EXHIBIT 99.1 NEWS from The Chubb Corporation [LOGO] 15 Mountain View Road, P.O. box 1615, Warren, New Jersey 07061-1615 CHUBB CORPORATION COMPANIES: Chubb & Son Inc. bullet Federal Insurance Company bullet Vigilant Insurance Company bullet Great Northern Insurance Company bullet Pacific Indemnity Company CHUBB bullet Northwestern Pacific Indemnity Company bullet Texas Pacific Indemnity Company bullet Chubb Insurance Company of Canada bullet Chubb Compagnie d'Assurances, S.A. bullet The Chubb Insurance Company of Australia Limited bullet Chubb Insurance Company of Europe bullet Chubb Life Insurance Company of America bullet Chubb Sovereign Life Insurance Company bullet The Colonial Life Inusrance Company of America bullet Bellemead Development Corporation FOR IMMEDIATE RELEASE CHUBB COMPLETES SALE OF CHUBB LIFE TO JEFFERSON-PILOT FOR $875 MILLION IN CASH WARREN, N.J., May 13, 1997 - The Chubb Corporation announced today that it has completed the sale of Chubb Life Insurance Company of America to Jefferson-Pilot Corporation for $875 million in cash. As previously announced, Chubb intends to use the proceeds from the sale principally to repurchase Chubb common stock. For further information contact: Gail E. Devlin (908) 903-3245 Glenn A. Montgomery (908) 903-2365