EXHIBIT 20.2




                       [NEWS THE CHUBB CORPORATION LOGO]






FOR IMMEDIATE RELEASE:


         WARREN, N.J., October 29, 1996 - The Chubb Corporation announced today
that it has retained Goldman, Sachs & Co. to assist it in the process of
evaluating its strategic alternatives with respect to the Corporation's life
insurance companies, including the possible sale or spin-off of the business.
Separately, Chubb said that it is also considering its strategic alternatives
with respect to its real estate subsidiary, Bellemead Development Corporation,
which could include the sale of some or all of Bellemead's properties.



For further information contact:       Gail E. Devlin
                                       (908) 903-3245

                                       Glenn A. Montgomery
                                       (908) 903-2365