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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.
Rhea-AI Summary
Chubb reported strong financial performance in the first quarter of 2024, with net income of $2.14 billion, up 13.3%, and core operating income of $2.22 billion, up 20.3%. Consolidated net premiums written were $12.2 billion, up 14.1%, with P&C up 12.4% and Life Insurance up 26.3%. P&C underwriting income was $1.40 billion, up 15.4%, with a combined ratio of 86.0%. Pre-tax net investment income was $1.39 billion, up 25.7%. Annualized return on equity (ROE) was 14.3%. Chubb's global growth in premiums and strong underwriting performance led to a successful start to the year.
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Chubb has entered into a definitive agreement to acquire Healthy Paws, a leading pet insurance provider, from Aon plc. The transaction aims to expand Chubb's presence in the pet insurance market with substantial growth potential. Financial terms were not disclosed, and the deal is expected to close in the second quarter. Healthy Paws, with over 500,000 pets under coverage, will continue its operations under Chubb to empower more pet owners with medical care funding.
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Combined Insurance Company of America, a Chubb company, continues its support for the military by presenting grants to two military-focused non-profit organizations and receiving a 5-Star Employer rating by VETS Indexes. The company's Operation Veteran Giveback program awarded $50,000 to Luke's Wings and Fisher House Foundation. Combined's commitment to military support was highlighted at the annual ceremony in Chicago. The company's efforts were recognized by VETS Indexes for its outstanding support for veterans and military-connected individuals.
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Chubb (NYSE: CB) will hold its first quarter earnings conference call on April 24, 2024, with the earnings release and financial supplement available on April 23, 2024. The call can be accessed via webcast or phone, with a replay option.
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Chubb Personal Risk Services launches a new self-service Flood Insurance System for agents, offering quick quotes for low-hazard properties in under two minutes. The system integrates with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform, providing agents with faster access to flood quotes and an enhanced user interface. Chubb aims to offer complete flood protection coverage options for clients across all U.S. states where Chubb writes flood insurance.
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Chubb appoints Josh Cowen as Senior Vice President, International Transactional Risk to lead the launch of a global transactional risk platform offering liability insurance products across international markets. Cowen's expertise in M&A risk insurance will enhance Chubb's presence in North America and globally. The platform aims to meet the needs of broker partners and clients for global M&A transactions.
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Chubb Limited (CB) announces a $1 billion public offering of 5.000% senior notes due 2034, guaranteed by Chubb Limited. The proceeds will be used for general corporate purposes, including repaying $700 million 3.35% senior notes due May 15, 2024. Joint book-running managers are Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and Wells Fargo Securities, LLC.
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Chubb and National Center of Middle Market Survey reveals middle market companies' robust growth amidst inflation, cybersecurity threats, and natural catastrophes. Revenue up 12.4%, highest since 2012. Inflation remains top risk, with companies planning price hikes and AI use. Weather events damage severity increases. Cybersecurity concerns rise with 33% lacking protection. Insurance coverage gaps recognized, with companies needing more coverage than initially planned.
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Chubb Limited (CB) plans to recommend a $3.64 annual per share dividend, marking the thirty-first consecutive year of dividend increases. The new quarterly dividend of $0.91 per share is higher than the current $0.86 per share. Shareholders will receive the increased dividend starting April 5, 2024.
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Latin American consumers lead in e-commerce adoption, trusting platforms more than companies, reveals Chubb survey.
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FAQ
What is the current stock price of Chubb (CB)?
The current stock price of Chubb (CB) is $285.21 as of November 22, 2024.
What is the market cap of Chubb (CB)?
The market cap of Chubb (CB) is approximately 113.1B.
What does Chubb Limited do?
Chubb Limited provides a comprehensive range of insurance products including property and casualty, accident and health, reinsurance, and life insurance.
Where is Chubb Limited headquartered?
Chubb Limited is incorporated in Zürich, Switzerland, with executive offices in Zurich, New York, London, Paris, and other major cities.
When did ACE acquire Chubb?
ACE acquired Chubb in the first quarter of 2016 and subsequently adopted the Chubb name.
How many countries does Chubb operate in?
Chubb operates in 54 countries and territories worldwide.
What are Chubb's recent financial highlights?
In the first quarter of 2024, Chubb reported a net income of $2.14 billion and core operating income of $2.22 billion.
What innovative products has Chubb introduced recently?
Chubb introduced the StreamLabs Scout, a smart water leak detection system, to help prevent property damage.
What is Chubb's recent acquisition in the pet insurance market?
Chubb recently acquired Healthy Paws, a U.S.-based managing general agent specializing in pet insurance.
Where can I find Chubb's latest financial results?
Chubb's latest financial results and supplements are available on the company's investor website at investors.chubb.com.
How many people does Chubb employ?
Chubb employs approximately 40,000 people worldwide.
Is Chubb a component of any major stock indices?
Yes, Chubb is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.
Chubb Limited
NYSE:CB
CB Rankings
CB Stock Data
113.10B
373.58M
7.32%
84.33%
0.85%
Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
United States of America
ZURICH