Chubb
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The insurer plans to automate around 85% of key functions surrounding underwriting and claims processes. -
The move from Chubb comes at a moment of perceived weakness for AIG.
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Approached for comment, Chubb denies that it submitted “an offer” for AIG.
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A jury awarded $32.3mn for repair costs, and $80mn for business interruption.
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The move comes after Everest sold renewal rights for its global retail business to AIG.
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The Marsh-placed account renews its all-risks cover on 16 November.
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This publication exclusively reported the executive’s plans last month.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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Normalized growth and peak multiples confirm we are headed towards a Darwinian race.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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Pre-tax cat losses were down 63% from the prior year quarter to $285mn.
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Activists from the left and the right are focusing on insurance, often on the same issues.
