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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 Limited (NYSE: CB) issued a statement addressing The Hartford's recent refusal to discuss a strategic business combination. Chubb emphasized its strong underwriting performance and confidence in leveraging favorable commercial insurance market conditions. The company remains committed to delivering value for shareholders and maintaining disciplined acquisition practices focused on fair value. Chubb, the world's largest publicly traded property and casualty insurer, operates in 54 countries and is known for its extensive range of insurance products and services.
Chubb's Westchester Division has appointed Dave Roberts as Senior Vice President of Westchester Small Business, succeeding David Charlton who is retiring. Roberts brings nearly two decades of industry experience, previously serving as Senior Vice President of Small Business Underwriting. His role will focus on product development, underwriting operations, and profitability strategies for small businesses. Westchester offers diverse insurance solutions and is notable for its strong financial performance. This leadership change aims to enhance Westchester's market presence and client offerings.
Chubb Limited submitted a proposal on March 11, 2021, to merge with The Hartford, valuing the company at $65.00 per share, a 26% premium over its average share price of $51.70. The proposal includes a mix of stock and cash. Chubb has not received a response but is eager for discussions aimed at a beneficial transaction for stakeholders. Despite the interest in merging, no agreement has been reached, and uncertainties remain regarding the final terms and timeline of any potential transaction.
Chubb Limited (NYSE: CB) announced it will propose a dividend increase at the 2021 Annual General Meeting, marking the 28th consecutive year of dividend growth. The recommended annual dividend will be $3.20 per share, distributed in quarterly payments of $0.80 each, up from the current $0.78 per share. The latest quarterly dividend of $0.78 is scheduled for payment on April 9, 2021, to shareholders of record by March 19, 2021.
Chubb has launched BLINK by Chubb, a new brand aimed at providing affordable and user-friendly insurance products for digitally savvy consumers. The suite includes personal cyber protection, now available in 25 states, designed to address the gap in personal cyber security awareness. Blink offers flexible, customizable coverage with an easy digital experience backed by Chubb's strong financial and underwriting capabilities. For a monthly cost comparable to a cup of coffee, consumers can secure $10,000 in cyber protection for their households.
Chubb has launched its new Chubb Primary Commercial Crime Insurance, designed to assist businesses of all sizes in safeguarding against various criminal activities. This offering addresses modern threats like theft, hacking, and employee dishonesty. Notably, occupational fraud led to losses exceeding $3.6 billion globally, with business email compromises costing $1.7 billion in damages. The coverage includes loss of funds due to unauthorized computer access, fraudulent fund transfers, and investigative expenses related to these crimes.
Chubb has announced two new leadership appointments in its North America Financial Lines division, effective immediately. Michael Mollica is appointed to lead the Private/Not-For-Profit Management Liability business, succeeding Leigh Anne Sherman, who becomes Division President of ESIS, Inc. Stephen Troiano succeeds Mollica as Executive Vice President, focusing on U.S. Retail Financial Institutions Management Liability. Both executives bring over 20 years of industry experience and will report to Steven F. Goldman, Division President. Chubb, a leading property and casualty insurance company, aims to enhance its management liability solutions.
On February 8, 2021, Chubb announced the appointment of Leigh Anne Sherman as Division President of ESIS, a leading third-party claims administrator. She will oversee strategies in product development, customer service, sales, and P&L performance. Ms. Sherman has extensive experience with Chubb, having previously led the Private/Not-For-Profit Management Liability practice. Her leadership is expected to drive growth and enhance service delivery for ESIS. She will report to Matt Merna, Senior Vice President, Chubb Group.
Chubb Tempest Re announced the appointment of Sam Peters as Division President of Chubb Tempest Re Bermuda, effective March 1, subject to Bermuda Department of Immigration approval. Currently serving as Chief Actuary, Peters has extensive experience in the insurance industry, joining Chubb in 2006. His new role will involve management of property catastrophe reinsurance solutions for global clients. Senior VP Jim Wixtead expressed confidence in Peters' ability to enhance Chubb Tempest Re's market differentiation.
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