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TheStreet Open House

Korea Biotechnology Organization Endorses Chubb

WARREN, N.J., May 12, 2014 /PRNewswire/ -- The Chubb Group of Insurance Companies is now an insurer of choice for member companies of the Korean Biotechnology Industry Organization (Korea BIO), the country's leading biotechnology trade association.

As part of this endorsement, Chubb will work with Korea BIO to create educational seminars for association members on converging technology, regulations, claim and litigation trends, and best risk management practices. Chubb specialists also will speak at Korea BIO events and write articles for the association's newsletter on topics such as human clinical trials and product liability insurance.

"We are pleased to provide Chubb with this endorsement. Chubb has demonstrated it understands the risks that life sciences companies face, and through educational programs and tailored loss prevention and insurance solutions, Chubb helps Korea BIO members mitigate their exposures," said Kwang Koo Hwang, Korea BIO's vice president.

"We are honored to receive this endorsement from Korea BIO as we continue to expand our presence in the Korean life sciences market," said Kurtis Jang, country manager for Chubb's Korean operations. "It's highly unusual for a trade association in Korea to endorse one company.  Korea BIO's endorsement recognizes Chubb's industry expertise and commitment to this market."

Chubb provides an enterprise-wide approach to helping life sciences firms, including biotechnology, medical device, pharmaceutical, dietary supplement and product development organizations, protect themselves from property and liability exposures. The insurer offers a variety of specialized insurance products and loss control solutions that can respond to loss or damage to property; loss of milestone payments due to property loss or damage; and errors and omissions that can manifest into future bodily injury. Chubb's WORLDcert, a proprietary online system, instantly generates certificates of insurance in 152 countries to help drug and medical device developers and clinical research organizations expedite receipt of accurate insurance documentation, a prerequisite for a medical institution's ethics committee's approval to allow a trial to begin. Chubb has been the Biotechnology Industry Organization's endorsed BIO Business Solutions provider of property and casualty insurance in the United States since 1998; 40 state and regional biotechnology associations also endorse the Chubb /BIO program.

About Korea BIOThe 300-member strong Korea Biotechnology Industry Organization was launched in 2008, bringing together three organizations (Bioindustry Association of Korea, Korea Bio Venture Association, Korea Biotechnology Research Association), each representing different segments of the biotechnology industry. The organization seeks to strengthen cooperation among government, bio-businesses and pharmaceutical companies to create new models for future growth.

About ChubbSince 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.

Contact: Jodi Dorman(908) 903-2608Email: jdorman@chubb.com

SOURCE Chubb Group of Insurance Companies

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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