Chubb

AIG, HDI Global and others have settled, while Chubb’s fight continues.

The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.

The company’s stock price has plummeted in the wake of the LA wildfires.

The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.

The insurer also pushed up its retention by $650mn.

The carrier has also extended the redemption period by three years, to 31 March 2029.

Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.

Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.

The carrier was originally in the market for extra capacity at January 1 before pulling plans.

The CEO said Chubb has ‘never seen better pricing’ on primary property.

O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.

Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.

New demand for reinsurance cover that was expected to come to the market around the January renewals is being reined in as insurers recognise the extent of the hardening market.

Analysts said attachment points are now far behind the rate of inflation over the period.

The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.

Ledger is on a hiring spree after a $75mn Series B round.

The investor will manage a portion of the Bermudian’s assets.

The carrier has extended the limit to $1.275bn for the year to 31 March 2023.

Reserve releases more than doubled compared with Q3 2020.

The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.

Covid-19 losses remained stable as the insurer said rate rises should endure.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The (re)insurance services company recently hired a COO for its ILS operations.

The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.

The $296mn of reported cat losses were down 31% year on year.

The company’s overall operating income was down 24% to $907mn.

The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises.

Property BI claims appear well below treaty reinsurance triggers.

Evan Greenberg compared pandemic exposure to terrorism risk before 9/11.

The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.

Greenberg defended the insurance sector and said it would be “unconstitutional” to retroactively rewrite contracts.

Chubb CEO says forced payouts would bankrupt insurers, while Allianz chief expects prolonged economic recovery.

Evan Greenberg is the only (re)insurance industry representative on the list of 200 executives who will advise on ending lockdowns.

Chubb’s combined ratio improved by 0.7 percentage points to 90.2 percent.

Reinsurers are taking modest rate increases largely by “riding on the backs of primary writers”, Chubb CEO Evan Greenberg said recently.

Juan Andrade starts at the company in September as COO and will take the top position in January.

The insurer’s second-quarter pre-tax catastrophe losses increased to $275mn, compared with $211mn last year.

The insurer reported pre-tax catastrophe losses of $250mn for the first quarter of the year.

The biggest hit to the insurer were US winter-related storms, at $191mn.

Other worldwide fourth quarter events contributed $75mn, while Michael and the wildfires made up the bulk of its losses.

The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes.

The insurer is understood to be exploring the possibility of claiming the Camp Fire as two separate events as it looks to maximise reinsurance recoveries.

The insurer's Michael losses are set to come in at the higher end of its $150mn-$250mn estimated range.

Chubb and Travelers also face losses of around $400mn each should total insured losses hit $10bn, the analyst said.

The insurer took a further $450mn cat losses net, led by $161mn from Hurricane Florence.

The Florida-based insurer is also expecting to make reinsurance claims related to the Hawaiian eruptions.