EXHIBIT 99.1

Chubb to Acquire Executive Risk for Stock Valued
at $71.71 Per Share

PR News Wire -- February 8, 1999

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WARREN, N.J., Feb. 8 /PRNewswire/ -- The Chubb Corporation (NYSE: CB) and
Executive Risk Inc. (NYSE: ER) jointly announced today that they have entered
into a definitive merger agreement under which Chubb will acquire Executive
Risk.

The agreement, which has been approved by the boards of directors of both
companies, provides that Executive Risk shareholders will receive 1.235 shares
of Chubb common stock for each outstanding common share of Executive Risk.
Based on the closing prices of both companies' shares on Friday, February 5,
1999, Executive Risk shareholders would receive the equivalent of $71.71 per
share. This represents a premium of 63% over Friday's closing price, 44% over
Executive Risk's average trading price for the last month, and 38% over
Executive Risk's three-month average trading price. The total value of the
transaction would be approximately $850 million.

"Our partnership with Executive Risk will enable Chubb to solidify leading
market positions in numerous, profitable executive protection lines and move to
top positions in others," said Dean R. O'Hare, Chairman and CEO of Chubb. "By
further strengthening our position in specialty lines that offer attractive
opportunities for profitable growth, we achieve one of our key strategic
acquisition criteria. Moreover, both companies share a commitment to
underwriting profitability and a belief that the best way to make good on this
commitment is through further expansion in specialty markets."

"This transaction achieves several goals for Executive Risk," said Stephen J.
Sills, Executive Risk's President and CEO. "It delivers substantial immediate
value to our shareholders. It further strengthens our directors and officers
and our errors and omissions businesses by combining them with those of Chubb,
long a leader in these markets. We believe our shareholders can benefit further
from the merged company's continued growth, and our employees will have new
opportunities for reward and career growth in the combined organization. Chubb
is the right strategic merger partner for us, and we are delighted to be
joining forces with them."

Chubb said that following completion of the merger, it plans to establish a new
operation, Chubb-Executive Risk, based in Simsbury, Connecticut, which will
manage the combined company's book of executive protection business. This
business had combined gross premiums of approximately $1.7 billion in 1998.
This new entity will be managed by Mr. Sills, chairman and CEO, and Gary J.
Tully, president and COO.  Mr. Tully is currently the head of Chubb's executive
protection practice.

"Combining Chubb's top-rated balance sheet and 115-office global network with
Executive Risk's fast, innovative product development capability will enable
us to better leverage both of our strengths in the marketplace," said Chubb's
Mr. O'Hare. "In addition, our relationships with 5000 retail independent
agents and brokers worldwide and Executive Risk's relationships with more than
2200 wholesale agents, specialty brokers and program administrators offer both
companies access to whole new distribution channels."

"While the combination will result in expense savings, the driving force here
is the opportunity to accelerate premium growth in attractive specialty
markets," said Mr. Sills of Executive Risk. "These are markets where we expect
to achieve the kind of attractive underwriting profit margins that both
companies have consistently achieved."

Chubb expects the transaction to result in modest earnings dilution in 1999 of
less than 2%. In the year 2000, Chubb expects the transaction to be slightly
accretive. Mr. O'Hare said, "The combination of cost savings and the
opportunities for significantly enhanced premium growth will minimize the
dilutive impact. Moreover, the financial strength of Chubb will allow the
company to cede a smaller portion of Executive Risk's business in the future."

The merger agreement contains customary termination provisions including an
option for Chubb to acquire 19.9% of Executive Risk's shares. The directors of
Executive Risk have all agreed to vote their shares in favor of the merger.

Completion of the acquisition is subject to approval by Executive Risk
shareholders and various regulatory authorities. Closing is expected in the
second quarter of 1999.

Chubb was advised by Goldman, Sachs & Co. and Davis Polk & Wardwell.
Donaldson, Lufkin & Jenrette Securities Corporation and Dewey Ballantine LLP
advised Executive Risk.

Chubb is a leading global specialty insurer. It is known for its strength in
executive protection and financial institution coverages, particularly D&O,
E&O, fiduciary and fidelity. Chubb is also active in other commercial lines
and has a large and profitable personal lines business. Based in Warren, New
Jersey, Chubb has approximately 9,500 employees worldwide. Its 1998 gross
written premiums were $6 billion.

Executive Risk is a fast-growing specialty insurance company focused on the
directors and officers, professional liability, errors and omissions and
ancillary markets. The company offers a wide range of innovative D&O and E&O
coverages. Gross written premiums in 1998 were in excess of $500 million, an
increase of 20% over the prior year. Based in Simsbury, Connecticut, Executive
Risk has almost 600 employees.

Forward Looking Information

Certain statements in this communication may be considered to be "forward
looking statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995 such as statements that include words or phrases
"will result", "are expected to", "will continue", "is anticipated",
"estimate", or similar expressions. Such statements are subject to certain
risks and uncertainties. The factors which could cause actual results to
differ materially from those suggested by any such statements include but are
not limited to those discussed or identified from time to time in the
Corporations' public filings with the Securities & Exchange Commission and
specifically to: risks or uncertainties associated with the Corporations'
expectations with respect to completion of the Executive Risk merger or with
respect to market positions, premiums, earnings per share and profitability
resulting from the Executive Risk transaction; and, more           generally,
to: general economic conditions including changes in interest rates and the
performance of the financial markets, changes in domestic and foreign laws,
regulations and taxes, changes in competition and pricing environments,
regional or general changes in asset valuations, the occurrence of significant
natural disasters, the development of major Year 2000 liabilities, the
inability to reinsure certain risks economically, the adequacy of loss
reserves, as well as general market conditions, competition, pricing and
restructurings.

/CONTACT: Gail Devlin, 908-903-3245, or Glenn Montgomery, 908-903-2365, both
of Chubb; or Bob Deutsch, 860-408-2500, or Tim Curry, 860-408-2484, both of
Executive Risk/