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N.Y. Reaches Reform Agreements With 4 Additional ‘Force-Placed’ Insurers

Mon, 03 Jun 2013 14:13:21 +0000

New York officials announced that the state’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services (DFS) reached agreements with the four remaining New York force-placed insurers …

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Tiny Southern California Agency Earns B Corp Status

Don Jergler — Tue, 28 May 2013 23:28:17 +0000

Merely bringing your A-game may not be enough to entice certain companies to give you their business, especially those who are looking for environmentally or socially conscious partners. Following the challenging recession period the “green” movement seemed to take a …

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Chubb Estimates $570 Million Net Loss From Superstorm Sandy

Wed, 12 Dec 2012 17:56:20 +0000

The Chubb Corporation announced it estimates its losses from Sandy to be approximately $880 million before tax — or $570 million after tax.These amounts include estimated losses and loss expenses net of reinsurance recoverable and also include estimated reinsurance reinstatement …

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Chubb Profit Slightly Down; U.S. Commercial Renewal Rate Hike 9% in Q2

Fri, 27 Jul 2012 16:53:03 +0000

The Chubb Corp. reported $404 million profit for its second quarter, declining 3.6 percent from $419 million reported a year earlier. The results were hampered by weaker investment results and significant catastrophe losses, though smaller compared to the cat losses …

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Chubb: $506M Q1 Income, Business Insurance Renewal Prices Edge Up

Thu, 19 Apr 2012 23:34:39 +0000

The Chubb Corporation reported $506 million in net income for the 2012 first quarter, down slightly — 0.59% — from $509 million income reported one year ago. The insurer’s underwriting profit improved significantly, but it was offset by weaker realized …

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Chubb Says Commercial Renewal Rates Rose 6% in Q4, Up From 4% in Q3

Young Ha — Mon, 30 Jan 2012 17:51:10 +0000

Chubb Corporation said its commercial insurance renewal rates were up 6 percent in the 2011 fourth quarter, as the pace of renewal rate increases continues to accelerate. Chubb also said it secured renewal rate hikes in professional liability lines for …

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Chubb Posts $452M in Q4 Profit, Approves $1.2B Share Buyback

Young Ha — Fri, 27 Jan 2012 17:57:23 +0000

The Chubb Corporation reported fourth-quarter net income of $452 million, down 27 percent from $620 million net income reported during the same period one year ago. The Warren, N.J.-based insurer said the results were hurt by catastrophe losses as well …

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2012 Off to Bad Weather Start for P/C Insurers

Ben Berkowitz — Fri, 13 Jan 2012 06:00:07 +0000

Damaging hailstorms in Australia. Unprecedented tornadoes in the southeastern United States. Constant windstorms in northern Europe. Sound familiar? This year is starting a lot like last year in terms of unexpectedly severe weather, to the consternation of the insurance industry, …

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Judge Tosses JPMorgan Lawsuit Against Insurers

Wed, 14 Dec 2011 13:26:56 +0000

A JPMorgan unit cannot force insurers to pay a $250 million settlement between failed investment bank Bear Stearns and government regulators, a state appeals court in New York ruled on Tuesday. Reversing a trial court, the appeals court threw out …

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AIG Says Commercial Line Rate Hike Is Accelerating

Fri, 04 Nov 2011 16:19:30 +0000

American International Group said its U.S. commercial line rates are increasing at an accelerated pace. A number of other major insurers have been offering similar observations in this earnings season. “In U.S. commercials lines, we are seeing a rate increase …

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Chubb Adds Gooding Auction Data to Classic Car App

Thu, 03 Nov 2011 13:42:14 +0000

The Chubb Group of Insurance Companies has added Gooding & Co. automobile auction data to its Classic Car Guide mobile app. “As part of a sponsorship renewal with Gooding, users of Chubb’s app will be able to view vehicle pricing …

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Chubb Profit Falls in Q3

Fri, 21 Oct 2011 13:19:36 +0000

The Chubb Corp. reported that net income in the third quarter of 2011 was $298 million compared to $572 million in the third quarter of 2010. Net income per share declined to $1.04 from $1.80. Operating income was $252 million …

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Chubb Reports Q3 Disaster Losses Up to $475 Million

Thu, 29 Sep 2011 09:00:34 +0000

Property insurer Chubb Corp. Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it coming from late August’s Hurricane Irene. Chubb said $300 million to $375 million of the $400 …

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Chubb Executive McElwee Joins Homesite Insurance in Boston

Mon, 12 Sep 2011 20:29:29 +0000

Homesite Insurance Co., a Boston-based property insurer, appointed Chubb veteran Andrew McElwee Jr. as executive vice president and chief underwriting officer. In this position, he will be part of Homesite’s executive management team and will be responsible for the underwriting …

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Threat of Irene Exposes New York’s Vulnerability

Thu, 25 Aug 2011 08:06:01 +0000

In the annals of natural disasters, it doesn’t get much worse than a major hurricane directly striking New York City and Long Island. Hurricane Irene is on a course that will take it up the East Coast from the weekend. …

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EEOC Settles Wisconsin Discrimination Complaint with Chubb

Fri, 06 May 2011 15:29:24 +0000

A federal agency says a New Jersey insurance company will pay $110,000 to settle allegations of racial discrimination at its Milwaukee office. The U.S. Equal Employment Opportunity Commission announced the agreement on May 4. The EEOC says it sued Federal …

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Chubb Reports Q4, 2010 Results; Expects Australia Flood Losses

Fri, 28 Jan 2011 15:33:53 +0000

The Chubb Corp. reported that net income in the fourth quarter of 2010 was $620 million, compared to $695 million in the fourth quarter of 2009. For the year ended Dec. 31, 2010, net income was $2.2 billion, the same …

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Washington Fines Six Chubb Subsidiaries $534,000

Tue, 25 Jan 2011 13:30:55 +0000

Washington State Insurance Commissioner Mike Kreidler has ordered six subsidiaries of Chubb & Son to pay a $534,000 fine for violating state insurance laws. Federal Insurance Co., Pacific Indemnity Co., Great Northern Insurance Co., Executive Risk Indemnity Inc.; Vigilant Insurance …

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