Chubb
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The executive succeeds Lou Capparelli, who becomes global casualty chairman. -
Andy Houston will be based in London, reporting to Mark Roberts, division president UKISA.
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Changes in cat activity and social inflation have impacted carriers focused on the mid- and small commercial market.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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Chubb’s Q4 cat losses more than doubled to $607mn, driven by Hurricane Milton.
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The carrier named Jason Neu, financial lines EVP for its E&S subsidiary Westchester, to succeed Stapleton.
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The E&S lines division adds property, casualty and financial lines.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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A Delaware judge ruled that a “bump-up” exclusion was inapplicable.
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The storm caused major damage to one of the drinks company’s warehouses in Tennessee.
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The carrier had $300mn of favorable development in Q3, mostly led by short-tail lines and ex-workers' comp.
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
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