Chubb Limited

Chubb Limited
Company typePublic
ISINCH0044328745
IndustryInsurance and reinsurance
Founded1985; 39 years ago (1985) in Hamilton, Bermuda
FounderThomas Caldecot Chubb
Headquarters
Zürich
,
Switzerland
Area served
Worldwide
Key people
Products
RevenueIncrease US$49.74 billion (2023)
Increase US$9.526 billion (2023)
Increase US$9.028 billion (2023)
Total assetsIncrease US$230.7 billion (2023)
Total equityIncrease US$59.51 billion (2023)
Number of employees
c. 40,000 (2023)
Websitechubb.com
Footnotes / references
[1]

Chubb Limited is a Swiss[2] company incorporated in Zürich, and listed on the New York Stock Exchange (NYSE) where it is a component of the S&P 500.[3] Chubb is a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world.[4] Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.

In 2018, the group had $174 billion in assets, $30.8 billion of gross written premiums and approximately 31,000 employees.[5] Its core operating insurance companies are rated "AA" (Very Strong) for financial strength by Standard & Poor's[6][7] and "A++" (Superior) by A. M. Best[8][9] with stable outlooks from both agencies. Fitch rates Chubb Limited and its subsidiaries "AA" (Very Strong) for financial strength, "AA−" for issuer default and "A+" for senior debt.[10] Moody's rates the U.S. companies "A1" and the unsecured loan notes "A3".[11]

On 1 July 2015, property & casualty insurer Ace Limited (ACE) announced that it would acquire the original Chubb Corporation for $28.3 billion in cash and stock.[12] ACE stated that Chubb's current headquarters in Warren, New Jersey, will have a substantial portion of the headquarters function for the combined company's North American Division. The combined company adopted the Chubb name in January 2016 after the acquisition was completed.[13]

  1. ^ "Chubb Limited 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 23 February 2024.
  2. ^ Gara, Antoine (July 1, 2015). "Wall Street is Running Out of Ways to Make Easy Money off Corporate Tax Loopholes". Forbes.
  3. ^ "XBRL Viewer". www.sec.gov. Retrieved 2024-06-07.
  4. ^ "Chubb in Bermuda".
  5. ^ Chubb Limited Company Profile. Second Quarter 2019 q4cdn.com
  6. ^ "Standard & Poor's Raises ACE's Financial Strength Ratings on Core Operating Subsidiaries to "AA"". Yahoo! Finance. 19 May 2014. Archived from the original on 14 December 2014. Retrieved 10 December 2014.
  7. ^ "What's Behind Our Ratings On The Top 15 Global Multiline Insurers Following The Application Of Our New Criteria". globalcreditportal.com. 4 June 2013.
  8. ^ "A.M. Best Upgrades Ratings for Most Subsidiaries of ACE Limited". Reuters. 11 April 2014. Archived from the original on 24 September 2015. Retrieved 10 December 2014.
  9. ^ "AM Best Revises Outlook to Positive for ACE Limited and Most of Its Subsidiaries". ambest.com. 14 June 2013. Archived from the original on 18 June 2013.
  10. ^ "Fitch Upgrades ACE Limited's IFS Ratings to 'AA'; Sr. Debt to 'A+'". Fitch Ratings. 14 May 2013.
  11. ^ "Moody's rates ACE Limited shelf; ACE INA Holdings' provisional senior debt at (P)A3; outlook stable". 2013-03-05.
  12. ^ "ACE agrees to Chubb for $28.3 billion". Marketwatch. July 1, 2015.
  13. ^ "ACE and Chubb Are Now One; New Chubb Brand Logo Unveiled". Insurance Journal. 2016-01-15. Retrieved 2018-08-15.