Chubb

D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.

Pre-tax and after-tax catastrophe losses were $458mn and $382mn, respectively, compared to $333mn and $290mn in the prior year period.

The executive will relocate from London to New York and report to Chubb NA field operations COO Rob Poliseno.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Ringsted will remain a core member of the Risk Underwriting Committee and was assigned a new role as chief digital business officer.

In a filing, the carrier said its investment strategy does not include contingent convertible bonds.

The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

2022 statutory data is now available, and results show winners and losers

Steven Hill will report to Michael Mollica, division president of North America financial lines.

The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.

Maria Guercio, Melanie Markwick-Day and Jared Concannon join the unit as executives.