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 has appointed Teresa Black as the new Executive Vice President and Chief Operating Officer of North America Surety, responsible for underwriting, strategy, and growth in this segment. Previously serving as Executive Vice President, Commercial Surety, Black has over 25 years of experience in the insurance sector. Chubb, recognized as the fifth largest surety underwriter in the U.S., provides a variety of surety products and global bond issuance capabilities. This leadership change aims to drive continued growth in the North America Surety business.
Chubb has announced plans to construct a new Philadelphia office, creating at least 1,250 new jobs. This development, located at 2000 Arch Street, will span 438,000 rentable square feet and adhere to high sustainability standards. With construction set for February 2023, the project will support a total of 3,200 jobs in Pennsylvania over the next five years. Governor Wolf has pledged $10 million for development costs through the Redevelopment Assistance Capital Program, highlighting Chubb's significant economic impact in the region.
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Chubb has appointed Michael Mollica as the new Division President for its North America Financial Lines business. Previously the Executive Vice President overseeing Private/Not-For-Profit sectors, Mollica will now manage various liability lines, including D&O coverages and cyber products. His experience spans over 20 years in insurance, with notable leadership roles at Chubb since 2008. The appointment, effective immediately, comes as he succeeds Steve Goldman who has departed from the company. The decision signals a strategic move to bolster Chubb's position in the financial lines market.
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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