Chubb Limited Stock Price, News & Analysis

Chubb Limited (NYSE: CB) announced a quarterly dividend of $0.78 per share, payable on January 8, 2021, to shareholders of record by the close of business on December 18, 2020. This payout is part of a dividend strategy approved by shareholders earlier this year. The Board also authorized a new share repurchase program of up to $1.5 billion, effective through December 31, 2021, with the existing authorization set to be utilized first. The timing and volume of repurchases will depend on market conditions and company strategy.

Chubb has appointed Jason Luyt as the new Senior Vice President and Chief Underwriting Officer for its International Accident & Health division, effective January 1, 2021. Luyt, who joined Chubb in 2015, brings over 20 years of insurance experience and will oversee underwriting functions across 51 countries. He succeeds Deborah Venella, who retires after a notable 47-year career. John Thompson, the division president, expressed confidence in Luyt's leadership and the potential for profitable growth globally.

Chubb has enhanced the Chubb Cyber Index with new features aiding organizations in assessing cyber risks. The tool now includes ransomware risk assessments, industry-specific incident costs, and an interactive chatbot named Clara the Coder. Regular updates provide recent data to aid businesses in navigating evolving cyber threats, especially amid the COVID-19 pandemic. Since its launch in 2018, the tool has offered commercial clients essential insights into cyber threats, supporting proactive measures against potential incidents. The Chubb Cyber Index remains freely accessible online.

Chubb Limited (NYSE: CB) reported a net income of $1,194 million ($2.63 per share) for Q3 2020, a 9.4% increase from $1,091 million ($2.38 per share) in Q3 2019. However, core operating income fell 26.6% to $907 million ($2.00 per share). The company's book value per share increased 3.0% to $124.98, boosted by $1.1 billion in net realized gains. The P&C combined ratio was 95.2%, impacted by $925 million in catastrophe losses. Despite challenges, net premiums written rose 6.5%, driven mainly by commercial business growth.

Ellen Moore, the President of Chubb Canada, will retire at the end of the year. John Alfieri, currently Executive Vice President, will succeed her as President, subject to regulatory approvals. Moore will transition to a Chair of Operations role, advising Alfieri. As President, Alfieri will oversee Chubb's retail insurance operations in Canada, focusing on strategy and business development. Chubb, listed on the NYSE as CB, is known for its extensive insurance offerings and operates in 54 countries.

Combined Insurance, a Chubb company, launched a new online accident insurance product named Accident Champion, designed for individuals and families. This offering addresses the rising need for flexible insurance solutions, enabling customers to purchase coverage digitally. The product features affordable premiums starting under $10 and direct cash benefits for various accidents. Customers can buy it online in under ten minutes. This initiative aligns with Combined's commitment to customer needs and broadens its digital service offerings.

Chubb announced the appointment of Nandini Mani as Executive Vice President, Claims for Overseas General Insurance. Effective immediately, she will oversee the international claims organization across 51 countries, enhancing the company's claims capabilities in property and casualty, accident and health, and personal lines insurance. Nandini, previously Deputy General Counsel, brings extensive legal experience, having joined Chubb in 2015 and following roles at BNY Mellon and Debevoise & Plimpton. Her appointment signifies Chubb's commitment to leadership and robust claims management.

Chubb Limited (NYSE: CB) will conduct its third quarter earnings conference call on October 28, 2020, at 8:30 a.m. Eastern. The company plans to release its earnings and financial supplement after the market closes on October 27, 2020. Investors can access the conference call via webcast or by dialing in at specified numbers. A replay will be available until November 11, 2020. Chubb is the world's largest publicly traded property and casualty insurance firm, offering diverse insurance solutions across 54 countries.