Chubb

Inside P&C’s news team canters through the week’s key developments.

The carrier split its specialty composite treaty into two contracts to get its program home.

The firm reported strong quarterly earnings, with a core operating ROE of 11.3%, but margin improvement will depend on loss cost trends and broader economic forces.

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

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

The figure was partially offset by $15mn of pre-tax unrealized gains, bringing a total net realized and unrealized loss of $58mn.

Commercial P&C rates, which increased 8.7% and around 10%, respectively, in the North America and international businesses, continued to exceed loss costs.

Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.

Chubb has also received demands from shareholders for more information on its climate-related policies.

Within the 10 sectors the commercial insurer analyzed for the report, Chubb said “the continuing trend toward nuclear verdicts looms large”.

Chubb and Travelers are targeted as “climate laggards” by a shareholder group that wants the insurers to step up monitoring the impact of underwriting and investment activities.

In a related move, Chubb named Jeffrey Updyke head of North America lower middle market.