HAMILTON, BERMUDA, April 20, 2017 – Hamilton Princess & Beach Club has unveiled a plaque to commemorate a key milestone in Bermuda’s insurance history.
The founding chairman and first employee of ACE Limited, John R. Cox, wrote the company’s first insurance policy in Room 348 at the hotel on November 1, 1985. ACE, which adopted the Chubb name in 2016 following its acquisition of The Chubb Corporation, has since grown to become the largest publicly traded property and casualty insurance company in the world.
Senior executives from Hamilton Princess & Beach Club and Chubb attended a ceremony to unveil the plaque outside the room on April 19.
Guests included Eric Dobkin, Director, Insurance & Risk Management, from Merck & Co., Inc. a U.S.-headquartered biopharmaceutical company, which held ACE’s first insurance policy, numbered 348 after the room. Chubb employees, past and present, who worked alongside Mr. Cox reminisced about the early years and the family-style work environment.
Mr. Cox, who died at age 84 in February, was regarded as a giant in the property and casualty insurance industry. Not only did he shape ACE in its formative years, he also helped to establish Bermuda’s leading role in the international insurance and reinsurance industry.
ACE was founded in 1985 with Mr. Cox playing a critical role in developing the company’s excess liability and directors and officers coverage in response to an availability crisis in the U.S. insurance marketplace.
The insurer later went public and, through a series of acquisitions, became a major global P&C insurer and reinsurer.
“We are pleased to commemorate the room where ACE wrote its first policy, a legacy that will always be an important part of Bermuda’s history,” says Allan Federer, General Manager of the Hamilton Princess & Beach Club. “International insurance and reinsurance are such a large part of Bermuda’s growth and development and we are honoured to mark this occasion today.”
Joseph Clabby, Division President, Chubb Bermuda said, “Room 348 of the Hamilton Princess has always held a special place in our company’s history as our first, albeit temporary, headquarters. We are honoured to be joined here again by our first policyholder, many of our earliest employees and colleagues from the broking community to commemorate John Cox, his vision and achievements.”
About Hamilton Princess & Beach Club
Since 1885, Hamilton Princess & Beach Club, has reigned as Bermuda’s “Grande Dame” and has been a symbol of all that Bermudians hold dear—courtesy, hospitality and quality with an unequalled sense of style. An architectural treasure on Hamilton’s harbourfront for more than 130 years, the hotel continues to host royalty, world leaders and dignitaries, celebrities, business travellers and visitors from around the world. The recently renovated Hamilton Princess & Beach Club offers 400 elegant guestrooms, including 43 suites, and more than 30,000 square feet of versatile indoor and outdoor reception and meeting rooms in a peaceful paradise. For more information, please visit thehamiltonprincess.com.
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Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.