News from The Chubb Corporation



                 Chubb Adopts New Shareholder Rights Plan

Warren, N.J., March 12, 1999 -- The Chubb Corporation announced today that its
Board of Directors has adopted a new shareholder rights plan designed to
preserve the Board's ability to protect shareholders against unsolicited
attempts to acquire control of the company that do not offer an adequate price
to all shareholders or are otherwise not in the best interests of Chubb and
its shareholders.

               The new plan replaces the company's existing rights plan, which
was due to expire on June 12, 1999.  The Board has voted to redeem the rights
issued under the earlier plan for $.01 for four rights and declared a dividend
of one new right for each share of The Chubb Corporation common stock held of
record as of the close of business on March 31, 1999.

               Under the new plan, each right will entitle shareholders to
buy, upon occurrence of certain events, one thousandth of a share of preferred
stock for $240.  The rights generally will be exercisable only if a person or
group acquires beneficial ownership of 20% or more of the company's common
stock, or commences a tender or exchange offer that, upon consummation, would
result in a person or group owning 20% or more of the company's common stock.

               The new rights plan will expire on March 12, 2009.  The plan
will be subject to annual review by a committee of independent directors which
can authorize the redemption of the rights at a price of $.01 per right if it
believes the plan no longer serves the best interests of the company and its
shareholders.

               Chubb said that the new plan was not adopted in response to any
specific effort to acquire control of the Company and that it is not aware of
any such effort.

For further information contact:   Gail E. Devlin        (908) 903-3245
                                   Glenn A. Montgomery   (908) 903-2365