Chubb Reaches Agreement-in-Principle with Boy Scouts of America
On December 13, 2021, Chubb announced an agreement-in-principle with the Boy Scouts of America (BSA) regarding its bankruptcy case. Under the agreement, Chubb companies will pay $800 million to secure a broad release from BSA-related abuse claims. The net financial impact is expected to be mitigated by existing reserves and third-party reinsurance. This agreement is contingent on various conditions and court approvals, emphasizing the importance of finalized legal processes for the settlement.
- Chubb's payment of $800 million aims to resolve BSA-related abuse claims, potentially stabilizing future liabilities.
- The financial impact is expected to be substantially offset by carried reserves and third-party reinsurance.
- The agreement remains contingent on conditions and court approvals, presenting uncertainties.
ZURICH, Dec. 13, 2021 /PRNewswire/ -- As reported by the Boy Scouts of America (BSA) and other parties today, an agreement-in-principle has been reached in the BSA bankruptcy. Under this agreement, assuming approval, Century Indemnity Company and other Chubb companies will pay
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release regarding the agreement-in-principle, the proposed settlement and the resulting financial impact reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially as set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.
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SOURCE Chubb Limited
FAQ
What is the significance of the $800 million settlement for Chubb (CB)?
When was the agreement-in-principle for the BSA bankruptcy reached?
How will Chubb's financial impact be mitigated after the BSA settlement?
What are the conditions for the Chubb and BSA settlement to proceed?
