Chubb Limited - CB STOCK NEWS

Chubb Limited (NYSE: CB) posted a net income of $2.42 billion for Q4 2020, marking a 106.2% increase from Q4 2019. Core operating income rose by 38.4% to $1.44 billion. For the full year, net income decreased 20.7% to $3.53 billion, while core operating income fell 28.6% to $3.31 billion. A significant factor was the combined ratio of 96.1% for the year and 87.6% for Q4. Premium revenue grew by 5.4% in constant dollars, with commercial lines achieving an 11% growth rate.

Chubb has been recognized with the highest customer satisfaction rating in the J.D. Power 2020 U.S. Small Commercial Insurance Study. This accolade is based on performance in key areas including claims handling, billing, and pricing.

Chubb emphasizes its commitment to small businesses, especially during challenging times like the COVID-19 pandemic, offering premium reductions and other financial support. This recognition underscores the dedication of Chubb's workforce in delivering exceptional service to its clients.

Chubb announced the retirement of Philip Bancroft, Chief Financial Officer, effective July 1, after nearly 20 years with the company. He will be succeeded by Peter Enns, who joins as Executive Vice President, Finance, by April 1. Enns brings over 30 years of finance and investment banking experience, previously holding senior roles at Goldman Sachs and HSBC. Bancroft will support Enns in an advisory role through the year. Chubb is the world's largest publicly traded property and casualty insurance company, listed on NYSE under the symbol CB.

Chubb announced the appointment of Jeremiah Konz as Chief Reinsurance Officer, effective immediately. Konz, previously Executive Vice President, brings nearly a decade of experience at Chubb and over 20 years in the insurance industry. He will oversee the design and purchase of reinsurance programs globally, manage reinsurance recoverable assets, and lead relationships with reinsurers. Konz succeeds Michael Kessler, who has transitioned to Division President of cyber risk insurance. The announcement was made by John Keogh, Chubb's President and COO.

Chubb has appointed Michael Kessler as Division President of its global cyber risk insurance business, effective immediately. Kessler, with nearly 30 years of experience in insurance and actuarial consulting, will oversee strategy, product development, underwriting, and profit and loss performance. He previously served as Chief Reinsurance Officer and has a strong background with Chubb, having joined in 2003. This appointment aims to enhance Chubb's capabilities in addressing evolving cyber threats.

Chubb Limited (NYSE: CB) will host its fourth quarter earnings conference call on February 3, 2021, at 8:30 a.m. Eastern. Prior to the call, the company plans to release its earnings and financial supplement after the market closes on February 2. These documents will be accessible on Chubb's investor website. The call can be streamed live online or accessed by phone. A replay will be available until February 17, 2021. Chubb is the largest publicly traded property and casualty insurer globally, operating in 54 countries.

On January 7, 2021, Chubb's CEO Evan G. Greenberg condemned the violence following the U.S. election, affirming the legitimacy of the electoral process. He emphasized the need for leaders to promote respect and support for the democratic transition of power. Greenberg called for national unity to address common challenges. Chubb, a leading property and casualty insurer, maintains a significant global presence, providing a range of insurance products while maintaining strong financial strength. The company is publicly traded under the ticker CB on the NYSE.

Chubb has improved its Directors & Officers (D&O) and Entity Securities Liability Insurance, along with its Fiduciary Liability insurance, to better serve companies facing management liability risks. The enhancements include customizable policy endorsements that cater to unique company needs globally. The new Fiduciary Liability policy adds sought-after features like settlor coverage and pre-claim investigation coverage, providing robust protection in a litigious environment. These updates underline Chubb's commitment to addressing evolving corporate risk exposures.