Rule 8 - Chubb PLC

RNS Number:9141N
Cater Allen International Limited
24 July 2003

                                  Date of Disclosure 24/07/03

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing  22/07/03

Dealing in  CHUBB PLC                               (name of company)

1)  Class of securities (eg ordinary shares) ORDINARY SHARES

2)  Amount bought                Amount sold             Price per unit

                                  3,000,000                 75.5P
                                  3,000,000                 75.5P
                                  3,000,000                 75.5P

3)  Resultant total of the same class owned or controlled 
    (and percentage of class)   11,000,000*                   (1.32%)


4) Party making disclosure  CATER ALLEN INTERNATIONAL LIMITED


5)  EITHER (a) Name of purchaser/vendor(Note 1)CATER ALLEN INTERNATIONAL LIMITED
    
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                       NO
                    (ii) offeree company                        NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)  YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory) PHILIP HINDLEY

Telephone and extension number 0207 7756 6169
*IN ADDITION, CATER ALLEN INTERNATIONAL IS PARTY TO CERTAIN TOTAL RETURN
SWAPS AS DESCRIBED BELOW.

Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Tel No: 020 7382 9026


 Form 8 Enclosure

Cater Allen International is the beneficial owner of 20,000,000 ordinary shares
of Chubb Plc, all of which are held to hedge Total return Swaps (TRS') positions
for clients.

A Total Return Swap is a product used by clients to finance long positions.  The
client will sell their position to CAIL for which they will receive the current
market price.  The Client will then receive money if the price of the share sold
increases above the sale price or pay money if it falls.  In addition the client
will pay an agreed rate of interest on the money received.  The product can also
be to finance short positions.  CAIL will follow its normally policy in respect
of such products, which is to vote the shares in accordance with the
instructions of the counterparty for whom we are financing the positions.

The following Total Return Swaps are executed:


Date        Underlying     Reference     CAIL Buy     Maturity     Product
Executed    number of      Price         or Sell                   Type
            shares                       Performance


17/06/03     20,000,000     75.5          SELL         19/12/03     TRS 
20/06/03      9,000,000     75.5          BUY          19/12/02     TRS 


TOTAL        11,000,000


Signed, for and on behalf of the party named in (4) above    

(Also print name of signatory)  PHILIP HINDLEY

Telephone and extension number  0207 7756 6169






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