<SEC-DOCUMENT>0001104659-25-037988.txt : 20250423
<SEC-HEADER>0001104659-25-037988.hdr.sgml : 20250423
<ACCEPTANCE-DATETIME>20250423160548
ACCESSION NUMBER:		0001104659-25-037988
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250423
DATE AS OF CHANGE:		20250423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				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:		25861423

	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>tm2512922d1_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>

<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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<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"><IMG SRC="tm2512922d1_defa14aimg001.jpg" ALT="">&nbsp;</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"><B>Supplement to Chubb Limited&rsquo;s Proxy Statement
for the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2025 Annual General Meeting of Shareholders
to be held on May 15, 2025</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"><B>The Board of Directors recommends a vote &ldquo;AGAINST&rdquo;
Agenda Item 13, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the shareholder proposal on Scope 3 greenhouse
gas emissions reporting</B></P>

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

<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">This proxy statement supplement, dated April 23, 2025, 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 1, 2025.</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 responds to Green Century Capital Management, Inc.&rsquo;s
(&ldquo;Green Century&rdquo; or the &ldquo;Proponent&rdquo;) Notice of Exempt Solicitation filed on April 7, 2025 (the &ldquo;Proponent
Notice&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">Chubb requests that shareholders consider this supplement as part of
the evaluation of Agenda Item 13, 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 why the Board recommends voting <B>&ldquo;AGAINST&rdquo;</B> Agenda
Item 13 is in the Board&rsquo;s statement of opposition to the shareholder proposal on pages 46-48 of the Proxy Statement (&ldquo;Statement
of Opposition&rdquo;). We include cross-references in this supplement to the Statement of Opposition for brevity and to avoid repetition.</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 a preliminary matter, we note that:</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: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proponent Notice omits a statement that Green Century Equity Fund owns
no more than $5 million of Chubb shares, as required by the proxy rules and related Securities and Exchange Commission (&ldquo;SEC&rdquo;)
Compliance and Disclosure Interpretation (&ldquo;C&amp;DI&rdquo;) 126.06. Green Century&rsquo;s most recent Form N-CSR, filed with the
SEC on April 3, 2025, reports less than $5 million in Chubb stock ownership. </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                              </TABLE>

<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: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chubb also believes that Green Century did not mail or otherwise disseminate
the Proponent Notice to Chubb&rsquo;s shareholders, as required by the proxy rules and related C&amp;DI 126.08. C&amp;DI 126.08 clarifies
that a person cannot file a Notice of Exempt Solicitation on the SEC&rsquo;s EDGAR filing system if the material was not sent or given
to shareholders through other means. Instead, it appears that Green Century improperly filed the Proponent Notice by using EDGAR as the
sole method to distribute its soliciting material. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Further Rationale for an &ldquo;AGAINST&rdquo; Vote</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">As explained in our Statement of Opposition, Chubb has set forth a
comprehensive climate change strategy focused realistically on working with insureds to facilitate the reduction of GHG emissions. Our
approach, which is science-based and fact-driven, is far more effective at influencing the actions of our insureds than attempting to
estimate the emissions of our millions of commercial and individual customers and attributing emissions to Chubb.</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">Ultimately, Scope 3 emissions disclosure relating to our underwriting,
insuring and investment activities serves no useful purpose and wastes Chubb&rsquo;s and our shareholders&rsquo; resources.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><B><I>1.</I></B></TD><TD><B><I>Our climate strategy and disclosure provide our shareholders assurance that we are <FONT STYLE="background-color: white">effectively
managing </FONT>physical and transition risks and opportunities. </I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proponent Notice asserts, without evidence, that understanding
Chubb&rsquo;s physical and transition risks and related mitigation efforts could be enhanced through Scope 3 emissions reporting. We have
carefully evaluated Scope 3 emissions reporting and determined that it neither provides useful information to assess our exposure to climate
risks, nor serves as a proxy for Chubb&rsquo;s actual exposure to transition risk or the physical effects of climate change. See &ldquo;The
Missing Purpose of Scope 3 Disclosure&rdquo; in the Statement of Opposition for further detail. Moreover, current Scope 3 emissions estimates
combine inaccurate and insufficient data with a fundamentally flawed counting methodology, as described in &ldquo;Threshold Issues Remain:
Methodological Concerns, Data Insufficiency and Attribution Shortcomings&rdquo; in the 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; background-color: white">Chubb&rsquo;s climate strategy addresses and
mitigates climate risks, identifies and executes on opportunities resulting from the energy transition, and supports clients in effecting
real-world emissions reduction. Our strategy is highlighted by three pillars &ndash; Chubb Climate+, Chubb Resilience Services and technical
underwriting criteria &ndash; each described in &ldquo;Chubb&rsquo;s Climate Strategy and Disclosure&rdquo; in the Statement of Opposition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also regularly update shareholders and
other stakeholders on our efforts and relevant metrics in our public reporting, such as in our recently published 2024 Sustainability
Report. Our current disclosures more effectively provide substantive information to investors on Chubb&rsquo;s strategy and steps to manage
climate risk exposure. Additionally, we believe our climate strategy will do far more to reduce GHG emissions in the real economy than
any exercise to estimate Scope 3 emissions could possibly achieve.</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">Proponent&rsquo;s most recent filing includes glaringly inaccurate
and misleading statements. It is simply not true that &ldquo;[i]n 2023, 77% of Chubb&rsquo;s direct premiums were written for fossil fuels.&rdquo;
That would equate to $36.5 billion of our $47.4 billion of 2023 net premiums written. Even a cursory review of our public disclosures
would show that this statistic is false. Our annual reports break down our premium by business unit and show that the Proponent&rsquo;s
statements have no basis in fact; plus, our 2023 Sustainability Report disclosed that our total Energy and Climate premiums for 2023 were
approximately $1.85 billion. The Proponent apparently has not read or has chosen to ignore Chubb&rsquo;s <I>existing</I> disclosures on
climate.</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">Ultimately, we simply do not consider Scope 3 GHG emissions as a meaningful
basis to evaluate Chubb&rsquo;s actions to address climate change or manage our physical and transition risk, particularly when compared
to our existing climate strategy and underwriting criteria for high-emitting industries.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"><B><I>2.</I></B></TD><TD><B><I>Chubb believes its climate strategy and reporting meets investor expectations.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding that this same Scope 3 proposal received only 28% support
at last year&rsquo;s annual general meeting, Green Century asserts in the Proponent Notice that investors expect Chubb to disclose Scope
3 emissions and that such disclosure would be helpful in evaluating Chubb&rsquo;s management and mitigation of climate risks.</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">During our 2024-2025 shareholder engagement program, which is further
described on page 53 of the Proxy Statement, we had robust discussions regarding &ldquo;Chubb&rsquo;s climate-related initiatives, strategies,
progress and disclosures, including activities relating to energy security and the transition to a more carbon neutral economy through
our Chubb Climate+ business unit and carbon-related underwriting criteria.&rdquo; The vast majority of shareholders that spoke with us
about climate during annual engagement expressed satisfaction with and support of Chubb&rsquo;s strategy and efforts.</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 actions provide assurance to our investors, as well as clients
and other stakeholders, that we take the risks and opportunities of climate change seriously and that we are thoughtfully and effectively
addressing the global transition.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"><B><I>3.</I></B></TD><TD><B><I>Chubb is actively monitoring new approaches to climate disclosures and our regulatory obligations, none of which currently require
Scope 3 reporting. </I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We describe our approach to assessing climate disclosure frameworks
and our obligations in detail in &ldquo;Threshold Issues Remain: Methodological Concerns, Data Insufficiency and Attribution Shortcomings
 &ndash; Proposal Front-Runs Emerging Disclosure Frameworks&rdquo; in the 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">Proponent inaccurately describes regulatory regimes as currently requiring
Scope 3 reporting, when they in fact do not. The Corporate Sustainability Reporting Directive (&ldquo;CSRD&rdquo;), cited by Proponent,
does not require Scope 3 emissions disclosure. CSRD instead requires that we conduct a dual materiality analysis on our Scope 3 emissions,
and if material, to disclose. As part of conducting our dual materiality analysis, we concluded that Scope 3 investment emissions were
not material for our subsidiary Chubb European Group SE, the only Chubb entity that is currently in scope for the CSRD, and that a materiality
assessment for Scope 3 insurance emissions was not possible due to a lack of available information. Our independent auditors reviewed
the process we undertook and issued an unqualified limited assurance opinion over Chubb European Group&rsquo;s CSRD report.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</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">Chubb is committed to supporting clients in addressing climate change
and building climate resilience through our products and services, underwriting and investment decisions, and philanthropic support, and
will continue to advance in encouraging the transition to a low-carbon future while recognizing the ongoing energy needs of the global
economy. Our Board and management have thoughtfully considered and chosen not to make the Scope 3 emissions disclosures requested by the
Proponent at this time.</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">For the reasons set forth above and in the Statement of Opposition
in our Proxy Statement, our Board recommends a vote <B>&ldquo;AGAINST&rdquo;</B> Agenda Item 13, 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">&nbsp;</P>

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