Shares in Chubb Corp soared to a 52-week high July 27 on rumors that Citigroup and Berkshire Hathaway are interested in buying the company. Chubb Chief Executive Dean O’Hare laid those rumors to rest, insisting the company is not for sale. Chubb shares rose to 77 on the New York Stock Exchange after the company reported better than expected second quarter profits. “The share price rise is totally attributable to the fact that Wall Street is becoming convinced that the turn in the underwriting cycle in standard commercial lines has occurred,” O’Hare reportedly told Reuters news service.
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