Exhibit 99.3

The		Modification of the Presentation of Losses		For the Quarters Ended
Chubb		Incurred in the Property and Casualty		March 31, 2008 and 2007
Corporation		Underwriting Results

This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE CHUBB CORPORATION

Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

Definitions of Key Terms

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Combined Loss and Expense Ratio or Combined Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

		Personal																Other								Total
		Automobile								Homeowners								Personal								Personal
		2008				2007				2008				2007				2008				2007				2008				2007
Net Premiums Written		$	142			$	147			$	539			$	520			$	196			$	173			$	877			$	840
Increase (Decrease) in Unearned Premiums			(14	)			(18	)			(70	)			(55	)			21				19				(63	)			(54	)
Net Premiums Earned			156				165				609				575				175				154				940				894
Net Losses Paid			104				109				268				242				83				79				455				430
Increase (Decrease) in Outstanding Losses			(6	)			(1	)			12				(22	)			26				18				32				(5	)
Net Losses Incurred			98				108				280				220				109				97				487				425
Expenses Incurred			43				44				184				171				62				52				289				267
Dividends Incurred			—				—				—				—				—				—				—				—
Statutory Underwriting Income		$	15			$	13			$	145			$	184			$	4			$	5			$	164			$	202
Ratios After Dividends to Policyholders:
Loss			62.8	%			65.5	%			46.0	%			38.2	%			62.3	%			63.0	%			51.8	%			47.5	%
Expense			30.3				29.9				34.1				32.9				31.6				30.1				33.0				31.8
Combined			93.1	%			95.4	%			80.1	%			71.1	%			93.9	%			93.1	%			84.8	%			79.3	%
Premiums Written as a % of Total			4.8	%			5.1	%			18.4	%			18.1	%			6.7	%			6.0	%			29.9	%			29.2	%

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

																		Commercial								Commercial
		Commercial								Commercial								Workers’								Property								Total
		Multiple Peril								Casualty								Compensation								and Marine								Commercial
		2008				2007				2008				2007				2008				2007				2008				2007				2008				2007
Net Premiums Written		$	295			$	307			$	460			$	441			$	248			$	257			$	337			$	301			$	1,340			$	1,306
Increase (Decrease) in Unearned Premiums			(23	)			(13	)			25				12				31				29				41				1				74				29
Net Premiums Earned			318				320				435				429				217				228				296				300				1,266				1,277
Net Losses Paid			140				158				162				223				99				85				154				144				555				610
Increase (Decrease) in Outstanding Losses			(5	)			(3	)			118				62				28				42				18				25				159				126
Net Losses Incurred			135				155				280				285				127				127				172				169				714				736
Expenses Incurred			106				107				129				123				53				52				118				111				406				393
Dividends Incurred			—				—				—				—				8				4				—				—				8				4
Statutory Underwriting Income		$	77			$	58			$	26			$	21			$	29			$	45			$	6			$	20			$	138			$	144
Ratios After Dividends to Policyholders:
Loss			42.5	%			48.4	%			64.4	%			66.4	%			60.8	%			56.7	%			58.1	%			56.3	%			56.7	%			57.8	%
Expense			35.9				34.9				28.0				27.9				22.1				20.6				35.0				36.9				30.5				30.2
Combined			78.4	%			83.3	%			92.4	%			94.3	%			82.9	%			77.3	%			93.1	%			93.2	%			87.2	%			88.0	%
Premiums Written as a % of Total			10.0	%			10.7	%			15.7	%			15.4	%			8.4	%			9.0	%			11.5	%			10.5	%			45.6	%			45.6	%

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

		Professional																Total
		Liability								Surety								Specialty
		2008				2007				2008				2007				2008				2007
Net Premiums Written		$	604			$	597			$	99			$	84			$	703			$	681
Increase (Decrease) in Unearned Premiums			(64	)			(66	)			17				6				(47	)			(60	)
Net Premiums Earned			668				663				82				78				750				741
Net Losses Paid			362				337				12				1				374				338
Increase (Decrease) in Outstanding Losses			19				80				(11	)			—				8				80
Net Losses Incurred			381				417				1				1				382				418
Expenses Incurred			161				156				29				25				190				181
Dividends Incurred			—				—				1				1				1				1
Statutory Underwriting Income		$	126			$	90			$	51			$	51			$	177			$	141
Ratios After Dividends to Policyholders:
Loss			57.0	%			62.9	%			1.2	%			1.3	%			51.0	%			56.5	%
Expense			26.7				26.1				29.6				30.1				27.1				26.6
Combined			83.7	%			89.0	%			30.8	%			31.4	%			78.1	%			83.1	%
Premiums Written as a % of Total			20.6	%			20.9	%			3.4	%			2.9	%			24.0	%			23.8	%

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

		Total								Reinsurance								Worldwide
		Insurance								Assumed								Total
		2008				2007				2008				2007				2008				2007
Net Premiums Written		$	2,920			$	2,827			$	16			$	40			$	2,936			$	2,867
Increase (Decrease) in Unearned Premiums			(36	)			(85	)			(4	)			(33	)			(40	)			(118	)
Net Premiums Earned			2,956				2,912				20				73				2,976				2,985
Net Losses Paid			1,384				1,378				32				51				1,416				1,429
Increase (Decrease) in Outstanding Losses			199				201				(31	)			(50	)			168				151
Net Losses Incurred			1,583				1,579				1				1				1,584				1,580
Expenses Incurred			885				841				9				29				894				870
Dividends Incurred			9				5				—				—				9				5
Statutory Underwriting Income		$	479			$	487			$	10			$	43				489				530
Increase (Decrease) in Deferred Acquisition Costs																			13				(3	)
GAAP Underwriting Income																		$	502			$	527
Ratios After Dividends to Policyholders:
Loss			53.7	%			54.3	%			*	%			*	%			53.4	%			53.0	%
Expense			30.4				29.8				*				*				30.5				30.4
Combined			84.1	%			84.1	%			*	%			*	%			83.9	%			83.4	%
Premiums Written as a % of Total			99.5	%			98.6	%			0.5	%			1.4	%			100.0	%			100.0	%

*		Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

										Outside
										the								Worldwide
		United States								United States								Total
		2008				2007				2008				2007				2008				2007
Net Premiums Written		$	2,135			$	2,166			$	801			$	701			$	2,936			$	2,867
Increase (Decrease) in Unearned Premiums			(132	)			(183	)			92				65				(40	)			(118	)
Net Premiums Earned			2,267				2,349				709				636				2,976				2,985
Net Losses Paid			1,140				1,167				276				262				1,416				1,429
Increase (Decrease) in Outstanding Losses			110				113				58				38				168				151
Net Losses Incurred			1,250				1,280				334				300				1,584				1,580
Expenses Incurred			614				623				280				247				894				870
Dividends Incurred			9				5				—				—				9				5
Statutory Underwriting Income		$	394			$	441			$	95			$	89				489				530
Increase (Decrease) in Deferred Acquisition Costs																			13				(3	)
GAAP Underwriting Income																		$	502			$	527
Ratios After Dividends to Policyholders:
Loss			55.4	%			54.6	%			47.1	%			47.2	%			53.4	%			53.0	%
Expense			28.9				28.8				35.0				35.2				30.5				30.4
Combined			84.3	%			83.4	%			82.1	%			82.4	%			83.9	%			83.4	%
Premiums Written as a % of Total			72.7	%			75.5	%			27.3	%			24.5	%			100.0	%			100.0	%