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Analogy 1: The Goldman Sachs of insurance.

Analogy 2: Like AIG or Travelers, but specializing in bespoke insurance for businesses and high-net-worth individuals.

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• Commercial Property & Casualty Insurance: Protects businesses from property damage, liability claims, workers' compensation, and other operational risks.
• Personal Property & Casualty Insurance: Offers tailored insurance solutions for high-net-worth individuals and families, covering homes, vehicles, valuable possessions, and personal liability.
• Accident & Health Insurance: Provides coverage for medical expenses, disability income, and accidental death benefits for individuals and employee groups.
• Reinsurance: Sells insurance to other insurance companies to help them reduce their risk exposure and capacity.

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Chubb Limited (symbol: CB) is a global insurance company. While it serves a broad spectrum of clients, its commercial property & casualty business represents its largest segment by premium volume, indicating it primarily sells to other companies.

Due to the nature of the insurance business, Chubb has millions of policyholders globally and does not publicly disclose the names of its specific customer companies. Insurers typically do not have "major customers" in the traditional sense of a supplier selling to a few large corporate clients. Instead, they serve broad categories of businesses across various industries.

Chubb's major customer categories in the business sector include:

• Large Corporations and Multinational Companies: Chubb provides a wide array of property, casualty, and specialty insurance solutions for complex risks faced by large enterprises operating globally.
• Middle Market Companies: Serving businesses that fall between small enterprises and large corporations, Chubb offers comprehensive insurance products tailored to their specific industry and risk profiles.
• Small Businesses: Chubb also provides essential property, liability, and workers' compensation coverage for small and growing businesses.
• Specialty Sectors: The company offers highly specialized insurance products for industries such as energy, marine, aviation, technology, financial institutions, and construction, among others.

While the primary focus based on premium volume is on businesses, it's worth noting that Chubb also has a significant presence in personal lines, particularly serving affluent and high-net-worth individuals and families with customized home, auto, and valuable article insurance.

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Evan G. Greenberg
Chairman and Chief Executive Officer, Chubb Limited / Chubb Group

Evan G. Greenberg has nearly five decades of experience in the insurance industry. He became Chairman and Chief Executive Officer of Chubb Limited (formerly ACE Limited) in 2004 and Chairman in 2007. He joined ACE Limited in 2001 as Vice Chairman. Prior to ACE, Mr. Greenberg spent 25 years at American International Group (AIG), holding various senior management positions, including President and Chief Operating Officer from 1997 to 2000, and President and Chief Executive Officer of AIU Holdings, AIG's foreign general insurance organization. Under his leadership, ACE acquired the Chubb Corporation in 2016 for $28.3 billion, and the combined entity adopted the Chubb name. He was considered the heir apparent to take over as CEO of AIG. He has also served on the Board of Directors of The Coca-Cola Company from 2011 to 2016.

Peter Enns
Executive Vice President, Chubb Group Chief Financial Officer

Peter Enns joined Chubb in 2021 and has more than 30 years of finance and investment banking experience. Before joining Chubb, he spent over two decades with Goldman Sachs in various senior roles, including Chairman and CEO of Goldman Sachs Canada from 2014 to 2017, Head of the Asia Financial Institutions Group from 2010 to 2014, and Partner of the U.S. Financial Institutions Group from 2006 to 2010. More recently, he held positions at HSBC, including Global Head, Financial Institutions Group, and Global Co-Head of Investment Banking Coverage. Mr. Enns holds an MBA degree in Finance and Accounting from the Wharton School of Business.

John Keogh
President and Chief Operating Officer, Chubb Group

John Keogh has 40 years of experience in the insurance industry. He joined ACE (Chubb's predecessor) in 2006 as Chairman of its international general insurance business. He was appointed Chief Operating Officer in 2011 and President in 2020. Previously, Mr. Keogh held various positions at American International Group (AIG), including Senior Vice President, Domestic General Insurance, and President and Chief Executive Officer of National Union Fire Insurance Company of Pittsburgh.

Timothy Boroughs
Vice Chairman, Chubb Group Executive Chairman, Asset Management

Timothy Boroughs serves as Vice Chairman, Chubb Group, and Executive Chairman of Asset Management.

John Lupica
Vice Chairman, Chubb Group Executive Chairman, North America Insurance

John Lupica serves as Vice Chairman, Chubb Group, and Executive Chairman of North America Insurance.

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Key Risks to Chubb (CB)

1. Catastrophe Losses: Chubb, as a property and casualty insurer, is significantly exposed to losses from natural disasters, which are becoming more frequent and severe due to climate change. For instance, in Q1 2025, the company incurred $1.6 billion in losses from California wildfires, which significantly impacted its net income and profitability. This trend of rising catastrophe costs strains underwriting profitability and requires continuous adaptation in risk modeling and pricing.
2. Cybersecurity and Technology Disruption: Cybersecurity breaches, data leaks, and technology disruption, including risks associated with malicious AI manipulation, are identified as top threats to business growth by Chubb's own commissioned reports. A substantial percentage of business leaders surveyed for Chubb's "Risk Decisions 360°" report cited cyber breaches as the leading man-made disruptor and geopolitical risk, with many companies already impacted by AI-related risks like deepfakes.
3. Economic Uncertainties and Market Risks: Global economic uncertainties, such as the potential for recession, inflation, and fluctuations in interest rates, pose significant risks to Chubb. These conditions can lead to reduced demand for insurance products and increased claims. Additionally, Chubb's substantial investment portfolio is exposed to market risks, where shifts in interest rates and equity markets can adversely affect the value of its investments and overall financial performance.

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Addressable Markets for Chubb's Main Products and Services:

• Commercial Property and Casualty (P&C) Insurance:
  • Global: Approximately USD 922.5 billion in 2024, projected to reach USD 1,684.0 billion by 2033.
  • U.S.: Approximately USD 294.6 billion in 2024, expected to reach USD 489.1 billion by 2033.
• Personal Lines Property and Casualty (P&C) Insurance:
  • Global: Approximately USD 1.1 trillion in premiums for 2022–2023.
  • U.S.: Approximately USD 534.92 billion in direct premiums written in 2024.
• Personal Accident and Supplemental Health Insurance:
  • Global: The Personal Accident and Health (P&H) insurance market size is expected to reach USD 720.5 billion between 2024 and 2028. The global accident insurance market was valued at USD 81.48 billion in 2024 and is expected to reach USD 115.86 billion by 2032.
  • U.S.: The U.S. accident insurance market size was valued at USD 23.94 billion in 2024 and is expected to reach USD 33.46 billion by 2032. The broader U.S. health and medical insurance market stood at USD 1.57 trillion in 2025 and is forecast to reach USD 2.1 trillion by 2030.
• Reinsurance:
  • Global: Reinsurance premiums grew at around a 7% Compound Annual Growth Rate (CAGR) over the past decade. A specific total market size in USD for global reinsurance alone is not explicitly provided in the search results.
• Life Insurance:
  • Global: Approximately USD 3.28 trillion in 2025 (calculated as ~41.57% of the global life and non-life insurance market of USD 7.91 trillion in 2025).
  • U.S.: Approximately USD 1.02 trillion in 2025 (calculated as ~31.59% of the U.S. life and non-life insurance market of USD 3.239 trillion in 2025). The U.S. life/annuity insurance sector's net premiums written totaled $822.6 billion in 2024.
• Specialty Insurance:
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Chubb Limited (CB) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. These drivers are evident in recent earnings reports, investor presentations, and analyst commentary.

1. Strategic Global Expansion, particularly in Asia and Latin America: Chubb is actively pursuing opportunities to enhance its market presence and capitalize on growth in fast-growing regions. This includes efforts to deepen its presence in China, as seen with increased ownership in Huatai Insurance Group, and broader expansion in emerging markets within Asia and Latin America.

2. Robust Growth in Consumer and Life Insurance Segments: The company has demonstrated significant growth in its consumer premiums, which were up nearly 16%, and life insurance premiums, which surged over 24.5% in Q3 2025. Chubb's long-term strategy includes building the breadth and depth of its life business across various regions, indicating sustained focus and expected growth in these areas.

3. Disciplined Underwriting and Favorable Commercial Property & Casualty (P&C) Market Conditions: Chubb's consistent underwriting excellence, reflected in a record combined ratio of 81.8% in Q3 2025, allows it to maintain strong profitability. The company is also achieving significant new business growth in North American commercial lines, up 24% year-over-year, and maintaining a high renewal retention rate of over 86%. This strong execution of underwriting strategies and favorable pricing in certain segments, like casualty, contributes to premium growth.

4. Increasing Net Investment Income: Chubb is strategically leveraging rising interest rates to generate higher returns from its investment portfolio. The company reported record adjusted net investment income in Q3 2025, up 8.3%, and expects to sustain growth in investment income in the future.

5. Leveraging Digital Innovation and Technology (including AI): Chubb is investing significantly in technology, spending between $1.1 billion and $1.2 billion annually on modernizing legacy systems and enhancing AI-driven analytics. These digital and AI initiatives are intended to bolster its competitive edge, improve operational efficiency, and support future growth, potentially leading to new product offerings and an enhanced customer experience.

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Share Repurchases

• Chubb repurchased $2.894 billion in shares in 2022, $2.411 billion in 2023, and $1.801 billion in 2024.
• In Q1 2025, Chubb returned $385 million to shareholders through share repurchases.
• In May 2025, Chubb's Board of Directors authorized a new $5 billion share repurchase program, effective July 1, 2025, with no expiration date.

Share Issuance

• During the nine months ended September 30, 2024, 2,679,748 net shares were issued under employee share-based compensation plans.

Inbound Investments

• Berkshire Hathaway Inc. amassed a 6.40% stake in Chubb Ltd., worth approximately $6.70 billion, as of the first quarter of 2024.
• This investment by Berkshire Hathaway began in the third quarter of 2023, with further investments in the fourth quarter of 2023 and the first quarter of 2024.

Outbound Investments

• In July 2022, Chubb completed the acquisition of Cigna's Personal Accident, Supplemental Health, and Life Insurance business in Asia, expanding its presence in markets such as Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia. This acquisition deepens Chubb's presence in this fast-growing region.
• On January 4, 2023, Chubb increased its ownership interest in Huatai Insurance Group Co. Ltd. (China) from 47.3% to 64.2%.
• In March 2025, Chubb announced agreements to acquire Liberty Mutual's Property & Casualty insurance operations in Thailand and Vietnam, which generated $275 million in net premiums written in 2024.

Capital Expenditures

• Chubb invests $1.1-$1.2 billion annually in technological advancements, focusing on modernization and improving processing capabilities.
• These technology investments are expected to remain in the $1.1-$1.2 billion range annually, directed toward maintaining core operations and developing new capabilities in analytics and customer-facing systems.
• The company also makes investments in its physical presence, product offerings, and distribution capabilities.