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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 appointed Fran O'Brien as the new Deputy Chief Risk Officer, effective January 1, 2022. Previously the Senior Vice President and Division President of North America Personal Risk Services, O'Brien will now oversee the company's enterprise risk management activities. Ana Robic, the current Chief Operating Officer for North America Personal Risk Services, will succeed O'Brien as Division President. Robic has over 20 years of experience in insurance and will focus on personal lines property and casualty insurance across the U.S. and Canada.
Chubb, the largest publicly traded property and casualty insurer, has announced a new digital alliance with Betterfly, a Latin America-based digital benefits platform. This collaboration focuses on promoting employee self-care and rewards healthy habits with charitable donations and life insurance benefits. Betterfly will integrate Chubb's insurance offerings across Mexico, Colombia, Ecuador, Chile, and Argentina, leveraging Chubb Studio for product distribution. This partnership aims to address the substantial mortality protection gap in Latin America, estimated at US$14 trillion, while enhancing access to life insurance.
Chubb Limited (NYSE: CB) has declared a quarterly dividend of $0.80 per share, scheduled for payment on January 7, 2022, to shareholders recorded by the close of business on December 17, 2021. This marks the third installment approved by shareholders on May 20, 2021. The payment will be made from legal reserves in US dollars. Chubb is recognized as the largest publicly traded property and casualty insurance company, operating in 54 countries with a commitment to fair and prompt claims servicing.
Chubb Limited (NYSE: CB) has announced a public offering of $600 million of 2.85% senior notes due 2051 and $1.0 billion of 3.05% senior notes due 2061, guaranteed by Chubb Limited. The net proceeds, estimated at $1.1 billion, will primarily fund the acquisition of Cigna's personal accident and health insurance business in Asia-Pacific markets. Remaining funds will support general corporate purposes, including repaying maturing debt. The offering is managed by BofA Securities, Morgan Stanley, and Wells Fargo.
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Chubb Limited (NYSE: CB) reported a strong third quarter for 2021, with net income of $1.83 billion ($4.18 per share) and core operating income of $1.16 billion ($2.64 per share). The P&C combined ratio improved to 93.4% from 95.2% year-over-year. Net premiums written increased by 17%, with commercial lines growing 22%. Despite $1.1 billion in catastrophe losses, underwriting income rose 58% to $617 million. Book value per share increased to $137.67, aided by after-tax gains of $190 million, while foreign currency impacts totaled $305 million.
AM Best has affirmed that the Credit Ratings of Chubb Limited (NYSE: CB) and its subsidiaries remain stable after their agreement to acquire Cigna Corporation’s life and non-life insurance operations in seven Asia-Pacific markets for $5.75 billion. The acquisition is expected to enhance Chubb's market presence and product capabilities, particularly in the Korean accident and health sector, projected to generate approximately $3 billion in net premiums. Closing of the transaction is anticipated in 2022, pending regulatory approvals.
Cigna Corporation (NYSE: CI) has entered a definitive agreement with Chubb (NYSE: CB) to divest its life, accident, and supplemental benefits businesses in seven countries for $5.75 billion. The transaction, expected to close in 2022, will allow Cigna to focus on its global health services portfolio. After the sale, Cigna anticipates approximately $5.4 billion in net after-tax proceeds, primarily for share repurchases. The sale will slightly dilute Cigna's earnings per share in 2022.
Chubb has appointed Kevin Rampe as Head of North America Claims, succeeding Bill Hazelton, who will focus on strategic initiatives. Rampe, formerly the Global Deputy General Counsel, will oversee all claims for commercial and personal lines, enhancing client satisfaction and providing insights to underwriters and agents.
Hazelton, now an Executive Vice President, will report on key initiatives to improve operations. Chubb is the largest publicly traded property and casualty insurance company globally, operating in 54 countries and listed on the NYSE under the ticker CB.
Chubb has appointed Peter Tucker as Executive Vice President, National Distribution, enhancing alignment with key brokerage and agency partners amid industry consolidation. Reporting to Chris Maleno, Tucker brings nearly 40 years of industry experience to his new role. Amy Feller succeeds him as Regional Executive Officer for the New York Region, overseeing underwriting, sales strategies, and personnel management. This leadership transition aims to streamline operations and improve efficiencies for distribution partners, ultimately benefiting policyholders.