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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.
Chubb Tempest Re announced the appointment of Wayne Ashley as Division President of Chubb Tempest Re International, effective April 1, 2023, pending regulatory approval. Ashley, who has been with the company for over 15 years and served as Deputy Head of the international property and casualty reinsurance business, will replace Stephen Roberts, who is retiring at the end of April. Jim Wixtead, Senior Vice President of Chubb Group, expressed confidence in Ashley's leadership experience, highlighting his nearly 30 years in the insurance industry. Chubb Tempest Re operates globally, enhancing its footprint in the reinsurance sector.
Chubb Limited (NYSE: CB) announced an increase in its quarterly dividend for the 30th consecutive year. The proposed annual dividend is $3.44 per share, with quarterly payments of $0.86, up from $0.83. The Board declared a dividend of $0.83 per share, payable on April 10, 2023, to shareholders of record by March 17, 2023. This dividend will be paid from legal reserves in US dollars. The continued dividend increase reflects the company's commitment to returning value to its shareholders.
Chubb (NYSE: CB) launched its new global climate business unit, Chubb Climate+, on Feb. 23, 2023. This unit aims to provide a wide range of insurance products and services supporting businesses transitioning to a low-carbon economy. Chubb also appointed three executives to its leadership team: Maria Guercio as Climate Tech Industry Practice Leader, Melanie Markwick-Day as Natural Resources Head, and Jared Concannon as Head of Climate Tech. The leadership team will leverage Chubb's underwriting and risk engineering expertise to assist clients in managing climate-related risks and enhancing resilience against climate change.
Chubb Workplace Benefits has launched Cancer Advocate Plus, a groundbreaking genetics-based insurance program aimed at early cancer risk detection and management. This program empowers individuals to understand their cancer risks, navigate diagnoses, and receive financial protection through insurance coverage. With early detection critical for survival—91.1% five-year survival rate for early-stage versus 30.6% for late-stage cancers—this offering makes genetic testing accessible to more Americans. Developed in partnership with healthŌme, the program includes personalized action plans, expert medical reviews, and ongoing education to support affected individuals.
Chubb Limited (NYSE: CB) reported a fourth quarter net income of $1.31 billion and core operating income of $1.70 billion, reflecting a 3% increase year-over-year. The full-year net income was $5.31 billion, down 37.8% from 2021, but core operating income rose to a record $6.46 billion, up 15.9%. Consolidated net premiums written increased 10.3% to $41.8 billion, with P&C net premiums rising 7.7%. The P&C combined ratio improved to 87.6% from 89.1% the previous year, highlighting strong underwriting performance despite challenges. Key metrics like adjusted net investment income also reached record levels, boosting shareholder confidence.
Chubb Limited (NYSE: CB) is scheduled to hold its fourth quarter earnings conference call on February 1, 2023, at 8:30 a.m. Eastern. The company will release its earnings report and financial supplement after market close on January 31, 2023, accessible on its investor website. The conference call will be available via live webcast or by dialing 877-400-4403 in the U.S. A replay will be accessible post-call.
Chubb has announced four key executive promotions in its North America Financial Lines Division to improve underwriting and digital services. Jarrod Schlesinger becomes COO, overseeing operational strategies for management and professional liability products. Scott Williams is now EVP and Chief Underwriting Officer, focusing on private/not-for-profit underwriting. Jennifer Riley takes charge of digital strategy, enhancing automation in financial lines. Alissa Theberge leads Learning & Development to advance underwriting programs. These changes aim to strengthen Chubb's market position and enhance customer experience.
Chubb has appointed Teresa Black as the new Executive Vice President and Chief Operating Officer of North America Surety, responsible for underwriting, strategy, and growth in this segment. Previously serving as Executive Vice President, Commercial Surety, Black has over 25 years of experience in the insurance sector. Chubb, recognized as the fifth largest surety underwriter in the U.S., provides a variety of surety products and global bond issuance capabilities. This leadership change aims to drive continued growth in the North America Surety business.
Chubb has announced plans to construct a new Philadelphia office, creating at least 1,250 new jobs. This development, located at 2000 Arch Street, will span 438,000 rentable square feet and adhere to high sustainability standards. With construction set for February 2023, the project will support a total of 3,200 jobs in Pennsylvania over the next five years. Governor Wolf has pledged $10 million for development costs through the Redevelopment Assistance Capital Program, highlighting Chubb's significant economic impact in the region.
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