Welcome to our dedicated page for Chubb news (Ticker: CB), a resource for investors and traders seeking the latest updates and insights on Chubb stock.
Chubb Limited (NYSE: CB) is a premier American insurance company incorporated in Zürich, Switzerland. As the parent company of Chubb, it stands as the largest publicly traded property and casualty insurer globally. Chubb provides a wide range of insurance products covering property and casualty, accident and health, reinsurance, and life insurance. With operations in 54 countries, Chubb serves diverse clients, from individuals and families to businesses of all sizes. The company, known for its underwriting expertise, assesses, assumes, and manages risk with insight and discipline, ensuring claim services that are fair and prompt.
In 2016, ACE acquired Chubb and adopted the Chubb name, creating a powerhouse in the insurance industry. This strategic merger expanded Chubb's capabilities across commercial and personal P&C insurance, reinsurance, and life insurance, significantly boosting its footprint worldwide.
Recent Achievements and Projects:
- Financial Performance: In the first quarter of 2024, Chubb reported a net income of $2.14 billion and core operating income of $2.22 billion, reflecting strong underwriting income and investment returns.
- Technological Innovation: Chubb continues to innovate with new products like the StreamLabs Scout, a smart water leak detection system that helps prevent property damage.
- Expansion: Chubb recently acquired Healthy Paws, a pet insurance MGA, aiming to penetrate the growing pet insurance market further.
- Strategic Partnerships: Chubb's collaboration with the National Center for the Middle Market highlights its proactive approach to addressing risks in the middle market sector.
Investment Initiatives:
- Chubb continues to invest in its portfolio, including a recent issuance of $1 billion in senior notes, slated for general corporate purposes and debt repayment.
With around 40,000 employees globally, Chubb maintains executive offices in Zurich, New York, London, Paris, and other major financial hubs, underscoring its robust global presence. The company's financial strength is exemplified by its inclusion in the S&P 500 index. For investors and clients alike, Chubb represents stability, innovation, and a commitment to operational excellence.
Chubb has appointed John Latter as the new Head of Claims for Chubb Overseas General (COG), effective immediately. In this role, Latter will oversee the claims organization across Europe, Middle East, Asia Pacific, Latin America, and Far East, leading a team of 3,000 professionals from his London base. Prior to this promotion, Latter served as Senior Vice President, Claims Director for Europe, Eurasia & Africa at Chubb, managing strategic claims direction across multiple insurance lines. With four decades of industry experience, including previous senior roles at Zurich Insurance, Latter joined Chubb in 2017.
AM Best has affirmed the superior credit ratings of Chubb (NYSE: CB) and its subsidiaries, maintaining an A++ Financial Strength Rating and 'aa+' Long-Term Issuer Credit Ratings for its main insurance operations. The ratings reflect Chubb's strongest balance sheet strength, very strong operating performance, and favorable business profile.
The company demonstrates consistently profitable underwriting with a combined ratio in the mid-to-high 80% range, outperforming industry averages. Chubb operates in over 50 countries, leading in U.S. commercial, specialty, and high-net-worth insurance markets. The company maintains very strong risk-adjusted capitalization and a high-quality investment portfolio, though this is partially offset by elevated financial leverage and ongoing share repurchases.
healthŌme and Hannover Re have won the 2024 Global Innovation Award in the Life | Health | Retirement category for their genomics-based insurance program. The award, presented by the International Insurance Society, Insurance Thought Leadership, and Lloyd's, recognizes their successful integration of genomics-based services into critical illness and life insurance products.
The program, distributed through Chubb Workplace Benefits as Cancer Advocate Plus, provides employees with DNA-based precision health insights, personalized medication optimization, and cancer management support. In 2025, the service will be available to individuals outside the workplace as Kadance Precision Health Management Program.
Chubb's 2024 Wealth Report reveals significant concerns among affluent households regarding wealth protection. 90% of respondents cite climate change as a leading concern, up 20% from last year, while 92% fear liability lawsuits. In the digital realm, 56% worry about identity theft, and 55% about cyberbullying. Among collectors, 81% fear theft of valuable items. Despite these risks, 63% see increased wealth-building opportunities compared to last year. The survey covered 800 North American respondents, mostly with assets exceeding $5 million, revealing that 86% plan increased home spending, with 80% considering sustainable features during renovations.
Chubb (NYSE: CB) announced that its Board of Directors has declared a quarterly dividend of $0.91 per share. The dividend will be paid on January 3, 2025, to shareholders of record as of December 13, 2024. This payment represents the third installment of the dividend program approved by shareholders on May 16, 2024. The dividend will be distributed from legal reserves and paid in US dollars through the company's transfer agent.
Chubb (NYSE: CB) has announced estimated losses from Hurricane Milton for Q4 2024. The company expects net losses of $250-300 million pre-tax and $208-250 million after-tax, including reinsurance and reinstatement premiums. The loss estimates encompass damages across Chubb's commercial and personal property and casualty insurance businesses, as well as its reinsurance operations.
Chubb (NYSE: CB) announced key leadership changes in Latin America with two strategic appointments. Mario Romanelli has been named Regional President South America, overseeing operations in Argentina, Brazil, Chile, Colombia, Ecuador, and Peru from Miami. Diego Sosa becomes Regional President Northern Latin America, continuing to lead operations in Mexico, the Caribbean, Central America, Panama, and Puerto Rico. Both will report to Paul McNamee, Executive Vice President, Chubb Group and President, Chubb Overseas General. The changes are effective immediately, following Federico Spagnoli's departure from his role as Regional President, Latin America.
Chubb (NYSE: CB) reported strong Q3 2024 financial results with net income of $2.32 billion (up 13.8%) and core operating income of $2.33 billion (up 14.3%). Global P&C net premiums written increased 8.5% in constant dollars, with commercial insurance up 8.1% and consumer insurance up 9.4%. The company achieved a P&C combined ratio of 87.7% with underwriting income of $1.46 billion (up 11.7%). Pre-tax catastrophe losses were $765 million, including $250 million from Hurricane Helene. Life Insurance net premiums written grew 10.6% in constant dollars to $1.55 billion. Book value per share increased 8.0% to $163.16, while tangible book value per share rose 12.8% to $102.67.
Chubb's new global survey, "The Impact of Cyber Scams on Trust in Digital Payments," highlights the rising impact of cyber fraud on consumer trust and behavior. Conducted across the U.S., Mexico, Brazil, Indonesia, Singapore, the Philippines, Thailand, and Vietnam, the survey reveals that 61% of respondents have altered their use of digital payment platforms due to cyber scam concerns. Additionally, 75% believe transaction insurance would enhance their trust in these platforms. The survey notes that 63% of respondents have been victims of cyber scams or know someone who has been. Key concerns include phishing/vishing, impersonation scams, and fake purchases. Demographic highlights show higher scam victim rates among women in Asia (33%) and younger people in the U.S. (33%) and Asia (34%). The study underscores the need for insurance solutions to foster trust and protect consumers in the digital payments ecosystem.
Chubb (NYSE: CB) has announced its upcoming third quarter earnings conference call, scheduled for Wednesday, October 30, 2024, at 8:30 a.m. Eastern. The company plans to release its third quarter earnings and financial supplement after market close on Tuesday, October 29, 2024. These documents will be accessible on Chubb's investor website at investors.chubb.com.
Investors and interested parties can participate in the earnings conference call via a live webcast on the company's website or by dialing in. The dial-in numbers are 877-400-4403 (within the United States) and 332-251-2601 (international), with the passcode 1641662. A replay of the call will be available after the event, accessible through the same website or by registering for dial-in numbers.
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