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BIO Renews Endorsement of Chubb

WASHINGTON, D.C. (March 15, 2006) -- The Biotechnology Industry Organization (BIO) has renewed its endorsement of the Chubb Group of Insurance Companies’ life sciences program. BIO first endorsed Chubb’s general property and casualty insurance for its members in 1998. In 2002, the endorsement was expanded to include product liability and clinical trial liability insurance.

“Chubb has consistently demonstrated its ability to understand the unique needs of the biotechnology industry and has served more than 600 of our member companies well,” said Morrie Ruffin, BIO’s executive vice president of capital formation and business development.

The Chubb endorsement is part of the BIO Business Solutions program, which offers BIO members special benefits on a variety of products and services, including laboratory supplies, news distribution services and 401(k) plans. Through the program, BIO members can access information about Chubb’s products and services, which are available through Chubb-appointed insurance agents and brokers. Chubb’s program has the highest utilization rate among all 13 programs.

“With Chubb’s life sciences underwriting expertise, financial strength, international capabilities and claims service reputation, it’s no surprise that the Chubb program is our most utilized,” said Ruffin.

Philip Fiscus, senior vice president, Chubb & Son, and worldwide Life Sciences manager, Chubb Commercial Insurance, said, “The endorsement from the world’s preeminent biotechnology organization further validates Chubb’s commitment to this sector. We look forward to continuing to provide customized insurance and loss-prevention services to this dynamic and growing industry.”

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb’s global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.

BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products.

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