Welcome to our dedicated page for Chubb news (Ticker: CB), a resource for investors and traders seeking the latest updates and insights on Chubb stock.
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.
Nubank and Chubb have launched Nubank Vida, a fully digital life insurance product in Brazil. Targeted at Nubank's 30 million customers, the offering simplifies the purchasing process by enabling users to customize their policies through an app. Basic coverage includes natural or accidental death, hospitalization, and funeral assistance. The partnership aims to democratize life insurance access in Brazil, where only 20% of Nubank's customers currently hold a policy. The initiative reflects Nubank's commitment to innovation and expanding its product range.
Chubb announced the appointment of Gabriel Lazaro as Senior Vice President, Digital Head for Overseas General Insurance, effective January 1, 2021. Previously serving as Digital Head for Latin America, Lazaro will now oversee digital insurance product distribution outside North America. He'll report to Sean Ringsted and Juan Luis Ortega. With a strong background in digital strategy, Lazaro aims to enhance Chubb's international digital efforts and product innovation. Chubb operates in 54 countries and is listed on the NYSE under the symbol CB.
Chubb's latest Cyber InFocus Report reveals a significant rise in cyber incidents within the professional services industry, showing a 10% increase, largely due to email phishing. The report emphasizes the need for companies with remote workers to adopt protective measures, such as multifactor authentication. Additionally, there is an increasing trend in cyber incidents across various sectors, with the technology and manufacturing industries also experiencing rises of 8% and 7%, respectively. Chubb highlights the evolving complexity of cyber threats, stressing the importance of proactive risk management.
Chubb Limited (NYSE: CB) announced a quarterly dividend of $0.78 per share, payable on January 8, 2021, to shareholders of record by the close of business on December 18, 2020. This payout is part of a dividend strategy approved by shareholders earlier this year. The Board also authorized a new share repurchase program of up to $1.5 billion, effective through December 31, 2021, with the existing authorization set to be utilized first. The timing and volume of repurchases will depend on market conditions and company strategy.
Chubb has appointed Jason Luyt as the new Senior Vice President and Chief Underwriting Officer for its International Accident & Health division, effective January 1, 2021. Luyt, who joined Chubb in 2015, brings over 20 years of insurance experience and will oversee underwriting functions across 51 countries. He succeeds Deborah Venella, who retires after a notable 47-year career. John Thompson, the division president, expressed confidence in Luyt's leadership and the potential for profitable growth globally.
Chubb has enhanced the Chubb Cyber Index with new features aiding organizations in assessing cyber risks. The tool now includes ransomware risk assessments, industry-specific incident costs, and an interactive chatbot named Clara the Coder. Regular updates provide recent data to aid businesses in navigating evolving cyber threats, especially amid the COVID-19 pandemic. Since its launch in 2018, the tool has offered commercial clients essential insights into cyber threats, supporting proactive measures against potential incidents. The Chubb Cyber Index remains freely accessible online.
Chubb Limited (NYSE: CB) reported a net income of $1,194 million ($2.63 per share) for Q3 2020, a 9.4% increase from $1,091 million ($2.38 per share) in Q3 2019. However, core operating income fell 26.6% to $907 million ($2.00 per share). The company's book value per share increased 3.0% to $124.98, boosted by $1.1 billion in net realized gains. The P&C combined ratio was 95.2%, impacted by $925 million in catastrophe losses. Despite challenges, net premiums written rose 6.5%, driven mainly by commercial business growth.
Ellen Moore, the President of Chubb Canada, will retire at the end of the year. John Alfieri, currently Executive Vice President, will succeed her as President, subject to regulatory approvals. Moore will transition to a Chair of Operations role, advising Alfieri. As President, Alfieri will oversee Chubb's retail insurance operations in Canada, focusing on strategy and business development. Chubb, listed on the NYSE as CB, is known for its extensive insurance offerings and operates in 54 countries.
Combined Insurance, a Chubb company, launched a new online accident insurance product named Accident Champion, designed for individuals and families. This offering addresses the rising need for flexible insurance solutions, enabling customers to purchase coverage digitally. The product features affordable premiums starting under $10 and direct cash benefits for various accidents. Customers can buy it online in under ten minutes. This initiative aligns with Combined's commitment to customer needs and broadens its digital service offerings.
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