Chubb Delivers Strong Q3; Integration On Track
Chubb’s third-quarter results were impressive. Strong underwriting results generated an annualized return on equity of 11%, or about 21% on a tangible basis. In our view, the company’s performance since the completion of the merger earlier this year highlights the quality of this narrow-moat franchise. Integration efforts remain on track, and management upped its estimate of the ultimate synergies from the deal to $800 million from $750 million. We have been skeptical of the company’s ability to...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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