Chubb Limited - CB STOCK NEWS

Chubb has launched the Chubb Primary Employment Practices Liability Insurance (EPLI) to protect companies against financial losses from employment-related lawsuits, including wrongful termination and breach of contract. This policy covers claims from current, former, and prospective employees. The offering is complemented by loss prevention consultant services and access to ChubbWorks, an online resource for EPL loss prevention tools. In 2020, the EEOC reported almost 70,000 discrimination claims, underscoring the need for this coverage.

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.

AM Best has affirmed the Financial Strength Rating (FSR) of A++ and Long-Term Issuer Credit Ratings of 'aa+' for Chubb Limited's subsidiaries, including Chubb US Group and Chubb Bermuda. The ratings reflect the group's strongest balance sheet strength and very strong operating performance. Despite facing high catastrophe losses, the group has maintained positive income for the last decade. The outlook for these ratings remains stable, supported by robust pricing in commercial lines and financial flexibility from Chubb Limited.

Chubb Limited (NYSE: CB) has appointed Fran O'Brien as the new Deputy Chief Risk Officer, effective January 1, 2022. Previously the Senior Vice President and Division President of North America Personal Risk Services, O'Brien will now oversee the company's enterprise risk management activities. Ana Robic, the current Chief Operating Officer for North America Personal Risk Services, will succeed O'Brien as Division President. Robic has over 20 years of experience in insurance and will focus on personal lines property and casualty insurance across the U.S. and Canada.

Chubb, the largest publicly traded property and casualty insurer, has announced a new digital alliance with Betterfly, a Latin America-based digital benefits platform. This collaboration focuses on promoting employee self-care and rewards healthy habits with charitable donations and life insurance benefits. Betterfly will integrate Chubb's insurance offerings across Mexico, Colombia, Ecuador, Chile, and Argentina, leveraging Chubb Studio for product distribution. This partnership aims to address the substantial mortality protection gap in Latin America, estimated at US$14 trillion, while enhancing access to life insurance.

Chubb Limited (NYSE: CB) has declared a quarterly dividend of $0.80 per share, scheduled for payment on January 7, 2022, to shareholders recorded by the close of business on December 17, 2021. This marks the third installment approved by shareholders on May 20, 2021. The payment will be made from legal reserves in US dollars. Chubb is recognized as the largest publicly traded property and casualty insurance company, operating in 54 countries with a commitment to fair and prompt claims servicing.

Chubb Limited (NYSE: CB) has announced a public offering of $600 million of 2.85% senior notes due 2051 and $1.0 billion of 3.05% senior notes due 2061, guaranteed by Chubb Limited. The net proceeds, estimated at $1.1 billion, will primarily fund the acquisition of Cigna's personal accident and health insurance business in Asia-Pacific markets. Remaining funds will support general corporate purposes, including repaying maturing debt. The offering is managed by BofA Securities, Morgan Stanley, and Wells Fargo.

Chubb Limited (NYSE: CB) reported a strong third quarter for 2021, with net income of $1.83 billion ($4.18 per share) and core operating income of $1.16 billion ($2.64 per share). The P&C combined ratio improved to 93.4% from 95.2% year-over-year. Net premiums written increased by 17%, with commercial lines growing 22%. Despite $1.1 billion in catastrophe losses, underwriting income rose 58% to $617 million. Book value per share increased to $137.67, aided by after-tax gains of $190 million, while foreign currency impacts totaled $305 million.