<SEC-DOCUMENT>0001104659-24-051218.txt : 20240424
<SEC-HEADER>0001104659-24-051218.hdr.sgml : 20240424
<ACCEPTANCE-DATETIME>20240424160627
ACCESSION NUMBER:		0001104659-24-051218
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240424
DATE AS OF CHANGE:		20240424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		24870582

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2412556d1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<html><head></head><body link=blue lang="EN-US"><P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington,&nbsp;D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">Proxy
Statement Pursuant to Section&nbsp;14(a) of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934 (Amendment
No.&nbsp;&nbsp;&nbsp;&nbsp;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>Preliminary
Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;Confidential,
for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2)) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;&nbsp;Definitive
Additional Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
Material Pursuant to &sect;&nbsp;240.14a-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Chubb Limited
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check the appropriate
box):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">No fee required</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with
                                            preliminary materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table in exhibit required by Item
                                            25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2412556d1_defa14aimg001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Supplement to the Proxy Statement for the 2024
Annual General Meeting of Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to be held on May&nbsp;16, 2024</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This proxy statement supplement, dated April&nbsp;24, 2024, supplements
the Definitive Proxy Statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;) of Chubb Limited (the &ldquo;Company&rdquo;, &ldquo;Chubb&rdquo;,
 &ldquo;we&rdquo; or &ldquo;our&rdquo;), filed on April&nbsp;1, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This supplement updates shareholders, since the filing of the Proxy
Statement, on the Company&rsquo;s adoption of additional science-based oil and gas underwriting criteria and responds to Proponents&rsquo;
notice of exempt solicitation filed on April&nbsp;18, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board requests shareholders consider this proxy statement supplement
as part of the evaluation of Agenda Item 15, the shareholder proposal on Scope 3 greenhouse gas emissions reporting, which our Board recommends
that shareholders vote <B>&ldquo;AGAINST&rdquo;</B>. Further explanation of the reasons the Board recommends voting <B>&ldquo;AGAINST&rdquo;</B>
Agenda Item 15 is described in the Board&rsquo;s statement of opposition to the proposal on pages&nbsp;59-61 of the Proxy Statement (&ldquo;Statement
of Opposition&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>New Oil&nbsp;&amp; Gas Underwriting Criteria</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In April&nbsp;2024, the Company expanded its oil and gas underwriting
criteria, which were first established in March&nbsp;2023, to address larger oil and gas companies and adopt new standards for midstream
activities. The criteria apply to all property, casualty, environmental and financial lines of insurance specific to upstream and midstream
operations. This continued development and implementation of climate underwriting criteria in the ordinary course of our business demonstrates
Chubb&rsquo;s commitment to our innovative climate strategy and continued leadership in developing underwriting-driven approaches designed
to reduce greenhouse gas (&ldquo;GHG&rdquo;) emissions over the one-year period of typical insurance policies. We are also currently evaluating
evidence to support the development of criteria in other high-emitting industries. We believe the implementation of underwriting criteria,
combined with our other climate strategy pillars, including underwriting net-zero solutions through Chubb Climate+, is more impactful,
more data-driven, and a better use of our resources than the climate strategy advocated by the Proponents in their notice of exempt solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the expanded criteria, Chubb&rsquo;s full underwriting criteria
and conservation policy for oil and gas encompasses:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I><U>Standards for methane emissions</U></I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>For oil and gas producers with annual revenues less than $1 billion, </B>Chubb will continue to provide insurance coverage for
clients that implement evidence-based plans to manage methane emissions, including, at a minimum, having in place programs for leak detection
and repair, the elimination of non-emergency venting, and adopting one or more measures that have been demonstrated to reduce emissions
from flaring. Clients will have a set period of time to develop an action plan based on their individual risk characteristics. We may
decline coverage if a potential policyholder cannot meet our methane performance expectations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>For oil and gas producers with annual revenues greater than $1 billion, </B>Chubb expects our insureds will achieve a methane emissions
intensity of 0.2% or less by 2030 across their global operations. Chubb will continue to provide coverage for clients that are able to
report their methane emissions intensity, are engaging in direct measurement of methane emissions, and demonstrate progress towards achieving
methane emissions intensity of 0.2% or less. We may decline coverage if a potential policyholder cannot meet our methane performance expectations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>For midstream oil and gas operations with annual revenues greater than $1 billion, </B>Chubb expects our insureds will achieve
a methane emissions intensity of 0.2% or less by 2030 across their global operations. Chubb will continue to provide coverage for clients
that are able to report their methane emissions intensity, are engaging in direct measurement of methane emissions, and demonstrate progress
towards achieving near zero methane emissions intensity. We may decline coverage if a potential policyholder cannot meet our methane performance
expectations.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>For midstream oil and gas operations with annual revenues less than $1 billion, </B>Chubb will continue to provide insurance coverage
for clients that implement evidence-based plans to manage methane emissions, including, at a minimum, having in place programs for leak
detection and repair and the elimination of non-emergency venting and adopting one or more measures that have been demonstrated to reduce
emissions from flaring. Clients will have a set period of time to develop an action plan based on their individual risk characteristics.
We may decline coverage if a potential policyholder cannot meet our methane performance expectations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">We will support our clients as they endeavor to improve
their methane emissions controls by providing resources and support through our risk engineering services. We have created and will continue
to expand the Chubb Methane Resource Hub as a central location for resources and support for our insureds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I><U>Standards for protected conservation areas</U></I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>For oil and gas producers, </B>Chubb will no longer underwrite oil and gas extraction projects in International Union for the Conservation
of Nature (IUCN) management categories I-V in the World Database on Protected Areas, which includes nature reserves, wilderness areas,
national parks and monuments, habitat or species management areas, and protected landscapes and seascapes that have been designated for
protection by state, provincial or national governments. This includes the Arctic National Wildlife Refuge (ANWR). Chubb is currently
developing standards for projects in category VI areas (protected areas that allow sustainable use) in the World Database on Protected
Areas as well as for oil and gas extraction projects in the Arctic, Key Biodiversity Areas, mangrove forests and global peatlands that
are not currently listed in the World Database on Protected Areas.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>For midstream oil and gas operations, </B>Chubb will no longer underwrite new greenfield projects that occur in IUCN management
categories I-V in the World Database on Protected Areas.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I><U>Coal policy</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Chubb was the first major insurer in the U.S. to announce
a policy concerning thermal coal-related underwriting and investment. In 2019, we adopted the following policy:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chubb no longer underwrites risks related to the construction and operation of new coal-fired plants.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Chubb does not underwrite new risks for companies that generate &gt;30% of revenues from thermal coal mining and began phasing out
coverage of existing risks that exceeded this threshold at the end of 2022.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chubb does not underwrite new risks for companies generating more than 30% of their energy production from coal and began phasing
out coverage of existing risks exceeding this threshold at the start of 2022 (accounting for the viability of alternative energy sources
in the impacted region).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chubb no longer makes new debt or equity investments in companies that generate more than 30% of revenues from thermal coal mining
or that generate more than 30% of energy production from coal.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I><U>Oil sands policy</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In 2022, Chubb adopted a policy that it will no longer underwrite
risks for projects involving direct mining or in-situ extraction and processing of bitumen from oil sands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Chubb
is</U></B></FONT><B><U> Taking Meaningful Action to Support the Global Net-Zero Transition</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contrary to Proponents&rsquo; claim that it is somehow behind the industry,
Chubb&rsquo;s actions demonstrate its innovative leadership on climate change. As explained in detail in our 2024 Proxy Statement, 2023
TCFD Report and 2023 Sustainability Report, the Company has set forth a comprehensive climate change strategy that is focused on recognizing
the particular role of insurance in the economy and the influence we can realistically have on the GHG emissions of third parties. In
our view, this approach is far more effective at influencing the actions of our insureds than attempting to measure our insured clients&rsquo;
emissions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Company has explained in our Statement in Opposition, Scope
3 emissions are not Chubb&rsquo;s emissions, but those of the companies that Chubb insures. Proponents wrongly insist that Chubb should
count its insureds&rsquo; emissions because some banks have attempted to do so. First, insurers are not banks; the dynamic annual nature
of insurance policy renewals means that the insurance industry has different tools at our disposal in engaging with clients. Second, there
is no evidence that counting third-party emissions is a necessary or appropriate way for the insurance sector to engage with our clients.
Indeed, while pointing to banks&rsquo; attempt at counting, Proponents fail to state that this has been a multiyear process that still
leaves open many questions as to <I>how</I> counting bank customer emissions will actually achieve emissions reductions. As of this writing,
the Company is unaware of any U.S. bank that has applied an approach beyond client engagement that is based upon actual technical criteria
to reduce emissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In contrast, the Company&rsquo;s underwriting criteria approach is
focused on tangible real-world actions that our insureds are expected to take <I>during the one-year policy period</I> that reduce GHG
emissions in the real economy. Estimating emissions across an entire industrial sector was not a necessary precursor for the Company to
undertake the rigorous risk engineering work that addresses the question of what high-emitting insureds should do, now, to immediately
begin addressing emissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company also rejects Proponents&rsquo; underlying premise
that the only way to achieve valid climate action is to measure Scope 3 emissions and set explicit targets to reduce those
emissions. Earlier this month, the European Central Bank released a new study examining the influence of membership in the Net Zero
Banking Alliance on the capital allocation behavior of member banks and the climate commitments of their clients. The study
concluded that there is no evidence that a net-zero commitment makes a bank&rsquo;s allocation of capital greener than a bank
without a net-zero commitment. The study also found no evidence that clients of banks with net-zero commitments are more likely to
have adopted climate commitments of their own.<SUP>1</SUP> While the study leaves open that this could change over time, this is yet
another piece of evidence to suggest that Proponents&rsquo; singular focus on Scope 3 emissions and target setting is a theory of
change that has not yet proven its effectiveness. Reasonable minds may differ, but the Company rejects Proponents&rsquo; contention
that its refusal to adhere to Proponents&rsquo; preferred theory of change makes it a &ldquo;laggard.&rdquo; To the contrary, the
Company leads the insurance industry by having not just articulated, but actually begun implementing, technical criteria for GHG
emissions control by insureds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have previously stated, we do not believe that disclosure of
Scope 3 GHG emissions provides a meaningful basis to evaluate Chubb&rsquo;s actions to address climate change or manage our climate-related
risk. Additional disclosure regarding our views on the data insufficiency and methodological shortcomings of measuring insurance associated
GHG emissions, and the missing link between Scope 3 reporting and actually reducing real-world GHG emissions, is discussed in detail in
our Statement of Opposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board therefore recommends a vote <B>&ldquo;AGAINST&rdquo;</B>
Agenda Item 15, the shareholder proposal on Scope 3 greenhouse gas emissions reporting.</P>

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

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

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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
<U>https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2921~603e225101.de.pdf?f3854e151126bea0371149d197b37353</U> (&ldquo;We find that climate-aligned
lenders reduce lending to targeted sectors, both in absolute terms and relative to other sectors. However, once we compare climate-aligned
lenders to other lenders, we find that climate-aligned lenders have not differentially divested from emissions-intensive firms, in mining
or in the sectors for which they have set targets. This holds both for firms in the Eurozone, as well as across the globe, where the
bulk of European banks&rsquo; brown lending takes place. Further, we do not find evidence for engagement. Firms connected to climate-aligned
banks are no more likely to themselves set decarbonization targets. . . Our evidence suggests that NZBA banks are neither divesting nor
engaging differently from banks without a climate commitment.&rdquo;)</P>

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

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

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

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