Is Bankers Standard Insurance Company Part of Chubb?

Bankers Standard Insurance Company is indeed part of the Chubb Group of insurance companies. Headquartered in Philadelphia, Bankers Standard has been a Chubb subsidiary since 1998 and is licensed to provide property and casualty insurance across all 50 states and the District of Columbia.

Overview of Bankers Standard Insurance Company

  • Bankers Standard Insurance Company was founded in 1962 in Pennsylvania.

  • It holds a national charter and is licensed in all US states and DC.

  • The company provides commercial and personal lines property and casualty insurance products.

  • Bankers Standard operates as a wholly owned subsidiary of Chubb Group.

  • Chubb acquired Bankers Standard in 1998 as part of its merger with Executive Risk.

  • Bankers Standard retained its own brand and corporate identity within the Chubb group.

  • It maintains headquarters at 436 Walnut Street, Philadelphia, PA where Chubb’s corporate offices are located.

  • Bankers Standard is rated A++ by AM Best and AA by Standard & Poor’s, benefiting from Chubb’s financial strength.

  • The company writes over $100 million in annual premiums across diverse P&C coverages.

  • Bankers Standard distributes products through independent agents and brokers nationwide.

  • It provides specialized underwriting capabilities and expertise within Chubb’s broader offerings.

History and Ownership of Bankers Standard

  • Bankers Standard Insurance Company was incorporated in Pennsylvania on December 27, 1962.

  • It commenced business just two days later on December 29, 1962.

  • The founder was Leonard Forstenzer who served as the company’s first President.

  • Bankers Standard’s initial focus was providing fire insurance coverage.

  • It later expanded to offer various commercial and personal lines property/casualty products.

  • The company was acquired by US International Group (USIG) in 1969.

  • USIG was taken over by American International Group (AIG) in 1975.

  • In December 1997, AIG sold Bankers Standard to Executive Risk Inc.

  • Executive Risk was then acquired by Chubb Corporation in July 1998.

  • This brought Bankers Standard into the Chubb group as a subsidiary where it remains today.

  • Chubb purchased Bankers Standard for $9.5 million in 1997 when it had around $60 million in premium volume.

  • Bankers Standard wrote over $100 million in premiums in 2021 operating within the Chubb group.

So Bankers Standard has gone through various owners over six decades but its lineage with Chubb dates back to the 1998 merger when Executive Risk and its insurance companies were absorbed into the Chubb brand.

Insurance Products Offered by Bankers Standard

As a full-service property and casualty insurer, Bankers Standard writes a diversity of commercial and personal lines insurance coverages including:

Commercial P&C Offerings

  • General Liability Insurance
  • Commercial Auto Insurance
  • Workers Compensation
  • Commercial Property Insurance
  • Inland Marine Insurance
  • EPLI (Employment Practices Liability)
  • Fiduciary Liability
  • Crime Insurance
  • Surety Bonds
  • Professional Liability
  • Cyber Insurance

Personal Lines Offerings

  • Homeowners Insurance
  • Condo/Renters Insurance
  • Personal Umbrella Liability
  • Identity Fraud Expense Coverage
  • Valuable Items Insurance

This diverse product portfolio allows Bankers Standard to serve as a specialty underwriting resource for risks that may be challenging for standard carriers. It can tap into Chubb’s extensive capabilities.

The Chubb Group Overview

Chubb Limited is the world’s largest publicly traded P&C insurance company serving commercial, institutional and individual customers in over 50 countries. Key facts about Chubb include:

  • Chubb was founded in 1882 as a marine underwriting business in New York.

  • It has grown into a global insurance conglomerate with over $200 billion in assets.

  • Chubb trades on the New York Stock Exchange under the symbol CB.

  • The company has more than $150 billion in gross written premiums annually.

  • Chubb employs over 31,000 people worldwide providing insurance and reinsurance.

  • It has operations in every major insurance market globally.

  • Chubb provides commercial insurance, specialized lines, personal lines, accident & health coverage, reinsurance, and life insurance.

  • The company is ranked 204th on the Fortune 500 list of largest U.S. corporations.

  • Chubb operates through three primary business segments: North America, Overseas General, and Life.

  • It uses the Chubb name globally after adopting it from its 2016 acquisition of The Chubb Corporation.

  • Chubb has received strong financial ratings from AM Best (A++), Moody’s (Aa3), and Standard & Poor’s (AA) reflecting its stability.

This gives a sense of the massive size and capabilities of the global insurance group that Bankers Standard now operates within while retaining its distinct identity.

Financial Strength & Ratings for Bankers Standard Insurance

As a Chubb subsidiary, Bankers Standard benefits from the financial strength and ratings afforded to the larger Chubb group. Key ratings include:

  • A.M. Best: A++ (Superior) rating for Bankers Standard since October 2009

  • Standard & Poor’s: AA (Very Strong) rating for Bankers Standard since June 2008

These ratings reflect Chubb’s position as an insurance industry leader with an impeccable balance sheet and strong capital adequacy. The ratings trickle down to each subsidiary like Bankers Standard.

Specifically, an A++ rating from A.M. Best indicates Bankers Standard has a superior ability to meet ongoing insurance obligations. The AA rating from S&P signals very strong financial security characteristics.

So while Bankers Standard is a smaller brand within the Chubb group, it carries the group’s financial backing and ratings strength while operating independently.

Bankers Standard’s Leadership Team

Although fully owned by Chubb, Bankers Standard maintains its own organizational structure and leadership team:

  • President: Marc Adee has served as Bankers Standard President since 2005. He has been with the company since 1999 in various underwriting and management roles.

  • SVP, Chief Underwriting Officer: John Malichky Jr. leads underwriting with 30+ years of industry experience. He oversees specialty lines and program business units.

  • SVP, Chief Claims Officer: Kimberly Crosson manages claims operations and previously held senior claims roles at Chubb subsidiaries.

  • SVP, Chief Actuary: Daniel Mangino provides actuarial services and strategic analysis. He joined Bankers Standard in 2000.

  • VP, Chief Accounting Officer: Christopher Scalesse heads accounting and also serves as Treasurer managing investments.

  • VP, Chief Information Officer: Alfred Medina oversees technology initiatives and infrastructure.

While this management team guides the strategy and operations of Bankers Standard, executive oversight is also provided by Chubb as the ultimate parent company.

The Bottom Line: Bankers Standard is Part of Chubb

Bankers Standard has access to expanded resources and capabilities as part of a global insurance group, while maintaining its own identity and specialization as a property/casualty insurer serving customers across America. So while you’ll interact with Bankers Standard, it has the benefit of Chubb’s financial strength supporting its products and services.

Bankers Standard Insurance Company Chubb


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