Chubb
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In April, this publication revealed that the carrier is the lead market on the property placement for the bridge.
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There is a high likelihood the property claim will be subrogated.
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The CEO said Q1 was “one of the best quarters” for casualty pricing.
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The Insurance Insider US news team runs you through the earnings results for the day.
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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.