Chubb
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It is understood that the executive will report to Scott Meyer, now COO for NA Insurance. -
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The executives being promoted are all long-term Chubb veterans.
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Marcos Gunn and Federico Spagnoli have been promoted as a result.
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Investor skepticism visible in stock prices and short interest data over first half of 2024.
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With the appointment, current division president David Furby will step down from the role.
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This is Chubb’s second MGA deal in the past few months.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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The CEO said he is “optimistic” about the future of the commercial space.
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The $6.7bn Chubb investment is an outlier in the Berkshire portfolio.
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The conglomerate exited its $620mn position in Markel, which it has held since 2022.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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