FOR IMMEDIATE RELEASE: December 15, 2005

Stone Point Capital Announces Closing of Harbor Point Limited Transaction

Greenwich, CT, December 15, 2005 - Stone Point Capital LLC today announced the capitalization of Harbor Point Limited and the closing of the acquisition of the ongoing assumed reinsurance business of Chubb Re, a subsidiary of The Chubb Corporation. Harbor Point has an initial capitalization of approximately $1.5 billion, including $1.3 billion of new equity capital and a $200 million convertible note issued to Chubb in consideration for the acquisition of the business of Chubb Re. Trident III, L.P. (a private equity fund managed by Stone Point Capital), Chubb and JP Morgan Partners (a private equity affiliate of JPMorgan Chase & Co.) will be the lead investors in Harbor Point, with investments of $200 million apiece. Other lead investors include Diamond Castle Holdings, DLJ Merchant Banking Partners, Morgan Stanley & Co., Och-Ziff Capital Management Group, Banc of America Capital Investors and GE Asset Management.

Harbor Point Limited is a global reinsurance company, with headquarters in Hamilton, Bermuda. Harbor Point Re Limited, the company's reinsurance subsidiary, received approval from the Bermuda Monetary Authority in November to operate as a Class IV reinsurer, pending capitalization. With the closing of its capital raising, Harbor Point expects to commence underwriting in Bermuda immediately. Harbor Point also has a subsidiary based in Bernardsville, New Jersey that is a reinsurance intermediary underwriting manager with authority for a transition period to bind assumed reinsurance business on behalf of Chubb. Harbor Point expects to acquire a U.S.-domiciled reinsurance company before the end of the transition period.

Harbor Point will be led by John Berger as President and CEO. Mr. Berger has 28 years of experience in the reinsurance industry and has served as President and CEO of Chubb Re since 1998. Prior to joining Chubb Re, Mr. Berger served as President and Chief Executive Officer of F&G Re from 1996 to 1998. Stephen Friedman, a Senior Advisor to Stone Point Capital, will serve as non-executive Chairman of Harbor Point. Mr. Friedman was formerly Chairman of Goldman, Sachs & Co.

John Berger commented, "We believe there is a real opportunity today in the global reinsurance market for a stand alone platform with an experienced management team. With the entire Chubb Re team transferring to Harbor Point, we believe we are well positioned to address this opportunity and we are looking forward to this next step in the development of our business."

"We are enthusiastic about partnering with John Berger and his team," said Charles A. Davis, CEO of Stone Point. "Harbor Point is in the tradition of a number of our previous investments that have addressed supply and demand imbalances in the insurance and reinsurance markets. With the acquisition of the continuing Chubb Re business, Harbor Point is commencing operations with a well-established reinsurance business and a proven management team that we believe will be able to capitalize on opportunities in the global reinsurance market."

Stone Point Capital LLC is a global private equity firm based in Greenwich, Connecticut. Stone Point Capital serves as the manager of the Trident Funds, which have raised more than $3 billion in committed capital for funds that make investments in the insurance, employee benefits and financial services industries. Stone Point Capital and its predecessor operations have led the formation of many successful insurance and reinsurance companies, including ACE Limited, XL Capital Limited, Mid Ocean Limited and AXIS Capital Holdings Limited. Prior to the formation of Stone Point Capital in 2005, the principals of the firm led the private equity firm MMC Capital, Inc.