Chubb Off to a Solid Start in 1Q
Chubb's first-quarter results contained no major surprises. Relatively heavy catastrophe losses dinged underwriting profitability, and unrealized investment losses related to rising interest rates led to a slight decline in book value. However, underlying results remained strong, and we estimate annualized tangible return on equity at 14%, a level that supports our narrow moat rating. We will maintain our $140 per share fair value estimate.On a constant-currency basis, net written premiums were...
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