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NYSE · Financial Services · Insurance - Property & Casualty · CH
Research · Sep 30, 2026
[CB] Chubb: Q3 2026 Earnings Preview on Casualty Margins in a Soft Market
Chubb earned $7.26 core EPS in Q2 2026 with an 83.8% P&C combined ratio; Q3 results on Oct 27 test whether casualty margins hold as soft pricing spreads.
Research · Sep 3, 2026
[CB] Chubb Limited Thesis 2026: Underwriting Discipline + Premium Pricing Cycle Anchor Industry-Leading Combined Ratio
Chubb Limited FY2025 revenue ~$54-56B with combined ratio ~88% (industry-leading vs typical P&C industry ~95-100%) and adj. EPS ~$24.50 — multi-year underwriting discipline + favorable commercial P&C pricing cycle support sustained outperformance. Net premiums written grew $36B FY2021 → $52B FY2025 (~9% CAGR). Catastrophe losses elevated to $3-3.5B FY2024-2025 (vs $1-2B historical baseline) on climate-driven weather event frequency — absorbed via reinsurance + disciplined underwriting. North America Personal P&C (high-net-worth franchise) maintained ~85% combined ratio reflecting premium pricing tier + selective underwriting. CEO Evan Greenberg 21+ year tenure. Dividend aristocrat 32 consecutive years (longest P&C). FY2026 thesis: pricing cycle continues; capital return ~$3-4B/yr; international expansion via Cigna Asia integration; key risks: pricing softening, catastrophe escalation beyond reinsurance capability, social inflation continuing.
Research · Aug 25, 2026
Data Center Liability Insurance Leaves Admitted Market
Everest now writes $5M data center umbrella limits where $10M once sat, attaching higher at what its CEO calls dramatically better pricing.