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 announced two key leadership appointments in its North America Property business and Westchester division. Matt Booker is now Executive Vice President of Westchester Property and Inland Marine, focusing on strategic direction and underwriting. Bob Meyer, previously in charge of Westchester, is appointed Executive Vice President of North America Property, responsible for employee training and strategic planning. Both leaders bring extensive experience, aiming to enhance Chubb's growth and service to distribution partners and policyholders.
The Board of Directors of Chubb Limited (NYSE: CB) declared a quarterly dividend of $0.80 per share. This dividend will be payable on October 8, 2021 to shareholders of record as of September 17, 2021. It represents the second installment authorized by shareholders on May 20, 2021. The payment will be made in U.S. dollars from legal reserves, ensuring that shareholders receive their returns promptly.
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Chubb Limited (NYSE: CB) reported impressive Q2 2021 results, with net income of $2.27 billion or $5.06 per share, and core operating income of $1.62 billion or $3.62 per share. Book value improved to $136.90 per share, boosted by $1.52 billion in after-tax gains. The company achieved a P&C combined ratio of 85.5%, reflecting strong underwriting results and premium growth. Global net premiums written rose 15.5%, driven by a 19.9% increase in commercial P&C. The strong performance was complemented by $2.27 billion returned to shareholders. Chubb remains positive about future growth prospects.
Chubb Limited (NYSE: CB) has announced a new $5 billion share repurchase program, effective until June 30, 2022. This follows an existing authorization allowing $2.5 billion in buybacks, of which $65 million remains. The company emphasizes its commitment to returning capital to shareholders, citing strong confidence in its earnings and growth potential. Share repurchases will be executed at management's discretion, considering market conditions and legal requirements.
Westchester, Chubb's wholesale excess and surplus insurance business, has appointed Thomas McLaughlin as Executive Vice President of its Casualty Practice. He succeeds Dean Andrighetto, who has retired after over 35 years. McLaughlin, previously Senior Vice President and COO at Westchester, brings over 20 years of industry experience. His responsibilities will include overseeing product development, underwriting, and profit and loss. Chubb continues to be a leading player in the excess and surplus lines market, emphasizing innovation and financial strength.
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Chubb Limited (NYSE: CB) will conduct its second quarter earnings conference call on July 28, 2021, at 8:30 a.m. Eastern. Earnings release and financial supplement will be issued on July 27, 2021, after market close, available on their investor website.
The conference call will be accessible via a live webcast or by dial-in. A replay will be available until August 11, 2021. Chubb is the largest publicly traded property and casualty insurance company, operating globally with approximately 31,000 employees.
Chubb has released a whitepaper titled "Guarding Against Email Social Engineering Fraud: Re-examining a Global Problem" co-authored with Gordon Rees Scully Mansukhani LLP and PaymentWorks. The paper highlights the increasing sophistication of email fraud schemes, revealing that cyber criminals stole over $28 billion between 2016 and 2020. It recommends a zero-trust approach for businesses, focusing on upgraded technology and revised processes to combat these threats. Key prevention strategies include Multi-Factor Authentication and verifying vendor information through secure platforms.
On June 8, 2021, Chubb Limited (NYSE: CB) announced Mark Hammond's appointment as Deputy Chief Financial Officer, effective July 1. Hammond, currently serving as Treasurer, will support incoming CFO Peter Enns following Philip Bancroft's retirement. With over 30 years in insurance and a proven track record in finance, Hammond aims to strengthen Chubb's global finance operations. His extensive experience includes leadership roles in both the U.S. and international finance sectors and a background in public accounting as a CPA.