Welcome to our dedicated page for Chubb news (Ticker: CB), a resource for investors and traders seeking the latest updates and insights on Chubb stock.
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.
AM Best has affirmed the Financial Strength and Long-Term Issuer Credit Ratings of Chubb Limited's subsidiaries, including the Chubb US Group, Chubb Bermuda, and Chubb Tempest Re, maintaining high ratings of A++ and aa+. These ratings reflect strong balance sheet strength and operating performance, despite challenges from high catastrophe losses and inflationary trends. The outlook remains stable. Chubb US Group's performance remains robust with strong underwriting results, while Chubb Bermuda benefits from implicit support from Chubb Limited. The group expects improved capital retention in 2023.
Chubb has appointed Lyndsey Christofer as the new Real Estate & Hospitality (REH) Industry Practice Leader. She will lead Chubb's strategic direction for REH, overseeing underwriting, risk consulting, and claims. Christofer retains her role as Executive Vice President, Construction Industry Practice Leader. She succeeds Bill Hazelton, now heading North American Industry Practices. Christofer has nearly 20 years of experience and joined Chubb in 2013. This leadership change aims to enhance tailored solutions for Chubb's REH clients across North America.
Chubb Limited (NYSE: CB) announced regulatory approval from the China Banking and Insurance Regulatory Commission to increase its ownership in Huatai Insurance Group from 47.3% to 83.2%. This acquisition positions Chubb as the first foreign financial institution to hold a majority stake in a Chinese financial services holding company. Huatai operates over 700 branches and serves approximately 19 million customers in China. The deal is expected to close in early Q1 2023, potentially enhancing Chubb's revenue from the growing Chinese insurance market.
The Board of Directors of Chubb Limited (NYSE: CB) announced a quarterly dividend of $0.83 per share, payable on January 6, 2023. Shareholders on record by December 16, 2022 will receive this payment from the company’s legal reserves. This marks the third dividend installment approved by shareholders on May 19, 2022. Chubb Limited is recognized as the largest publicly traded property and casualty insurance company globally, operating in 54 countries.
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Chubb Limited (NYSE: CB) announced the appointment of Darryl Page as Vice President and Chief Culture Officer, effective January 9, 2023, succeeding Ivy Kusinga. Page, who returns after retiring in July 2022, will manage Chubb's culture and DE&I strategy. With over 35 years in the insurance industry, Page previously led Chubb's International Personal Lines business. CEO Evan G. Greenberg praised his leadership and understanding of the company's culture, while acknowledging Kusinga's significant contributions to fostering inclusion within Chubb.
Chubb has announced enhancements to its Chubb Studio, an integration platform that simplifies insurance embedding for partners. The updates include new software development kits (SDKs) for seamless integration, the ability to incorporate products from other carriers, and expansion of the Blink by Chubb experience globally. Since its 2020 launch, over 150 companies adopted Chubb Studio, driving growth in digital insurance distribution.
This strategic move aims to enhance customer experience and offer partners greater flexibility and faster product launches in the embedded insurance market.
Chubb Limited (NYSE: CB) reported Q3 2022 net income of $812 million, down 55.7% from $1.83 billion in Q3 2021, impacted by $502 million in after-tax losses. Core operating income rose 15.1% to $1.33 billion. Year-to-date, net income stands at $4 billion, a decrease of 37.5%. P&C net premiums written increased by 8.5%, with commercial lines up 11.7%. Life Insurance premiums surged 108.8% to $1.27 billion due to the Cigna acquisition. Pre-tax catastrophe losses reached $1.16 billion, largely from Hurricane Ian. Book value per share decreased 7% to $114.79.
The Chubb Fifth Annual Report on Personal Cyber Risk reveals encouraging progress in personal cyber security, with 51% of respondents using multi-factor authentication, doubling from 2021. Despite this, poor cyber-security practices persist, with 61% struggling to manage passwords and many still using easily identifiable terms in them. Notably, 30% of high-net-worth individuals reported experiencing a cyber-attack involving money, significantly higher than other income groups. The report highlights growing concerns over large-scale cyber threats, with 87% fearing attacks on essential services.