Chubb Remains on Track in Fourth Quarter
Chubb’s fourth-quarter results were solid, with the company generating an annualized 11% ROE and management noting that the integration remains on track. We estimate annualized tangible ROE was 18%, a result that highlights the narrow moat around the business. While premiums declined slightly and the competitive environment is ramping up, Chubb maintained strong underwriting results, which is the key consideration in the long run, in our view. We will maintain our $125 fair value estimate....
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