Chubb

Steven Hill will report to Michael Mollica, division president of North America financial lines.

The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.

Maria Guercio, Melanie Markwick-Day and Jared Concannon join the unit as executives.

The AIG 200 project has officially ended, with the goals met ahead of schedule and under-budget, but there is still work to do to close the gap with competitors.

The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.

Inside P&C’s news team runs you through the key highlights of the week.

Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The CEO also told analysts there is currently no M&A on the table for Chubb.

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

The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.

Inside P&C’s morning summary of the key stories to get you up to speed fast.