The fellow behind Dividends Value has come up with a ranking system that goes into more depth that I had imagined possible. It's explained in this post, along with twelve stocks with five-star ranks. One of them is a member of the Low P/E Bin: The Chubb Corp.
I've noticed Chubb being recommended as part of a different 12-stock list, by another dividend expert. His post has propogated to VInvesting.
One caveat I should pass along: Barclay's downgraded Chubb two days ago. This Insurance NewsNet article title is pretty upfront about the reason: "Barclays Analyst Says Chubb Faces Big Potential D&O [directors' and officers' liability insurance] Losses." The analyst in question anticipates very busy civil courtrooms thanks to the recent credit crisis.