The Board of Directors of N.J-based The Chubb Corporation elected Michael O’Reilly Vice Chairman and Chief Financial Officer, it was announced by Joel J. Cohen, Chairman of the Board, and John D. Finnegan, President and Chief Executive Officer.
The Board also declared a regular quarterly dividend of $0.36 per share, payable on October 7, 2003 to shareholders of record on September 19, 2003.
Mr. O’Reilly, a 34-year veteran of Chubb, was Executive Vice President and Chief Investment Officer when he was named to the additional post of interim CFO in October 2002. He was elected Vice Chairman in December 2002. In his new permanent CFO position, he will retain responsibility for the investment function.
Mr. O’Reilly joined Chubb in 1969 as a securities analyst in the investment department, where he held various positions until becoming Chief Investment Officer in 1986. Mr. O’Reilly has a B.S. degree from New York University and an M.B.A. from Pace University. He served in the United States Army from 1966 to 1967 and in the Army Reserves from 1968 to 1971, retiring with the rank of Captain.
“After an extended search in which we considered many fine candidates from outside Chubb,” said Mr. Cohen, “the Board of Directors concluded that we already had the best person in the job. Mike’s outstanding performance since assuming the interim CFO position last year made our decision easier.”
“Mike has led the finance function with distinction during a significant period for Chubb, which included the CEO transition and capital raising activities,” said Mr. Finnegan. “He has a deep understanding of all the CFO functions, as well as decades of experience with Chubb. In his 10 months as interim CFO, he has demonstrated that he is as scrupulously committed to reserve adequacy, capital adequacy and the integrity of our financial disclosures as he has been committed to Chubb’s conservative investment philosophy.”
Reporting to Mr. O’Reilly will be all of Chubb’s finance functions and its actuarial, investment, reinsurance and investor relations departments.
The Board also elected Vishwanath Tirupattur and Steven M. Versaggi as vice presidents of the Corporation.
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