Actually, it's a Raging Chubb.
The Elephant Penis In The Room. Oh, please, like that wasn't your first thought upon reading this. The ad agency and Chubb's marketing folk had to discuss the hard-on reference. At least the "It's Chubb" part is under the woman. If you cover up the top headline, this reads like an ad for an erectile dysfunction remedy.
(scanned from the May Inc.)
previously in SEX in ads:
1. 'Dis is how they do subliminal advertising in Queens.
2. You've Cum A Long Way, Baby.
3. C'mon baby, it's low in calories.
4. Bowlmor Big Rack.
5. Samsung commits an innuendon’t.