Dean O'Hare of Chubb Corporation Elected Chairman of the United States Council for International Business.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 22, 2001

Dean R. O'Hare, chairman and chief executive officer of The Chubb Corporation, was today elected chairman of the United States Council for International Business, a leading pro-trade business group, by the organization's executive committee. He succeeds Richard D. McCormick, former chairman and CEO of U S West, Inc. (now part of Qwest Communications), who had been USCIB chairman since 1995 and who began a two-year term as

president of the International Chamber of Commerce on January 1. Mr. McCormick will become a USCIB vice chairman.

"I am delighted to take on the leadership of USCIB as the organization continues its cutting-edge work to meet the business challenges of the 21st century," said Mr. O'Hare. "Globalization has taken some lumps lately. But it's clear that economic integration and market liberalization are driving forces for good around the world, and it's equally clear that American companies stand to reap enormous benefits from the globalization process. We in the business community must provide leadership to ensure that the international pro-market consensus is not derailed and that the rest of the world benefits equally from it as well."

"I salute Dick McCormick for the magnificent job he has done as USCIB chairman in driving the organization forward on such issues as biotechnology and electronic commerce, while maintaining the strong commitment to trade and investment liberalization that is USCIB's hallmark," continued Mr. O'Hare. "We thank Dick for his tremendous service and wish him well as ICC president, where he can count on continued American support for the world business organization."

A leading voice of the business community on international trade issues, Mr. O'Hare serves as a member of the President's Advisory Committee on Trade Policy and Negotiations, chairman of the U.S. Coalition of Service Industries and chairman of the Pacific Basin Economic Council's services committee. He is the immediate past chairman of the U.S.-India Business Council, a member of The Business Roundtable and the Global Business Dialogue on E-commerce, a member of the Board of the U.S.-China Business Council, and a financial governor of the World Economic Forum (Davos). He has served as vice chairman of USCIB since 1999.

"We are extremely fortunate to have as our chairman a business statesman of Dean O'Hare's stature at this critical time for American business," said USCIB president Thomas M.T. Niles. "His prominence on the international front - in particular on Asia-Pacific matters - will unquestionably be a tremendous asset. U.S. companies are leading the way not just toward the continued expansion of international markets, but toward a new understanding of the importance of good corporate citizenship in their activities around the world. I am confident that, with Dean O'Hare at the helm, USCIB will continue to forge ahead on these important issues."

Dean R. O'Hare has been chairman and chief executive officer of The Chubb Corporation since 1988. Founded in 1882 and based in Warren, New Jersey, Chubb is one of the world's leading property and casualty insurance companies, with 10,000 employees serving customers from 132 offices throughout the Americas, Europe and Asia. Mr. O'Hare began his career with Chubb in 1963 as an underwriting trainee. He was named an officer of the corporation in 1972, chief financial officer in 1981 and president in 1986.

Mr. O'Hare is a director of Fluor Corporation and H.J. Heinz Company, chairman of the New Jersey Partnership, a director and past chairman of the American Insurance Association, a trustee of the Hospital for Special Surgery in New York and a fellow of the New York Academy of Medicine. Born in Jersey City, New Jersey, he holds a B.S. in financial management from New York University and an M.B.A. from the Pace University Graduate School of Business Administration.

A driving force for American business, USCIB works to promote an open system of world trade, finance and investment in which business can flourish and contribute to economic growth, human welfare and protection of the environment. Its membership includes some 300 U.S. companies, professional services firms and associations. As the American affiliate of the International Chamber of Commerce, the Business and Industry Advisory Committee to the OECD and the International Organization of Employers, USCIB provides unparalleled access to international policy makers and regulatory authorities worldwide. USCIB also facilitates international trade by working toward harmonization of international commercial practices in such areas as customs and arbitration. More information is available at www.uscib.org.