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Chubb Limited is a global insurance and reinsurance organization that operates through six business segments, providing a wide range of insurance products and services . The company offers property and casualty (P&C) insurance, accident and health (A&H) insurance, crop insurance, and life insurance, among other products . Chubb emphasizes product and geographic diversification, contributing to its stability in the face of industry volatility .
- North America Commercial P&C Insurance - Provides property and casualty (P&C) and accident and health (A&H) insurance to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda .
- Overseas General Insurance - Offers commercial and consumer P&C insurance in 51 countries outside North America .
- North America Personal P&C Insurance - Focuses on high net worth personal lines, offering products like homeowners and automobile insurance .
- Global Reinsurance - Provides reinsurance solutions to various clients .
- Life Insurance - Includes life and asset management businesses, with significant contributions from the Huatai Group acquisition .
- North America Agricultural Insurance - Provides crop insurance and other agricultural coverages .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Evan G. Greenberg ExecutiveBoard | Chairman and Chief Executive Officer | None | Evan G. Greenberg has been with Chubb since 2001, serving as CEO since 2004. He has over 45 years of leadership experience in the insurance industry. | View Report → |
Annmarie Hagan Executive | Chief Financial Officer of Operations & Technology and Transformation | None | Annmarie Hagan joined Chubb in 2014 and has held various executive leadership positions, including CFO for Cigna Corp. | |
Bryce L. Johns Executive | Senior Vice President, Chubb Group and President, Chubb Life | None | Bryce L. Johns joined Chubb in 2022 and has a distinguished career in insurance and financial services. | |
Christopher Maleno Executive | Vice Chairman, North America Insurance | None | Christopher Maleno has over 35 years of insurance industry experience and has played a pivotal role in managing Chubb's North America Field Operations. | |
Frances D. O'Brien Executive | Executive Vice President, Chubb Group, and Chief Risk Officer | None | Frances D. O'Brien has over 40 years of experience in the insurance industry and has been with Chubb since 2016. | |
George Ohsiek Executive | Vice President, Chubb Group and Chief Accounting Officer | None | George Ohsiek joined Chubb in 2008 and has over 25 years of accounting and finance experience. | |
John J. Lupica Executive | Executive Chairman of North America Insurance | None | John J. Lupica joined Chubb in 2000 and has played a significant role in overseeing Chubb's general insurance business in North America. | |
John W. Keogh Executive | President and Chief Operating Officer | None | John W. Keogh joined Chubb in 2006 and has held various senior leadership roles, contributing to Chubb's growth and global insurance operations. | |
Joseph F. Wayland Executive | Executive Vice President, General Counsel, and Secretary | None | Joseph F. Wayland has been with Chubb since 2013 and has significant legal experience, including roles at the U.S. Department of Justice. | |
Juan Luis Ortega Executive | President, North America Insurance | None | Juan Luis Ortega joined Chubb in 1999 and has led Chubb's international P&C operations, delivering outstanding financial results. | |
Mong-Diep "Dee" Le Executive | Chief Auditor | None | Mong-Diep "Dee" Le has been with Chubb for over 25 years and has extensive expertise in corporate finance, accounting, and reporting. | |
Peter C. Enns Executive | Executive Vice President and Chief Financial Officer | None | Peter C. Enns joined Chubb in 2021 and has over 30 years of experience in finance and investment banking. | |
Scott Meyer Executive | Chief Operating Officer, North America Insurance | None | Scott Meyer has nearly 35 years of insurance industry experience and has held major leadership roles within Chubb. | |
David H. Sidwell Board | Director | None | David H. Sidwell has been a director at Chubb since 2014 and has extensive expertise in accounting, finance, and capital markets. | |
Frances F. Townsend Board | Director | Lead Independent Director at Leonardo DRS, Inc.; Director at Freeport-McMoRan Inc. | Frances F. Townsend has extensive experience in public policy, government, regulatory, and legal matters. | |
Michael G. Atieh Board | Director | Director and Chairman of the Audit Committee at Immatics N.V. | Michael G. Atieh has been a director at Chubb since 1991 and brings extensive experience in finance, operations, and governance. | |
Michael L. Corbat Board | Director | Senior Advisor at 26North Partners; Founder of Teton Advisors LLC | Michael L. Corbat joined Chubb's Board in 2023 and has extensive expertise in financial services and risk management. | |
Michael P. Connors Board | Independent Lead Director | Chairman and CEO of Information Services Group, Inc. | Michael P. Connors has been a director at Chubb since 2011 and serves as the Independent Lead Director. | |
Nancy K. Buese Board | Director | CFO of Baker Hughes Company | Nancy K. Buese joined Chubb's Board in 2023 and has over 25 years of finance leadership experience. | |
Olivier Steimer Board | Director | Board Member at Allreal Holding AG; Board Member at Bank Lombard Odier & Co. Ltd. | Olivier Steimer has been a director at Chubb since 2008 and provides valuable insights into the Swiss commercial and insurance sectors. | |
Robert J. Hugin Board | Director | Director at Biohaven Pharmaceutical Holding Company Ltd. | Robert J. Hugin has been a director at Chubb since 2020 and has led Celgene Corporation through significant growth. | |
Robert W. Scully Board | Director | Director at KKR & Co. Inc.; Director at Zoetis Inc. | Robert W. Scully has been a director at Chubb since 2014 and brings extensive expertise in capital markets and risk management. | |
Sheila P. Burke Board | Director | Faculty Research Fellow at Harvard University; Senior Public Policy Advisor at Baker Donelson | Sheila P. Burke has been a director at Chubb since 2016 and brings extensive knowledge of public policy matters. | |
Theodore E. Shasta Board | Director | Director at MBIA, Inc. | Theodore E. Shasta has been a director at Chubb since 2010 and brings 25 years of experience covering the insurance industry as a financial analyst. |
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Can you provide more detail on the $59 million of unfavorable development in long-tail lines, particularly in general casualty, and explain how you plan to address this issue?
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With premiums in financial lines down 6.2% and low single-digit rate decreases, can you elaborate on the profitability of your D&O business and the outlook for this segment?
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Given the increased competition and rate pressure in the shared and layered property market, especially due to what you describe as "aberrant" behavior in the London market, how do you anticipate this will impact your underwriting margins and what strategies are you implementing to maintain profitability?
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Despite strong cash flows and record capital levels, you stated a "steady as she goes" approach to capital management; can you discuss why there is no change in your view on share repurchases versus special dividends, particularly with the appreciating stock price?
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You expressed confidence in your ability to continue growing above trend without providing forward guidance; given the rate pressures in some lines and potential economic headwinds, what underpins this confidence in sustaining above-trend growth?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Marsh & McLennan Companies, Inc. | Broker | All | Accounted for ~11% of Chubb's gross premiums written for the years ended December 31, 2024, 2023, and 2022. No dollar amount provided (N/A). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Huatai Group | 2024 | Chubb increased its ownership interest in Huatai Group to 85.5% by acquiring an incremental 9.0% interest for a total of $555 million (with $236 million paid in 2024) and recorded significant goodwill ($3,458 million) and other intangibles ($1,655 million). The strategic rationale was to expand its presence in the Chinese market by integrating Huatai’s life insurance, asset management, and P&C capabilities, with financing provided through available cash and full consolidation effective July 1, 2023. |
Healthy Paws Pet Insurance LLC | 2024 | Chubb acquired Healthy Paws Pet Insurance LLC on May 31, 2024 for approximately $300 million in cash, recognizing $256 million in goodwill and $39 million in intangible assets. This strategic move, building on a longstanding underwriting relationship since 2013, positions Chubb to expand into a niche pet insurance market under its North America Commercial Insurance segment. |
Cigna's Accident and Health and Life Insurance Business in Asia-Pacific Markets | 2022 | Chubb completed the acquisition of Cigna's A&H and Life Insurance Business in six Asia-Pacific markets on July 1, 2022 for $5.36 billion in cash, later adjusted for market factors. The deal expanded Chubb’s footprint into key markets (Korea, Taiwan, New Zealand, Thailand, Hong Kong, Indonesia) and generated $1,340 million in goodwill, with additional integration costs and planned expense synergies supporting its long-term growth strategy. |
Recent press releases and 8-K filings for CB.
- Capital Band Renewal: Shareholders approved a renewal enabling a 20% adjustment in share capital until May 15, 2026, as part of amendments to the Articles of Association .
- Dividend Increase: Announced a 6.6% annual dividend increase to $3.88 per share (or $0.97 quarterly), marking the 32nd consecutive annual increase .
- Share Buyback Program: The board authorized a new $5 billion share repurchase program effective July 1, 2025, while maintaining the existing program through June 30, 2025 .
- AGM Proxy Vote Outcomes: Decisive proxy vote results on management reports, director elections, and auditor appointments underscored key governance updates .
- Strong operational performance was achieved with core operating income of $1.5 billion despite significant catastrophe losses, including a $1.6 billion impact from California wildfires.
- The company delivered robust underwriting and premium growth across global P&C and Life divisions with constant dollar improvements and a combined ratio of 95%.
- Solid balance sheet metrics were reported with a book value of $65.7 billion, adjusted operating cash flow of $2 billion, and $751 million returned to shareholders through repurchases and dividends.
- Strategic investments were highlighted, including the acquisition of Liberty Mutual's business in Highland and Vietnam to strengthen international growth prospects.
- Reported Net income of $1.33B and core operating income of $1.49B for Q1 2025, impacted by catastrophe losses including $1.47B from California wildfires.
- Delivered net income per share of $3.29 and core operating income per share of $3.68, reflecting solid operating performance.
- Achieved consolidated net premiums written of $12.6B with a 5.7% growth in constant dollars, while P&C net premiums reached $10.93B.
- Maintained a P&C combined ratio of 95.7% (or 82.3% excluding catastrophe losses and prior period development).
- Generated underwriting income of $441M and witnessed Life Insurance net premiums written grow by 10.3% in constant dollars.
- Chubb Ltd’s Board of Directors completed a share capital reduction of CHF 3,759,282.50 by canceling 7,518,565 treasury shares repurchased in 2024.
- The amendment to the Articles of Association reduced the share capital from CHF 209,812,993 (419,625,986 shares) to CHF 206,053,710.50 (412,107,421 shares), effective upon registration with the Zurich Commercial Register.