Chubb gains pounds through Baltimore deal

Security group Chubb has sold its online security arm, Chubb Information Security, to Baltimore Technologies in a deal is estimated to be worth around £2m.

The news comes after Chubb announced that pre-tax profits slumped from £106.7m to £33.5m in 2000. Exceptional costs, such as the £80m break from parent firm Williams in November, and weaker demand in its core base in Australia were cited as the main reasons for the slump. Chubb announced last week the election of Weston Hicks, previously a managing director at J.P. Morgan, to senior vice president.