chubb News

Judge Tosses JPMorgan Lawsuit Against Insurers

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 …

AIG Says Commercial Line Rate Hike Is Accelerating

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 …

Chubb Adds Gooding Auction Data to Classic Car App

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 …

Chubb Profit Falls in Q3

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 …

Chubb Reports Q3 Disaster Losses Up to $475 Million

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 …

Chubb Executive McElwee Joins Homesite Insurance in Boston

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 …

Threat of Irene Exposes New York’s Vulnerability

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. …

EEOC Settles Wisconsin Discrimination Complaint with Chubb

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 …

Chubb Reports Q4, 2010 Results; Expects Australia Flood Losses

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 …

Washington Fines Six Chubb Subsidiaries $534,000

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 …