Optimism on rates boosted as Chubb beats the Street
Giant US primary insurer Chubb reported analyst topping results on Thursday, adding to optimism on hardening US commercial insurance rates that has grown since rival Travelers reported earlier this week.
Chubb reported net profits that almost halved from $572mn to $298mn for the third quarter, as $420mn of pre-tax catastrophe losses battered its bottom line.
However the result ($0.88 per share) was still above the consensus pessimistic Street estimates of $0.77 per share, as reserve releases and price rises in...
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