Finance · Profile from Finance Research Companion
Chubb
The world's largest publicly traded property and casualty insurer, built by a Bermuda excess-liability start-up, ACE Limited, that bought its way into US commercial insurance (CIGNA's P&C business, 1999), accident and health (Combined Insurance, 2008), Latin America and Asia, and then in January 2016 acquired the 133-year-old Chubb Corporation for ~$28.3bn and took its name. Run since 2004 by Evan Greenberg, son of AIG's Maurice "Hank" Greenberg, it is known for underwriting discipline, specialty commercial lines, high-net-worth personal insurance and a growing Asian life and P&C franchise (Cigna's Asia business, 2022; control of China's Huatai, 2023). Warren Buffett's Berkshire Hathaway disclosed a stake in May 2024 and owned ~8.7% by early 2026. In 2025 Chubb wrote ~$54.8bn of net premiums at a record 85.7% P&C combined ratio and earned ~$10.3bn.
At a glance
- Founded
- ACE Limited: 1985, Bermuda, by a consortium of corporations and Marsh & McLennan (verify sponsor list). The Chubb Corporation: 1882, New York, as a marine underwriting firm founded by Thomas Caldecot Chubb and his son Percy
- Headquarters
- Legal domicile Zurich, Switzerland (since 2008); executive offices in New York; largest US operations in Warren, New Jersey, and Philadelphia
- Ownership / structure
- Public company (NYSE: CB), Swiss-incorporated holding company (Chubb Limited). Berkshire Hathaway the largest single holder (~34.2m shares, ~8.7%, end-2025 13F, reported)
- Leadership (2026)
- Evan G. Greenberg, chairman and CEO (CEO since May 2004, chairman since 2007); Peter Enns, CFO (verify); John Keogh, president and COO (verify title); senior regional heads for North America, Overseas General and Life (verify current names)
- Segments
- North America Commercial P&C; North America Personal P&C (high-net-worth homes, autos, valuables); North America Agricultural (Rain and Hail crop insurance); Overseas General (P&C in ~50 countries outside the US); Global Reinsurance; Life Insurance (Asia life and Combined Insurance)
- Scale
- 2025 consolidated net premiums written ~$54.8bn (+6.6%): P&C ~$47.6bn, life ~$7.3bn (company, February 3, 2026); operations in 54 countries and territories; ~40,000+ employees (verify)
- Profit
- 2025 net income ~$10.31bn (+11.2%); core operating income ~$9.95bn; record P&C underwriting income ~$6.53bn; P&C combined ratio 85.7%; pre-tax catastrophe losses ~$2.92bn, much of it from the January 2025 Los Angeles wildfires (company). Q3 2026 net income ~$2.84bn; P&C combined ratio 84.1% (company, October 20, 2026)
- Regulatory status
- Insurance subsidiaries regulated by US state insurance departments (Pennsylvania, New Jersey, Indiana and others for the main US companies; verify), Bermuda Monetary Authority, Swiss FINMA as group-wide supervisor (verify), and host regulators in Asia, Latin America and Europe
- Signature moves (incl. failures)
- ACE founded in the liability crisis (1985); CIGNA P&C (1999); Evan Greenberg's arrival and the contingent-commission scandal (2004); ACE–Chubb (2016); the COVID business-interruption fight (2020); the rejected bid for The Hartford (2021); Cigna Asia and control of Huatai (2022–23); Berkshire's stake (2024); LA wildfires and Asian bolt-ons (2025)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1985
ACE Founded in the Liability Crisis
Founding
1999
ACE Buys CIGNA Property and Casualty
Acquisition
2004
Evan Greenberg and the Contingent Commission Scandal
Leadership change / regulatory settlement
2016
ACE Acquires Chubb
Acquisition / merger
2020
COVID Business Interruption Fight
Controversy / litigation (and public-policy proposal)
2021
Rejected Bid for The Hartford
Acquisition (failed)
2022
Cigna Asia and Huatai Control
Acquisition
2024
Berkshire Hathaway Stake
Investment (shareholder event)
2025
LA Wildfires and Asian Bolt Ons
Catastrophe loss / acquisition