Chubb
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The executive has been with the firm for 30 years.
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The value of the bridge is estimated at $1.2bn.
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This publication revealed Chubb was planning to re-enter the London TL market.
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Choosing to shrink a money-losing business when necessary is “a strength”.
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On average, revenue was up 12.4% for the year, but expansion plans are slowing.
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Commercial carrier earnings continue to show mixed prior-year development.
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Chubb elevates Gillston to EVP, head of NA industry practices
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High frequency and severity have been more acute in exposure with wheels.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The insurer recorded lower cat losses and higher favorable development.
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Prior to his new role, which Matt Prevost began this month, the exec spent nearly 10 years as Chubb’s SVP, cyber and product line manager.
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The newly created role will see Frederico Spagnoli oversee Chubb’s consumer lines in 51 countries.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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Michelle Bryer had been serving as senior vice president of claims operations at Combined, a Chubb subsidiary.
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Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb NA property soared 23% in Q3 with rates up 16.6% and exposure change of 5.5%, as casualty pricing rose 11%, with rates up 8.7% and exposure up 2%.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier grew NWP in Q3 by 8.4% to roughly $11.7bn, as NA commercial P&C lines rose 8.7% to over $5.1bn and personal lines increased 9.6% year-on-year to over $1.5bn.
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The executive said he was “shocked and heartbroken” in a message circulated to Chubb staff.
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According to a Chubb survey, 59% of respondents said inflation has impacted their ability to replace covered assets under existing coverage; 76% said they are considering increasing coverage amounts to compensate for inflation.
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The consortium is supported by 11 other Lloyd’s businesses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.
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Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
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The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.
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Chubb’s Victoria Learned-Fenty stepped down as insurer member following the resignations of agent members Joshua Morey and Ben Rathbun.
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Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.
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At the same time, insurers are assessing the level needed to address loss cost trends.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb NA property rates climbed 22% in the second quarter, driven by higher cat losses, inflation and reinsurance costs.
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The insurer reported that the NA personal lines reserve release recorded in Q2 was primarily related to its auto portfolio.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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The firm posted a total of $400mn in P&C pre-tax cat losses, up from $291mn, while reserve releases were $200mn, down from $247mn.
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Chubb has appointed Ryan France to an EVP role as technology industry practices leader.
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Inside P&C’s news team runs you through the key highlights of the week.
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The first signs of limit expansion, growing appetite in the admitted market, and retail brokers' impatience with wholesalers are all evident.
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O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.
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Krump retired from Chubb in January of this year, while Masojada retired from Hiscox in 2021.
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The company’s existing share repurchase authorization will remain effective through June 30.
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Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.
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The executive will be responsible for the growth and profitability of the carrier’s casualty lines in 51 countries and territories outside North America.
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The executive will have responsibility for lines including property, casualty, professional lines, energy and marine.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In early January, the company completed the transactions to increase its position in Huatai to 64.2% from 47.3%.
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During the first quarter, Chubb paid $200mn and another $300mn last month, according to the company’s Q1 10-Q filed with the SEC.
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This environment includes a “turbo-charged” hard market for property reinsurance, with higher pricing, reduced terms of coverage and capacity defining features.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Pricing in NA commercial P&C increased 11.2%, including changes in rate and exposure of 6.4% and 4.5% respectively, while loss cost trends rose 6.7%.
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D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.
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Pre-tax and after-tax catastrophe losses were $458mn and $382mn, respectively, compared to $333mn and $290mn in the prior year period.
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The executive will relocate from London to New York and report to Chubb NA field operations COO Rob Poliseno.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Ringsted will remain a core member of the Risk Underwriting Committee and was assigned a new role as chief digital business officer.
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In a filing, the carrier said its investment strategy does not include contingent convertible bonds.
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The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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2022 statutory data is now available, and results show winners and losers
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Steven Hill will report to Michael Mollica, division president of North America financial lines.
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The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.
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Maria Guercio, Melanie Markwick-Day and Jared Concannon join the unit as executives.
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The AIG 200 project has officially ended, with the goals met ahead of schedule and under-budget, but there is still work to do to close the gap with competitors.
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The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.
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Inside P&C’s news team runs you through the key highlights of the week.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO also told analysts there is currently no M&A on the table for Chubb.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company also elevated three senior executives within the division: Williams, Riley and Theberge.
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Personal lines insurers see a vastly different outlook in 2022 than 2021 and their reserve development reflects this.
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She will continue to report to Stephen Haney, Chubb Group’s vice president and division president of North America surety.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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New demand for reinsurance cover that was expected to come to the market around the January renewals is being reined in as insurers recognise the extent of the hardening market.
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Alex O’Brien succeeds David Kirk, who retained his cargo product head responsibilities following his promotion to head of marine in July.
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The executive spent over 40 years at Chubb, first joining the carrier back in 1982 as a trainee.
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The executive succeeds Steven Goldman who has left the company, and will report to John Lupica, vice chairman of Chubb Group.
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The executive assumes the role from Bill Hazelton, who was recently made head of North American industry practices.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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Sources said Miami-based Everest fac VP Sean Berry is set to move to London as head of international property.
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The insurer expects to pay the remaining $600mn liability within the next 12 months.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The commercial lines giant is continuing to execute on its long-term vision of pursuing a global balanced book of business.
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Chubb CEO Evan Greenberg said he expects casualty business to grow faster on the admitted market side than in excess and surplus (E&S) channels going forward.
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The executive pointed out that the company is looking at sufficient compensation and geographic concentration as two factors in its participation in the property cat market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The underwriting results benefited from an improvement of 1.3 points on the expense ratio to 23.5%, offsetting a one-point gain in the loss ratio to 69.6% on the year.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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A California court has denied a bid for $125mn in coverage following the forced suspension of filming.
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In his new role, Martin Audis will be based in London and will report to Nigel Griffiths, regional head of general aviation.
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Chubb pushed its loss trend assumptions higher as it seeks to stay ahead of inflationary pressures.
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Sources said Obregon will retire at year end after over 26 years working for Chubb Colombia.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The insurer’s results are in line with other carriers, but they are ahead of the curve on adjusting loss costs.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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CEO Greenberg said the insurer is achieving an adequate risk adjusted return in most of its portfolio, and that means that rate is adequate.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The investor will manage a portion of the Bermudian’s assets.
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The improvement was driven by a 0.4-point dip in the loss ratio YoY and a 1.1-point decrease in the expense ratio YoY.
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The promotion is one of several that Chubb has announced in recent months.
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Beazley and Chubb are working on different approaches as the market tries to get its arms around the aggregation risk.
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Metromile’s Preston and Lemonade co-CEOs Wininger and Schreiber all joined industry stalwarts in this year’s top 10.
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Natalie Chiaramonte will be the second person to head Chubb’s political risk insurance company after Price Lowenstein, who took part in its creation.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The memo notes if an employee under Chubb's medical plan needs a procedure that must be performed more than 100 miles from their home, the carrier will cover it.
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The carrier also moved Lauren Gillette to lead its North America A&H division.
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Greenberg said Chubb will not set a net-zero timeframe until the carrier finds out how to monitor the reduction of carbon footprint in its underwriting portfolio.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Leigh Anne Sherman has been working as division president of ESIS, a Chubb company.
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First Connect will offer a cyber protection insurance product underwritten by BlinkSM.
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Shareholders approved a second proposal asking for a report detailing how Chubb is addressing greenhouse gas emissions.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
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Inside P&C’s news team canters through the week’s key developments.
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The carrier split its specialty composite treaty into two contracts to get its program home.
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The firm reported strong quarterly earnings, with a core operating ROE of 11.3%, but margin improvement will depend on loss cost trends and broader economic forces.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The figure was partially offset by $15mn of pre-tax unrealized gains, bringing a total net realized and unrealized loss of $58mn.
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Commercial P&C rates, which increased 8.7% and around 10%, respectively, in the North America and international businesses, continued to exceed loss costs.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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Chubb has also received demands from shareholders for more information on its climate-related policies.
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Within the 10 sectors the commercial insurer analyzed for the report, Chubb said “the continuing trend toward nuclear verdicts looms large”.
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Chubb and Travelers are targeted as “climate laggards” by a shareholder group that wants the insurers to step up monitoring the impact of underwriting and investment activities.
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In a related move, Chubb named Jeffrey Updyke head of North America lower middle market.
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Sources fear that the issue will be buried after the coming legislative elections in November.
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The protracted firming phase of the cycle continues, with E&S firmer than the admitted market.
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Inside P&C’s news team runs you through the key developments from the past week.
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The insurer expects to close the transaction during 2022 upon Chinese regulatory approvals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Price increases within Chubb’s wholesale unit moderated to 14.5% in the fourth quarter, from 16% in the Q3 and 18% in Q4.
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Chubb had previously recorded more than $1.4bn in pandemic claims, most in the form of IBNR, and its Q4 claims takedown is the most substantial reserve release to date by a publicly-traded insurer.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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P&C net written premiums rose by just under 10% to a little more than $8.5bn, as CEO Evan Greenberg said the company was still dealing with effects from the pandemic.
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Connole will oversee the financial management of Chubb’s commercial P&C, traditional and specialty personal lines, and accident and health insurance businesses in 51 countries outside North America.
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Chubb shuffles financial roles, promoting Drew Spitzer to treasurer and Kevin Harkin to CFO for North America insurance.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The vote was part of ongoing bankruptcy proceedings following a string of historical sexual abuses.
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The Inside P&C research team looks forward to the big issues of the new year.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.