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) announced it will propose a dividend increase at the 2021 Annual General Meeting, marking the 28th consecutive year of dividend growth. The recommended annual dividend will be $3.20 per share, distributed in quarterly payments of $0.80 each, up from the current $0.78 per share. The latest quarterly dividend of $0.78 is scheduled for payment on April 9, 2021, to shareholders of record by March 19, 2021.
Chubb has launched BLINK by Chubb, a new brand aimed at providing affordable and user-friendly insurance products for digitally savvy consumers. The suite includes personal cyber protection, now available in 25 states, designed to address the gap in personal cyber security awareness. Blink offers flexible, customizable coverage with an easy digital experience backed by Chubb's strong financial and underwriting capabilities. For a monthly cost comparable to a cup of coffee, consumers can secure $10,000 in cyber protection for their households.
Chubb has launched its new Chubb Primary Commercial Crime Insurance, designed to assist businesses of all sizes in safeguarding against various criminal activities. This offering addresses modern threats like theft, hacking, and employee dishonesty. Notably, occupational fraud led to losses exceeding $3.6 billion globally, with business email compromises costing $1.7 billion in damages. The coverage includes loss of funds due to unauthorized computer access, fraudulent fund transfers, and investigative expenses related to these crimes.
Chubb has announced two new leadership appointments in its North America Financial Lines division, effective immediately. Michael Mollica is appointed to lead the Private/Not-For-Profit Management Liability business, succeeding Leigh Anne Sherman, who becomes Division President of ESIS, Inc. Stephen Troiano succeeds Mollica as Executive Vice President, focusing on U.S. Retail Financial Institutions Management Liability. Both executives bring over 20 years of industry experience and will report to Steven F. Goldman, Division President. Chubb, a leading property and casualty insurance company, aims to enhance its management liability solutions.
On February 8, 2021, Chubb announced the appointment of Leigh Anne Sherman as Division President of ESIS, a leading third-party claims administrator. She will oversee strategies in product development, customer service, sales, and P&L performance. Ms. Sherman has extensive experience with Chubb, having previously led the Private/Not-For-Profit Management Liability practice. Her leadership is expected to drive growth and enhance service delivery for ESIS. She will report to Matt Merna, Senior Vice President, Chubb Group.
Chubb Tempest Re announced the appointment of Sam Peters as Division President of Chubb Tempest Re Bermuda, effective March 1, subject to Bermuda Department of Immigration approval. Currently serving as Chief Actuary, Peters has extensive experience in the insurance industry, joining Chubb in 2006. His new role will involve management of property catastrophe reinsurance solutions for global clients. Senior VP Jim Wixtead expressed confidence in Peters' ability to enhance Chubb Tempest Re's market differentiation.
Chubb Limited (NYSE: CB) has authorized a $1 billion increase to its share repurchase program, bringing the total authorized repurchases for 2021 to $2.5 billion. The initial authorization was announced on November 19, 2020. Share repurchases will be executed at management's discretion, based on market conditions and the company's capital management strategy. This move aims to enhance shareholder value by reducing the number of shares outstanding, thereby potentially increasing earnings per share (EPS).
Chubb Limited (NYSE: CB) posted a net income of $2.42 billion for Q4 2020, marking a 106.2% increase from Q4 2019. Core operating income rose by 38.4% to $1.44 billion. For the full year, net income decreased 20.7% to $3.53 billion, while core operating income fell 28.6% to $3.31 billion. A significant factor was the combined ratio of 96.1% for the year and 87.6% for Q4. Premium revenue grew by 5.4% in constant dollars, with commercial lines achieving an 11% growth rate.
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Chubb has been recognized with the highest customer satisfaction rating in the J.D. Power 2020 U.S. Small Commercial Insurance Study. This accolade is based on performance in key areas including claims handling, billing, and pricing.
Chubb emphasizes its commitment to small businesses, especially during challenging times like the COVID-19 pandemic, offering premium reductions and other financial support. This recognition underscores the dedication of Chubb's workforce in delivering exceptional service to its clients.