Chubb Limited - CB STOCK NEWS

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.