Chubb Limited reports developments for a global insurance business spanning commercial and personal property and casualty insurance, personal accident and supplemental health, reinsurance and life insurance. News commonly covers underwriting results, net premiums written, combined ratio trends and earnings materials across North America, Overseas General, consumer insurance and commercial insurance.
Company updates also include insurance partnerships, risk-management programs for sectors such as marine and life sciences, reinsurance facility announcements, claims leadership, operations and technology appointments, and earnings conference schedules. The company is listed on the New York Stock Exchange under CB.
Chubb Limited (NYSE: CB) has announced new underwriting criteria for oil and gas extraction projects, emphasizing methane emission reductions and conservation area protections. Effective immediately, Chubb will require clients to implement evidence-based plans to manage methane emissions, including leak detection and repair programs. Moreover, Chubb will not underwrite projects in government-protected conservation areas that do not permit sustainable use. These actions align with Chubb's commitment to balancing energy security with environmental stewardship, reflecting ongoing collaboration with environmental experts.
Chubb has appointed Steven M. Hill as Executive Vice President for the North America Financial Lines division, effective immediately. Hill, a 25-year veteran with over three decades of insurance experience, previously served as Senior Vice President. In his new role, he will develop and execute operational strategies, focusing on management liability products. Michael Mollica, Division President, expressed confidence in Hill's expertise and contributions to the company. Chubb operates in 54 countries and is the world's largest publicly traded property and casualty insurance company, with its parent company listed on the NYSE as CB.
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.
Summary not available.
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.