CHUBB CREATES NEW NORTH AMERICA SMALL & LOWER MIDMARKET DIVISION
Rhea-AI Summary
Chubb (NYSE: CB) has announced the formation of a new North America Small & Lower Midmarket division, merging its Lower Middle Market and Digital Small Business divisions. The restructuring aims to create a more integrated approach to serving small and lower middle market segments.
The company has appointed Rob Poliseno as Division President and Jason Ranucci as Chief Operating Officer of the new division. Poliseno, with 28 years of industry experience including 17 at Chubb, will report to Ben Rockwell, Division President of North America Middle Market. Ranucci, who has 17 years of insurance experience, will oversee P&L management, underwriting, product, pricing, and analytics.
The new division will leverage a modern, automated, and data-centric digital operating model to offer comprehensive coverage including P&C, Financial Lines, Cyber, Multinational, and Accident & Health insurance. Agents will have access to both fully digital/automated experiences and digitally augmented service models.
Positive
- Strategic merger of divisions to enhance market penetration and growth opportunities
- Implementation of modern digital operating model for improved efficiency
- Expansion of comprehensive insurance product offerings
- Streamlined service delivery through both automated and augmented channels
Negative
- None.
News Market Reaction
On the day this news was published, CB declined 2.31%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Leverages Digital Operating Model to Apply Chubb's Underwriting and Service Capabilities Across Small and Lower Middle Market Segments
Rob Poliseno appointed Division President, Small & Lower Midmarket; Jason Ranucci named Chief Operating Officer, Small & Lower Midmarket
Rob Poliseno has been appointed Division President, Small & Lower Midmarket, reporting to Ben Rockwell, Division President, Chubb North America Middle Market. Jason Ranucci has been named Chief Operating Officer, Small & Lower Midmarket, reporting to Rob. Both appointments are effective immediately.
Commenting on the news, Juan Luis Ortega, Executive Vice President, Chubb Group, and President, Chubb North America, said, "The small business and lower middle market segments present significant growth and expansion opportunities for Chubb. As the distribution landscape continues to evolve, agents and brokers increasingly demand simplicity, efficient and fast underwriting, and seamless digital experiences. This combination integrates our decades-long underwriting experience in the Lower Middle Market with the agility and speed of our Digital Small Business division, allowing us to apply the full power and deep expertise of our team to service clients in this segment and drive growth."
Rob brings over 28 years of industry experience to his new position, including nearly 17 years with Chubb. Previously, he served as Division President, Small Business and North America Digital. His strong background in insurance underwriting and distribution, backed by a proven track record of operational excellence, positions him well to lead Chubb's Small & Lower Midmarket business.
As COO of the unit, Jason will have broad operating responsibility – including P&L management and oversight of both field and home office underwriting, as well as product, pricing, portfolio management and analytics. With over 17 years of experience in insurance, he has been serving as Head of North America Lower Middle Market, and was previously Global Chief Underwriting Officer for Small Business.
"Launching this division represents an important milestone in how we serve the small and lower middle market business segment," said Middle Market President Rockwell. "Rob and Jason will build on their successes in this space, leveraging our investments in a modern, automated and data-centric digital operating model that differentiates our approach to a wide range of companies across all industry practices and positions this business for robust growth. This division will offer more seamless coverage through a comprehensive suite of products and services, including P&C, Financial Lines, Cyber, Multinational, and Accident & Health, while offering agents the options of either a fully digital/automated experience or a digitally augmented service model."
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.
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SOURCE Chubb
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