
on climate action. These factors generate company and portfolio risk. Chubb does not give shareholders full transparency on its climate
footprint and lacks a roadmap for how it plans to transition successfully to a low-carbon economy. We urge a &ldquo;Yes&rdquo; vote on
this resolution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Danielle Fugere, As You Sow, </I><I>dfugere@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">9</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
