Chubb
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The CEO spoke after Chubb chief executive Evan Greenberg’s call to action at RIMS. -
Writing credit wraps for LitFin firms and steering third-party assets to them should stop.
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The take-up rate will depend on the price discount and market segment.
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The carrier said it is prepared to drop asset managers, lawyers, banks and brokers.
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During first quarter earnings calls, insurers argued that they can mitigate volatility.
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The facility is a nudge towards a structural change, not a full-out assault.
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Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
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AIG, HDI Global and others have settled. Chubb’s fight continues.
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The facility provides up to $100mn in claims-made excess casualty coverage.
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The executive will begin serving as Hiscox USA’s CUO as of May 5.
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Of the $170mn cat losses outside LA wildfires, US cat activity accounted for 74% and international cats 26%.
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Reserve releases at Chubb rose to $255mn from $207mn a year ago.
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