<SEC-DOCUMENT>0001214659-25-007311.txt : 20250512
<SEC-HEADER>0001214659-25-007311.hdr.sgml : 20250512
<ACCEPTANCE-DATETIME>20250509175149
ACCESSION NUMBER:		0001214659-25-007311
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250512
DATE AS OF CHANGE:		20250509
EFFECTIVENESS DATE:		20250512

SUBJECT COMPANY:	

	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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		25931960

	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:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>NAME OF REGISTRANT:</B> Chubb Limited</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green Century Equity Fund</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B> 114 State Street, Suite 200, Boston,
MA 02109</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is an amended version of the exempt solicitation previously
filed on EDGAR on April 7, 2025. The changes to the solicitation include: the addition of language required by Securities and Exchange
Commission (&ldquo;SEC&rdquo;) Compliance and Disclosure Interpretation (&ldquo;C&amp;DI&rdquo;) 126.06 clarifying that the filer does
not beneficially own more than $5 million in securities of the Registrant company, the removal of the claims that &ldquo;in 2023, 77%
of Chubb&rsquo;s direct premiums were written for fossil fuels,&rdquo; that the &ldquo;CSRD [may] require companies generating revenue
above a minimum threshold in the EU, including Chubb, to report their Scopes 1 &ndash; 3 emissions,&rdquo; that the &ldquo;Corporate Sustainability
Due Diligence Directive&hellip; [may] require companies to produce a climate transition plan&hellip;&rdquo; and &ldquo;California&rsquo;s
Climate Corporate Data Accountability Act&hellip;[may] mandate reporting on Scopes 1 &ndash; 3 emissions. Requirements for emissions reporting
[may] be phased in, with Scope 3 disclosures [expected to begin] in 2027.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Additionally, contrary to Chubb&rsquo;s assertions, that Green Century did not mail
or otherwise disseminate the Proponent Notice to Chubb&rsquo;s shareholders, Green Century disseminated the Proponent Notice to Chubb
shareholders prior to filing on Edgar, as required by C&amp;DI 126.08.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #1A1A1A"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Green Century Equity Fund does not beneficially own more than $5 million of securities
in the Registrant company. 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.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Agenda Item No. 13 on Chubb Limited&rsquo;s </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>2025 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Shareholder Proposal on Scope 3 Greenhouse Gas Emissions Reporting</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Chubb Limited Symbol: (CB)</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Green Century Capital Management, Inc. is the investment advisor to the Green Century
Equity Fund and seeks your support for the climate-related proposal filed at Chubb Limited (hereby referred to as &ldquo;Chubb&rdquo;
or &ldquo;the Company&rdquo;) in its 2025 proxy statement. The proposal asks the Company to issue a report disclosing the greenhouse gas
(GHG) emissions from its underwriting, insuring, and investment activities.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The Proponent believes taking such action will serve the long-term interests of the
Company by reducing physical, transition, regulatory, competitive, and reputational risks while addressing investor concerns over inadequate
disclosure practices.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #333333"><B>RESOLVED:</B> Shareholders request that Chubb issue a
report, at reasonable cost and omitting proprietary information, disclosing the GHG emissions from its underwriting, insuring, and
investment activities.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Physical and Transition Risks &ndash; </B>Chubb faces growing physical and transition risks from climate change that are heightened
by its underwriting, insurance, and investment activities. A key step toward understanding and mitigating these risks is enhanced disclosure
of the emissions compounding them.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Failure to Meet Investor Expectations &ndash; </B>Chubb fails to provide investors with sufficient emissions data to assess its
contribution to and mitigation of climate risks.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Regulatory Risk &ndash; </B>Without fulsome GHG emissions disclosures, investors are concerned Chubb may not be prepared to meet
forthcoming regulations that will require disclosing Scope 3 emissions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Competitive and Reputational Risk &ndash; </B>Chubb lags peers in disclosing Scope 3 emissions, creating competitive and reputational
risks as the government and media scrutinize insurance companies&rsquo; role in and response to climate change.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; border: black 1pt solid"><B>This is not a solicitation of authority
to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor does this communication
contemplate such an event. Green Century Equity Fund urges shareholders to vote for Agenda Item 13 following the instructions provided
on the management&rsquo;s proxy mailing. </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>The insurance industry is exposed to significant financial risk from climate change.</B>
In 2024, 78% of the USD $145B of global insured losses from natural disasters were recorded in the U.S., and the insured losses of USD
$113B in the U.S. greatly exceeded the average since 2000 ($58B).<SUP>1</SUP> The share of insured weather losses attributed to climate
change rose 6.5% over the last decade, and Swiss Re reported insured losses are expected to double within the next ten years.<SUP>2</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Climate change impacts insurers&rsquo; ability to set prices that compensate for
volatile climate risk&mdash;a key aspect of generating competitive returns.<SUP>3</SUP></B> As climate disasters become more frequent
and unpredictable, insurance companies are less able to model climate risk and adjust prices accordingly.<SUP>4</SUP> While testifying
before the U.S. Senate, the president of Aon PLC claimed that climate change has produced &ldquo;a crisis of confidence around the ability
to predict loss.&rdquo;<SUP>5</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>In response, many insurance companies are leveraging climate data to mitigate
the risks climate change poses to their business.</B> In a survey representing about 91% of the global insurance market, 76% of respondents
reported tracking and using climate-related indicators, including GHG emissions, percentage of listed assets exposed to high t<FONT STYLE="font-size: 10pt">ransition-sensitive
sectors, and green and sustainable investments.<SUP>6</SUP> This data augments insurers&rsquo; understanding of how physical and transition
risk will impact returns and the steps they can take to mitigate those impacts.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Chubb acknowledges the physical, transition, and liability risks climate change
poses to its business</B> and that &ldquo;the increasing impact of climate change could affect our cost of claims, loss ratios, and financial
results.&rdquo;<SUP>7</SUP> Chubb Chief Executive Evan Greenberg predicted the recent California wildfires will cost the Company $1.5
billion.<SUP>8</SUP> At an annual gathering of risk and insurance professionals, Greenberg said: &ldquo;The cost of climate change, to
state the obvious: Going up. This is not a short-term thing that&rsquo;s going to go away.&rdquo;<SUP>9</SUP></P>

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

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



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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> https://www.aon.com/en/insights/reports/climate-and-catastrophe-report,
3 &amp; 28</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> https://insure-our-future.com/wp-content/uploads/2024/12/IoF-Scorecard-2024.pdf,
5; https://www.swissre.com/press-release/New-record-of-142-natural-catastrophes-accumulates-to-USD-108-billion-insured-losses-in-2023-finds-Swiss-Re-Institute/a2512914-6d3a-492e-a190-aac37feca15b</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> https://www.cbo.gov/publication/60674</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> https://www.cbo.gov/publication/60674</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> https://www.scientificamerican.com/article/climate-change-is-destabilizing-insurance-industry/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>6</SUP> https://www.iais.org/uploads/2024/12/Global-Insurance-Market-Report-2024.pdf,
69</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>7</SUP> https://investors.chubb.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18231737,
19, 26</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>8</SUP> https://s201.q4cdn.com/471466897/files/doc_downloads/2025/01/Chubb-4Q24-Transcript-January-29-2024.pdf,</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>9</SUP> https://www.wsj.com/articles/pricier-insurance-makes-sense-as-climate-risk-grows-chubb-ceo-says-5e5d53b2</P>


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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Despite the risk climate change poses to its business, Chubb has not disclosed
the Scope 3 emissions associated with its underwriting, insuring, and investment activities.</B> In the absence of a report on how the
Company is measuring and disclosing its insured and invested emissions, neither Chubb nor its investors have insight into the majority
of the Company&rsquo;s GHG emissions, their associated climate risks, and Chubb&rsquo;s progress to mitigate the transition, regulatory,
competitive, and reputational risks that increasing GHG emissions poses to its business.</P>

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>TRANSITION AND PHYSICAL RISKS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Insurance companies face transition and physical risks from climate change that are
compounded by their fossil fuel underwriting and investing activities. As the economy shifts to renewables, companies continuing to finance
and invest in carbon-intensive industries may face negative impacts to asset valuations, profitability, investments, and shareholder returns.<SUP>10</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Insurance companies are projected to incur substantial losses on fossil fuel investments.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the case of a rapid and disorderly transition in 2026, one report found aggregate expected losses on bonds across the coal mining,
oil &amp; gas, power, and automotive sectors range from USD $7B to $28B. Delaying the transition by eight years increases losses to USD
$14B to $40B.<SUP>11</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>An International Association of Insurance Supervisors study reported that there would be a drop in insurers' available capital of
over 14% under a disorderly transition scenario and to almost 50% under <FONT STYLE="font-size: 10pt">a &ldquo;too little, too late&rdquo;
scenario.<SUP>12</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Global estimates of potential stranded fossil fuel assets amount to at least $1 trillion, and much of the market risk (15%) falls
on private investors in OECD countries through pension funds and financial markets.<SUP>13</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Insurance companies face additional physical risks from more frequent and severe
weather increasing their insured losses, particularly in property and casualty lines.<SUP>14</SUP> 2023 had the highest number of billion-dollar
disasters in one year, and natural catastrophe losses in 2024 rose nearly $74B higher than the 30-year inflation-adjusted average.<SUP>15</SUP>
A study in The Journal of Climate Finance concluded that climate risks significantly reduce insurers&rsquo; profitability, and that for
every 1 unit increase in physical risk, ROE decreases by 10.36 units on average.<SUP>16</SUP>At the same time, Chubb and its subsidiaries
continue to underwrite the fossil fuel infrastructure intensifying climate change and the physical risks it poses to its business.<SUP>17</SUP></P>

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


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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>10</SUP> https://www.mckinsey.com/capabilities/sustainability/our-insights/the-economic-transformation-what-would-change-in-the-net-zero-transition;
https://www.nature.com/articles/s41558-022-01356-y; https://www.lse.ac.uk/granthaminstitute/explainers/what-are-stranded-assets/; https://www.nature.com/articles/s41558-022-01356-y</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>11</SUP> https://www.insurance.ca.gov/01-consumers/180-climate-change/upload/TheHiddenCostOfDelayingClimateActionForWestCoastInsuranceMarkets.pdf,
11</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>12</SUP> https://kpmg.com/xx/en/our-insights/regulatory-insights/regulating-for-climate-change-in-insurance.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>13</SUP> https://www.lse.ac.uk/granthaminstitute/explainers/what-are-stranded-assets/;
https://www.nature.com/articles/s41558-022-01356-y</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>14</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: 10pt Times New Roman; margin: 0pt 0"><SUP>15</SUP> https://www.climate.gov/news-features/blogs/beyond-data/2023-historic-year-us-billion-dollar-weather-and-climate-disasters;
https://www.insurancejournal.com/news/international/2025/01/09/807524.htm</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>16</SUP> https://doi.org/10.1016/j.jclimf.2024.100053</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>17</SUP> https://science.nasa.gov/climate-change/extreme-weather/</P>


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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Chubb is a leading insurer in investing in and underwriting fossil fuel projects
that increase </B>&#9;<B>physical and transition risk. </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In 2024, Chubb was ranked one of the top oil and gas insurers.<SUP>18</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chubb and its subsidiaries insured fossil fuel expansion, including the Cameron liquid natural gas (LNG) terminal, Tacoma LNG terminal,
and Freeport LNG terminal.<SUP>19</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A Senate Committee linked a Chubb subsidiary to BP&rsquo;s oil and gas exploration in the Arctic and to oil exploration in Brazil.<SUP>20</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">By investing in and insuring fossil fuel projects, Chubb is exacerbating already
rising insured losses from climate-related natural disasters. These losses ultimately impact shareholder returns. Disclosing the emissions
associated with underwriting, investing, and insuring activities would allow Chubb to better assess its contributions to climate change,
associated climate-related risks, and the impact of any mitigation steps over time.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">II.</TD><TD><B>FAILURE TO MEET INVESTOR EXPECATIONS </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Despite the transition and physical risk climate change poses to Chubb&rsquo;s business,
the Company has yet to disclose the emissions associated with its underwriting, insuring, and investing activities. Chubb discloses Scopes
1 and 2 operational emissions. Yet, a McKinsey analysis found the insurance underwriting portfolio accounts for roughly 50% of total enabled
emissions, and the investment portfolio accounts for the other half of total emissions for a typical P&amp;C insurer.<SUP>21</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Chubb asserts that its existing climate strategies and disclosures make Scope 3 emissions
reporting unnecessary. This claim misses the purpose of the proposal, which is to better understand the extent of Chubb&rsquo;s carbon
footprint and if the Company&rsquo;s existing policies are effectively reducing emissions.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>A study in Nature found that a common, and early as practicable, base year for emissions is imperative to tracking progress and limiting
warming, with e<FONT STYLE="font-size: 10pt">very year of delayed action necessitating a higher rate of decarbonization and further exposure
of billions of investment dollars to transition risk.<SUP>22</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>PwC cites that calculating insurance associated emissions can lead to a competitive advantage by creating transparency for stakeholders
and better managing climate-related transition risks.<SUP>23</SUP></TD></TR></TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>18</SUP> https://insure-our-future.com/wp-content/uploads/2024/12/IoF-Scorecard-2024.pdf</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>19</SUP> https://www.ran.org/wp-content/uploads/2024/02/RAN_LNG_2024_vF.pdf</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>20</SUP> https://www.washingtonpost.com/climate-environment/2023/06/09/investigation-insurance-companies-fossil-fuels/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>21</SUP> https://www.mckinsey.com/industries/financial-services/our-insights/insurance/net-zero-underwriting-in-p-and-c-and-the-growth-at-stake;
SBTi is in alignment with this finding, https://sciencebasedtargets.org/resources/files/SBTi-Insurance-Industry-Brief-Publication.pdf
<FONT STYLE="font-family: Times New Roman">p.10</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>22</SUP> https://www.nature.com/articles/s41467-022-31143-4</P>


<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>23</SUP> https://www.casact.org/sites/default/files/2023-06/23_Spring_CS-3.pdf,
7</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>An MSCI survey found that 88% of investors in both North America and Europe analyze the emissions of their investments to more fully
consider the risks to their investments.<SUP>24</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Despite disclosing global written premiums for renewable energy and the number of
clients Chubb engages regarding its methane criteria,<SUP>25</SUP> these metrics do not provide insight into how these initiatives translate
to emissions reductions or climate mitigation progress.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Measuring and disclosing the emissions from Chubb&rsquo;s underwriting, investing,
and insuring will provide the Company and its investors with critical information on Chubb's contribution and exposure to climate risk
and allow it to better evaluate and diminish risks by considering the environmental impact of its business and investments.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>REGULATORY RISK</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Chubb faces regulatory risks from requirements that will mandate Scope 3 emissions
disclosures faces regulatory risks from requirements that will mandate Scope 3 emissions disclosures, including the GHG emissions from
underwriting, insuring, and investing in fossil fuels.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">European and American jurisdictions are recognizing the role of companies in reducing
total GHG emissions by mandating Scope 3 emissions disclosures. In continuing to delay independently verified full value chain emissions
reduction targets, Chubb may not be prepared to meet forthcoming regulatory requirements in California and the EU.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>In 2023, the EU adopted the Corporate Sustainability Reporting Directive (CSRD) rule. CSRD may require companies generating revenue
above a minimum threshold in the EU, including Chubb, to report their Scopes 1 &ndash; 3 emissions.<SUP>26</SUP> As of December 31, 2024,
20 countries have adopted legislation implementing the CSRD and another six have proposed legislation.<SUP>27</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>The EU published the Corporate Sustainability Due Diligence Directive (CS3D) in 2024. It may require companies to produ<FONT STYLE="font-size: 10pt">ce
a climate transition plan and short-term and medium-term targets for their full value chain. Scope 3 emissions data will be necessary
to set targets.<SUP>28</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>California&rsquo;s Climate Corporate Data Accountability Act was signed into law in 2023 and may
mandate reporting on Scopes 1 - 3 emissions. Requirements for emissions reporting may be
phased in, with Scope 3 disclosures expected to begin in 2027.
<SUP>29</SUP></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Chubb has yet to report on progress toward reaching regulatory compliance for Scope
3 emissions disclosures, is seemingly ill-prepared to set targets, and exposed to regulatory risks for non-compliance.</P>

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


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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>24</SUP> https://www.msci-institute.com/themes/climate/climate-change-dominates-investors-outlook-stanford-msci-sustainability-institute-survey-finds/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>25</SUP> https://about.chubb.com/content/dam/chubb-sites/chubb/about-chubb/citizenship/environment/pdf/chubb-2024-climate-related-financial-disclosure.pdf,
12</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>26</SUP> https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>27</SUP> https://www.pwc.com/gx/en/services/tax/tax-esg/pwc-eu-member-state-status-update-nov-2024.pdf;
https://www.ropesgray.com/en/insights/viewpoints/102jvau/eu-corporate-sustainability-reporting-directive-transposition-update</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>28</SUP> https://commission.europa.eu/business-economy-euro/doing-business-eu/sustainability-due-diligence-responsible-business/corporate-sustainability-due-diligence_en</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>29</SUP> https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB253</P>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B>COMPETITIVE AND REPUTATIONAL RISK</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">As media and government pressure mounts on insurers for failing to mitigate the climate
risks impacting their business and customers, companies that do not demonstrate meaningful progress to reduce emissions will experience
heightened reputational risks. Chubb also lags peers in disclosing its Scope 3 emissions and may confront additional competitive risk
as peers more effectively address the transition, physical, and reputational risks of climate change.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>The media and government are drawing attention to the role of the insurance industry
in enabling climate change. </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Major news outlets increasingly cover how insurers&rsquo; contribution to and mishandling of climate risk impacts consumers, including
<I>The Wall Street Journal</I>,<SUP>30</SUP> <I>The Washington Post</I>,<SUP>31</SUP> <I>Bloomberg</I>,<SUP>32</SUP> and <I>The New York
Times</I>,<SUP>33</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>In 2022, 16 U.S. representatives sent a public letter to Chubb for continuing to invest in fossil fuel expansion projects despite
the risks the projects pose to the country's economic stability and furthering the climate crisis.<SUP>34</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>In 2023, U.S. lawmakers investigated seven major insurers, including Chubb, for continuing to insure and invest billions of dollars
in fossil fuel projects and failing to report on how they underwrite, invest in, and profit from the fossil fuel industry.<SUP>35</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Chubb&rsquo;s industry peers are ahead in disclosing Scope <FONT STYLE="font-size: 10pt">3
emissions from underwriting, investing, and insuring and taking steps to mitigate climate risks. </FONT></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Swiss Re,<SUP>36</SUP> a.s.r.,<SUP>37</SUP> Achmea,<SUP>38</SUP> NN Group,<SUP>39</SUP> and Fidelis MGU<SUP>40</SUP> have begun to
measure their insurance-related emissions</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Allianz<SUP>41</SUP> and Aviva,<SUP>42</SUP> have committed to baselining insurance associated emissions and/or setting targets to
limit emissions to net zero by 2050</TD></TR></TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>30</SUP> https://www.wsj.com/business/state-farm-california-pulled-plug-fires-c702fff8</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>31</SUP> https://www.washingtonpost.com/climate-environment/2023/06/09/investigation-insurance-companies-fossil-fuels/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>32</SUP> https://www.bloomberg.com/news/articles/2023-11-09/insurers-back-oil-and-gas-industry-amid-rising-climate-threat?embedded-checkout=true</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>33</SUP> https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>34</SUP> https://huffman.house.gov/media-center/press-releases/reps-huffman-and-jones-call-out-us-insurance-company-for-investing-in-fossil-fuel-projects-despite-climate-risks</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>35</SUP> https://www.budget.senate.gov/download/budget-committee-letters-to-insurance-companies</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>36</SUP> https://www.swissre.com/dam/jcr:b17dff9d-c026-46e6-b3f9-a0839fb5ed65/2024-sustainability-report-en.pdf,
73</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>37</SUP> Climate Transition Plan 2025 - A.S.R. Insuranceasrnl.comhttps://www.asrnl.com
&rsaquo; files &rsaquo; klimaattransitieplan, 10</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>38</SUP> https://carbonaccountingfinancials.com/files/institutions_downloads/Achmea-Climate-Transition-Plan-1.pdf,
32</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>39</SUP> https://www.nn-group.com/article-display-on-page-no-index/nn-climate-action-plan-2025-update.htm,
37</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>40</SUP> https://carbonaccountingfinancials.com/files/institutions_downloads/2023-10-Fidelis-ESG-Presentation-MGU-2023-pdf-downloadasset.pdf,
8</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>41</SUP> https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/sustainability/documents/Allianz_Group_Sustainability_Report_2023-web.pdf,
50</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>42</SUP> https://static.aviva.io/content/dam/aviva-corporate/documents/socialpurpose/pdfs/2024-transition-plan.pdf,
39</P>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Allianz,<SUP>43</SUP> Travelers,<SUP>44</SUP> AIG,<SUP>45</SUP> and The Hartford<SUP>46</SUP> have all begun disclosing their financed
emissions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">A Deloitte survey of 100 US C-Suite executives and ESG leaders of US insurance companies
found that 84% of P&amp;C insurers highly or moderately integrate net zero goals into their investment portfolios and 73% into their underwriting.<SUP>47</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In continuing to fall behind the industry &#9;and peers in reporting Scope 3 emissions
and adjusting Chubb&rsquo;s climate mitigation policies accordingly, the Company exposes itself to reputational risks and lower profitability
than more sustainable competitors.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>V.</B></TD><TD><B>RESPONSE TO OPPOSITION STATEMENT </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Chubb&rsquo;s statement in opposition questions the reliability and impact of disclosing
Scope 3 emissions. The Company&rsquo;s arguments fail to acknowledge how peers have successfully utilized The Partnership for Carbon Accounting
Financials (PCAF) global accounting standard to measure GHG emissions associated with their insurance underwriting and investment portfolios<SUP>48</SUP>
and the role Scope 3 emissions play in assessing a Company&rsquo;s carbon exposure.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Achieving a baseline for relevant Scope 3 emissions for any type of company i<FONT STYLE="font-size: 10pt">s
an iterative process,<SUP>49</SUP> and Chubb&rsquo;s peers have begun using or adapting the PCAF methodology</FONT></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>PCAF&rsquo;s standard can be applied to more than 70% of the global property and casualty primary insurance market, and it is aiming
to continue to extend its scope.<SUP>50</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>PCAF suggests companies address estimates by assigning data quality scores to their emissions disclosures, recognizing the need for
high emitting companies to begin disclosing emissions and that data quality will improve over time.<SUP>51</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>NN group utilizes PCAF for emissions accounting and target-setting while noting imitations on data quality;<SUP>52</SUP> CitiBank
includes a disclaimer of how company valuation changes impact its financed emissions, as well as improvements in PCAF data quality scores
over time;<SUP>53</SUP> Allianz welcomed PCAF by noting that GHG accounting is not meant to estimate emissions of the global economy but
can help companies and investors steer climate strategies.<SUP>54</SUP></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>43</SUP> https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/sustainability/documents/Allianz_Group_Sustainability_Report_2023-web.pdf,
54</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>44</SUP> https://asset.trvstatic.com/download/assets/travelers_tcfdreport2023.pdf/93114e88b97011efa5e28e42e80f1a8f,
34</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>45</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-sustainability-report-2023.pdf,
36</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>46</SUP> https://ewcstatic.thehartford.com/thehartford/the_hartford/files/Comm/cdp-project-submission.pdf,
223</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>47</SUP> https://www2.deloitte.com/us/en/insights/industry/financial-services/executive-insurance-survey.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>48</SUP> https://carbonaccountingfinancials.com/files/downloads/pcaf-standard-part-c-insurance-associated-emissions-nov-2022.pdf</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>49</SUP> https://139838633.fs1.hubspotusercontent-eu1.net/hubfs/139838633/2024%20resources%20uploads/IIGCC_Investor-approaches-to-scope-3_Final_Jan-2024.pdf,
15; https://ghgprotocol.org/sites/default/files/2023-03/Scope3_Calculation_Guidance_0%5B1%5D.pdf, 18</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>50</SUP> https://carbonaccountingfinancials.com/en/newsitem/pcaf-launches-the-global-ghg-accounting-and-reporting-standard-for-insurance-associated-emissions</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>51</SUP> https://www.moodys.com/web/en/us/insights/insurance/insurance-associated-ghg-emissions-the-pcaf-measurement-standard.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>52</SUP> https://www.nn-group.com/article-display-on-page-no-index/nn-climate-action-plan-2025-update.htm,
37; g-emissions-the-pcaf-measurement-standard 49 https://www.nn-group.com/sustainability/taking-climate-action.htm, 37</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>53</SUP> https://www.citigroup.com/rcs/citigpa/storage/public/taskforce-on-climate-related-financial-disclosures-report-2022.pdf,
26</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>54</SUP> https://www.allianzgi.com/en/insights/outlook-and-commentary/scope-3-emissions</P>


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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Scope 3 disclosures are meant to increase company accountability and track climate
</B>&#9;<B>mitigation progress over time</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>The Institutional Investor Group on Climate Change (IIGCC) report Chubb quotes claims, &ldquo;measuring Scope 3 emissions is not to
assign emissions ownership but to assess one entity&rsquo;s carbon exposure,&rdquo; and that Scope 3 emissions help companies focus engagement
on the greatest opportunities to influence real economy decarbonization and better understand transition risk.<SUP>55</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Forbes notes that financial institutions&rsquo; measurement of GHG emissions in their portfolios can strengthen their ESG strategies
by allowing identification of hard to abate sectors. It also states that financial institutions should still start preparing their emissions
data, first identifying data gaps and then analyzing how to address them.<SUP>56</SUP></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>VI.</B></TD><TD><B>CONCLUSION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">By disclosing the emissions from Chubb&rsquo;s underwriting, inuring, and investment
activities, Chubb and its investors will better respond to the physical, transition, regulatory, competitive, and reputational risks of
climate change, as well <FONT STYLE="font-size: 10pt">as understand if and how the Company's current underwriting and investing strategies
are mitigating those risks.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking Chubb to issue a report,
at </B>&#9;<B>reasonable cost and omitting proprietary information, disclosing the GHG emissions from its underwriting, insuring, and
investment activities. </B></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><I>For questions regarding this proposal, please contact Giovanna Eichner, Green
Century Capital Management, geichner@greencentury.com</I>.</P>

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

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

<DIV STYLE="padding: 1pt 4pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor does this communication contemplate
such an event. Green Century Equity Fund urges shareholders to vote for Agenda Item No. 13 following the instructions provided on the
management&rsquo;s proxy mailing. </B></P>
</DIV>



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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>55</SUP> https://139838633.fs1.hubspotusercontent-eu1.net/hubfs/139838633/2024%20resources%20uploads/IIGCC_Investor-approaches-to-scope-3_Final_Jan-2024.pdf,
6 &amp; 13</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>56</SUP> https://www.forbes.com/sites/deloitte/2021/12/15/measuring-up-financial-institutions-and-emissions/</P>

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