Chubb Limited - CB STOCK NEWS

Chubb has appointed David Lupica as Vice President, Chubb Group and President of Westchester, its wholesale excess and surplus (E&S) lines business in North America. Lupica will succeed Scott Meyer, who was promoted to Senior Vice President, Chubb Group and Chief Operating Officer of North America Insurance. Lupica, with over 30 years of industry experience, previously served as Chief Operating and Distribution Management Officer, Westchester. Under his leadership, Westchester, a market leader, writes $4 billion in premiums annually. He will report to Scott Meyer and Juan Luis Ortega, Executive Vice President, Chubb Group and President of North America Insurance. Lupica has been with Chubb since 2000, holding various senior positions, and is recognized for his deep understanding of the E&S business.

Chubb (NYSE: CB) has announced significant executive appointments. Paul McNamee has been named Executive Vice President, Chubb Group and President of Overseas General Insurance, overseeing 51 countries outside North America. He succeeds Juan Luis Ortega, now President of North America Insurance operations. McNamee, previously Regional President of Asia Pacific, will be based in New York and report to the CEO and COO. Marcos Gunn, previously Regional President of Latin America, will succeed McNamee in the Asia Pacific region, relocating to Singapore. Federico Spagnoli, currently Division President, Consumer Lines, will lead the Latin America region, succeeding Gunn. These changes are effective immediately. McNamee brings nearly 30 years of industry experience, Gunn over 25 years, and Spagnoli over 20 years. Chubb sees these appointments as strategic moves to leverage their experienced leadership for global growth.

Chubb has announced significant executive appointments within its North American insurance business. John Lupica, previously Vice Chairman and President of North America Insurance, is now Executive Chairman. Juan Luis Ortega, formerly EVP and President of Overseas General Insurance, is the new President.

Scott Meyer is promoted to COO, a newly created role, while Christopher Maleno is named Vice Chairman, retaining his duties as Division President. These changes are effective immediately, aiming to manage the complexity and foster growth in Chubb's North American operations.

The appointments reflect the extensive experience and leadership skills of the executives, with Lupica overseeing strategy and governance, and Ortega managing day-to-day operations.

Chubb (NYSE: CB) will hold its second quarter earnings conference call on Wednesday, July 24, 2024, at 8:30 a.m. Eastern. The company plans to release its second quarter earnings and financial supplement after the market closes on Tuesday, July 23, 2024. These documents will be accessible on the company's investor website. The earnings call can be accessed via live webcast or by phone for both domestic and international participants. A replay of the call will be available on the company's website post-event.

Chubb (NYSE: CB) announced that shareholders approved a 5.8% increase in its annual dividend to $3.64 per share, marking the 31st consecutive annual increase. This decision was made at the 2024 Annual General Meeting in Zurich, Switzerland, where all agenda items were also approved as recommended by the Board. The dividend will be paid in four quarterly installments of $0.91 per share, starting with the first payment on July 5, 2024, for shareholders on record as of June 14, 2024. Payments will be made in USD by the company's transfer agent.

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.

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.

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.

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.