Warren, N.J. – John Finnegan, chairman, president and CEO of The Chubb Corp. recently announced that the board of directors of has elected investment banker Richard Spiro to the position of EVP and CFO. Spiro will join Chubb as EVP on October 1, and will assume the CFO position in early November, following the filing of Chubb’s Form 10-Q for the third quarter of 2008. He will succeed Michael O’Reilly, vice chairman and CFO, whose retirement was announced previously. O’Reilly will remain at Chubb until the end of 2008 to assist in the transition. Spiro joins Chubb from Citigroup Global Markets Inc., where he was a managing director in its financial institutions investment banking group. He held a variety of positions in Citigroup's financial institutions group, including head of North America, global head of insurance investment banking and co-head of the insurance, asset management, exchanges and processors group.
Specializing in advising insurance companies for more than 20 years, Spiro has been involved in numerous initial public offerings; equity, debt and hybrid financings; and mergers and acquisitions. He began his investment banking career at The First Boston Corp. in 1986, and joined Citigroup in 1999. “We are delighted that Ricky Spiro is joining Chubb,” says Finnegan, “bringing us his wealth of expertise in our industry as well as proven leadership abilities and strategic skills. At the same time, we are grateful for Mike O’Reilly’s 39 years of outstanding service to Chubb, including six years as CFO, and we wish him well upon his retirement.” “I have always regarded Chubb as the preeminent player in the property and casualty insurance industry,” says Spiro. “I look forward to joining its impressive management team.”
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