Chubb Limited Stock Price, News & Analysis

Chubb (NYSE: CB) has announced three key executive appointments in its finance organization, effective September 4, 2024. George Ohsiek has been named Vice President, Chubb Group and Chief Accounting Officer, taking over from Annmarie Hagan, who will become Vice President, Chubb Group and Chief Financial Officer of Operations & Technology and Transformation. Mong-Diep "Dee" Le will succeed Ohsiek as Chief Auditor.

These appointments showcase the strength of Chubb's finance organization, with each executive bringing decades of experience within the company and the industry. The changes aim to enhance the company's financial management, technology initiatives, and audit functions. All three executives will report to Peter Enns, Executive Vice President, Chubb Group and Chief Financial Officer, with additional reporting lines for Hagan and Le.

Chubb 's (NYSE: CB) Board of Directors has declared a quarterly dividend of $0.91 per share. The dividend is payable on October 4, 2024 to shareholders of record at the close of business on September 13, 2024. This marks the second installment of the dividend approved by shareholders on May 16, 2024. The payment will be made in United States dollars from the company's legal reserves through its transfer agent. This announcement demonstrates Chubb's commitment to returning value to its shareholders through consistent dividend payments.

Chubb (NYSE: CB) has announced that its subsidiary, Chubb INA Holdings , has priced a public offering of $1.3 billion in senior notes. The offering consists of $700 million of 4.650% senior notes due 2029 and an additional $600 million of 5.000% senior notes due 2034. These notes are guaranteed by Chubb

The 2034 Notes are a further issuance of existing notes, forming a single series with $1 billion aggregate principal amount issued on March 7, 2024. Chubb intends to use the net proceeds for general corporate purposes, which may include redeeming, repurchasing, or repaying outstanding debt, including the repayment of €700 million of 0.30% senior notes due December 15, 2024.

The joint book-running managers for the offering are Wells Fargo Securities, , Barclays Capital Inc., and Citigroup Global Markets Inc.

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of "a+" (Excellent) to Chubb INA Holdings 's recently announced USD 700 million issuance of 4.65% senior unsecured notes due 2029. The outlook is stable. AM Best also affirmed the Long-Term IR of "a+" on Chubb's USD 1.0 billion, 5% senior unsecured notes due 2034, with an additional USD 600 million offering. The notes are guaranteed by Chubb [NYSE: CB].

Chubb plans to use the proceeds for general corporate purposes, including potential debt repayment. As of June 30, 2024, Chubb had total assets of USD 238.6 billion and shareholders' equity of USD 61.0 billion. This rating action reflects AM Best's assessment of Chubb's financial strength and creditworthiness.

Chubb (NYSE: CB) reported strong financial results for Q2 2024. Net income increased 24.3% to $2.23 billion, or $5.46 per share, while core operating income rose 7.5% to $2.20 billion, or $5.38 per share. The company saw significant growth in net premiums written, up 11.8% to $13.4 billion, with P&C up 10.6% and Life Insurance up 27.6%.

Key highlights include:

• P&C combined ratio of 86.8%
• Record year-to-date per share net income of $10.68, up 20.8%
• Record year-to-date per share core operating income of $10.78, up 15.7%
• Global P&C net premiums written up 11.2%
• Life Insurance segment income up 8.7%
• Pre-tax net investment income up 28.2% to $1.47 billion

The company reported strong growth across regions, with North America up 8.0%, Overseas General up 15.6%, and significant increases in Asia-Pacific, Latin America, and Continental Europe.

Chubb (NYSE: CB) has announced the appointment of Ana Robic and Ben Rockwell as Senior Vice Presidents of the Chubb Group. Both will maintain their current roles and report to Juan Luis Ortega and Scott Meyer. Jason Ranucci is now Head of North America Lower Middle Market, succeeding Jeffrey Updyke, who will lead as Executive Vice President, North America Commercial Insurance & Digital Distribution. John DePeters has been named Chief Underwriting Officer, Small Commercial. These leadership changes are effective immediately. The company aims to leverage the extensive experience of these executives to drive growth in the lower middle market and small commercial segments.

On July 10, 2024, Chubb (NYSE: CB) announced a reorganization of its Latin America region into three sub-regions: Northern Latin America, Southern Latin America, and Brazil. This restructuring is intended to better serve customers and distribution partners while harnessing potential growth opportunities. Diego Sosa, currently the Country President of Mexico, will lead Northern Latin America. Mario Romanelli, currently the Country President of Chile, will head Southern Latin America. Leandro Martinez will continue to manage Brazil. These leaders will report to Federico Spagnoli, Regional President, Latin America and Division President, Consumer Lines, Overseas General Insurance. The restructuring aims to enhance focus and service quality across the region.

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.