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Chubb moves past failed Hartford bids; reports higher profits



Chubb Ltd. has moved on from its three rejected bids for rival Hartford Financial Services Inc. and has "lots of optionality" with other deals, the insurer's chief executive said Wednesday as he discussed the company's first-quarter results.

Last week, Hartford turned down a $ 25 billion takeover bid from Chubb, the highest of three offers Chubb had made in the previous month.

Speaking of Chubb's corporate revenue talks with analysts, Evan G. Greenberg, chairman and CEO of Chubb, said "the chapter with Hartford has ended; we have moved. "Chubb looks at many offers every year," Greenberg said. "The money does not burn a hole in his pocket." to market. Last year's results for the first quarter hit more than $ 900 million in adjusted net realized losses.

Net premiums for the first quarter increased by 8.6% to $ 8.62 billion. Written net premiums for commercial real estate / damaged increased by 1

3.9% to $ 5.71 billion. "Based on what I can see, I am convinced today that these conditions will last," said Greenberg.

New business increased by 21.7% and renewal was 95% on a premium basis, he said. [19659002] Chubb's North American major accounts and specialty stores saw net growth of 17.5% and the intermarket premium increased more than, Greenberg said. since the quarter. The ratio included 9.1% of disaster losses, Greenberg said.

Catastrophic losses before tax and after tax, net after reinsurance and including repayment premiums, were $ 700 million and $ 570 million, respectively, compared to $ 237 million and $ 199 million, respectively, in the previous year. The quarter included $ 657 million before tax on storm losses in the United States

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