Chubb
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race. -
Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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Pre-tax cat losses were down 63% from the prior year quarter to $285mn.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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The federal panel hasn’t finalized a timeline for formulating the new rules.
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Brian Church has spent 20 years at Chubb.
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Lupica moved to the role last year as part of a staggered handover of responsibilities to Juan Luis Ortega.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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He will drive the growth of Chubb's claims-made excess casualty facility.
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He joins the company after 22 years in casualty leadership roles at Chubb.
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The Delaware high court’s reasoning could find application in other cases.
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The state’s Supreme Court upheld two lower court decisions finding no liability.
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Teresa Black will succeed him as division president of North American surety.
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Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.
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The carrier agreed to acquire Liberty Mutual’s P&C firms in Thailand and Vietnam in March.
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Loss trend concerns persist, but insurers are vouching on the opportunity to push for more rate increases.
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The carrier's Q2 reserve releases rose to $249mn from $192mn on favorable NA personal development.
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The company also encouraged insurers and brokers to support the initiative.
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In March 2024, Cowen was appointed to lead Chubb’s new international transactional liability platform.
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When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.
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The January wildfires did little to hamper their appetite, apart from California.
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The transition will be implemented starting October 15.
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The broader legislation narrowly passed the Senate and now heads to the House.
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Jim Williamson said litigation funding had evolved into an investment class.
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Major insurance industry groups and companies have recently pressed lawmakers to include the provision.
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Marsh McLennan CEO Doyle dubbed legal system abuse a "tax” on US economy.
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Chubb told insurers to look inward in the fight against LitFin, but insurers are also tied to that industry.
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The panel aimed to highlight “synergies” between insurance and litigation finance.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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Burford’s CEO said Chubb is inappropriately using its corporate power.
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Philip Enan joins following 11 years at Chubb.
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The two parties seek to delay a judge’s summary judgment order.
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The executive had served as chief investment officer since 2000.
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The program will succeed the previous buyback launched in 2023.
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The CEO spoke after Chubb chief executive Evan Greenberg’s call to action at RIMS.
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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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The executive has spent over 20 years at Chubb.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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Joe Cala will leave the carrier after nearly 13 years on the product recall team.
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The decision comes after the agency refused to block a climate related vote at Travelers.
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Of the 178 passengers and crew on board, no serious injuries have been reported.
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CEO Greenberg cited ‘competing priorities’ in his annual letter to shareholders.
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The move combines two units in the North America middle market division.
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Last year, the firm consolidated financial and excess liability lines under the leadership of Richard Porter.
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Delegated underwriters are seeing an opportunity to write in the PVT market as an add-on to property coverage.
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Under the new guidelines, the carrier is requiring more distance from the brush.
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Former PRS president Ana Robic was promoted to regional president.
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Ana Robic will succeed Furby as EMEA regional president.
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The executive succeeds Lou Capparelli, who becomes global casualty chairman.
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Andy Houston will be based in London, reporting to Mark Roberts, division president UKISA.
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Changes in cat activity and social inflation have impacted carriers focused on the mid- and small commercial market.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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Chubb’s Q4 cat losses more than doubled to $607mn, driven by Hurricane Milton.
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The carrier named Jason Neu, financial lines EVP for its E&S subsidiary Westchester, to succeed Stapleton.
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The E&S lines division adds property, casualty and financial lines.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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A Delaware judge ruled that a “bump-up” exclusion was inapplicable.
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The storm caused major damage to one of the drinks company’s warehouses in Tennessee.
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The carrier had $300mn of favorable development in Q3, mostly led by short-tail lines and ex-workers' comp.
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
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The appointments will enhance Chubb’s Latin American leadership structure.
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Greenberg said London behavior in cat market “is almost aberrant relative to everybody else”.
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The CEO noted, however, that the UK retail market remains a big business growing well.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier booked $250mn of pre-tax losses for Hurricane Helene.
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He succeeds Laura Vest, who is retiring after 20 years with the company.
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Mark Gregory will retire next March, while Sara Mitchell will initially join as a strategic adviser.
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The executive has 20 years of experience in environmental risk and sustainability.
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The carrier writes all of its E&S business in the state through Arch Specialty Insurance Company.
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The executive joined Chubb in 2013 as assistant VP and regional manager.
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The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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The carrier recognized a goodwill of $256mn and intangible assets of $39mn from the transaction.
