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Exact name of registrant as specified in its charter Switzerland. State or other jurisdiction of incorporation or organization. Address of principal executive offices Zip Code. Securities registered pursuant to Section 12 b of the Act: Title of each class. Name of each exchange on which xhubb. Common Shares, par value CHF New York Stock Exchange.
Securities registered pursuant to Section 12 g of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.
Chubb Limited –
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 d of the Act. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Do not check if a smaller reporting company. Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Act.
For the purposes of this computation, shares held by directors cuubb officers of the registrant have been excluded.
Such exclusion is not intended, nor shall it be deemed, to be an admission that such persons are affiliates of the registrant. Documents Incorporated by Reference. Certain portions of the registrant’s definitive proxy statement relating to its Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.
Mine Safety Disclosure s. Financial Statements and Supplementary Data. Directors, Executive Officers and Corporate Governance.
Principal Accounting Fees and Services. Exhibits, Financial Statements Schedules. On January 14,we completed the acquisition of The Chubb Corporation, creating a global leader in property and casualty insurance. The financial condition and results of operations presented herein are those of legacy ACE Limited and its subsidiaries and do not include the financial conditions and 10i of operations of legacy Chubb Corporation and its subsidiaries.
Chubb was incorporated in at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We offer commercial insurance products chibb service offerings such as risk management programs, loss control and engineering and complex claims management. We also offer personal lines insurance coverage including cgubb, automobile, valuables, umbrella liability, and recreational hcubb products.
In addition, we cjubb personal accident, supplemental health, and life insurance to individuals in select countries. We have grown our business through increased premium volume, expansion of product offerings and geographic reach, and the acquisition of other companies. Duringwe acquired the Cubb Fund Insurance Company high net worth personal lines business in the U.
Together we have become one of the largest commercial insurers in the U. Refer to Note 2 to the Consolidated Financial Statements for additional information on our acquisitions.
We believe that employee relations are satisfactory. We make available free of charge through our website investors. Printed documents are available by contacting our Investor Relations Department Telephone: We also use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under SEC Regulation FD Fair Disclosure. Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, and public conference calls and webcasts.
The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this.
The SEC maintains an Internet site www.
For most commercial lines of business we offer, insureds typically use the services of an insurance broker or 1k. An insurance broker acts as an agent for the insureds, offering advice on the types and amount of insurance to purchase and also assisting in the negotiation of price and terms and conditions. We obtain business from the local and major international insurance brokers and typically pay a commission to brokers for any business accepted and bound.
Loss of all or a substantial portion of the business provided by one or more of these brokers could have a material adverse effect on our business. In our opinion, no material part of our business is dependent upon a single insured or group of insureds. We do not believe that the loss of any one insured would have a material adverse effect on our financial condition or results of operations, and no one insured or group of affiliated insureds account for as much as 10 percent of our total revenues.
Competition in the insurance and reinsurance marketplace is substantial. Competitors include other stock companies, mutual companies, alternative risk sharing groups such as group captives and catastrophe poolsand other cuhbb organizations. Competitors sell through various distribution channels and business models, across a broad array of product lines, and with a high level of variation regarding geographic, marketing, and customer segmentation.
We compete for business not only on the basis of price but also on the basis of availability of coverage desired by customers and quality of service. Our ability to compete is dependent on a number of factors, particularly our ability to maintain the appropriate financial strength ratings as assigned by independent rating agencies. Our strong balance sheet is attractive to businesses, and our strong capital position and global platform affords us opportunities for growth not available to smaller, less diversified insurance companies.
Trademarks and Trade Names. Various trademarks and trade names we use protect names of certain products and services we offer and are important to the extent they provide goodwill and name recognition in the insurance industry. We use commercially reasonable efforts to protect these proprietary rights, including various trade secret and trademark laws.
We intend to retain material trademark rights in perpetuity, so long as it satisfies the use and registration requirements of applicable countries. One or more of the trademarks and trade names could be material to our ability to sell chub products and services. We have taken appropriate steps cgubb protect our ownership of key names, and we believe it is vhubb that anyone would be able to prevent us from using names in places or circumstances material to our operations.
Through December 31,we operated through five business segments. The following table chubb net premiums earned NPE by segment: Years Ended December Insurance — North American Agriculture. Insurance — Overseas General. Additional financial information about our segments, including net premiums earned by geographic region, is included in.
Note 16 to the Consolidated Financial Statements. Our wholesale and specialty divisions: Various run-off operations, including Brandywine Holdings Corporation Brandywine. In addition to using brokers, certain products are also distributed through general agents, independent agents, managing general agents MGAmanaging general underwriters, alliances, affinity groups, and direct marketing operations.
ACE USA’s on-going operations are organized into the following distinct business units each offering specialized products and services targeted at specific niche markets: LPT contracts can cause significant variances to premiums, losses and loss expenses, and expense ratios in the periods in which they are written. ACE Casualty Risk key coverages include umbrella and excess liability, environmental risk, and casualty programs for commercial construction related projects.
ACE Surety offers a wide variety of surety products and specializes in underwriting both commercial and contract bonds and has the capacity for bond issuance on an international basis.
Chubb Ltd (CB) 10K Annual Reports & 10Q SEC Filings | Last10K
With respect to products that include supplemental medical and hospital indemnity coverages, we typically pay fixed amounts for claims and 10 therefore insulated from rising health care costs. ACE Medical Risk offers a wide range of specialty liability chhubb for the health care industry through licensed excess and surplus lines brokers.
ESIS services include comprehensive medical managed care; integrated disability services; pre-loss control and risk. ACE Commercial Risk Services provides comprehensive specialty product solutions and packaged plans to small and micro-sized companies in targeted industries that lend themselves to technology-assisted underwriting.
Core products and services for small businesses include casualty insurance including international casualtyenvironmental, inland marine, professional risk, disaster protection, vacant land and building, and claims and risk management services.
Products are offered through wholesale, retail, program agent and alternative distribution channels. ACE 10i Risk Chkbb provides high-value personal lines coverages for high net worth individuals and families in North America including homeowners, automobile, valuables including fine artumbrella liability, and recreational marine insurance offered through independent regional agents and brokers.
ACE Westchester serves the market 1k business risks that tend to be hard to place due to vhubb or complex exposures. Products offered include wholesale excess and surplus lines property, casualty, environmental, professional liability, inland marine, and product recall coverages in North America. ACE Bermuda focuses on Fortune companies and targets risks that are generally low in frequency and high in severity.
ACE Bermuda offers its products primarily through the Bermuda offices of major, internationally recognized insurance brokers. The run-off operations do not actively sell insurance products, but are responsible for the management of certain existing policies and settlement of related claims.
ACE USA and ACE Westchester compete against a number of large, national carriers as well as regional competitors and other entities offering risk alternatives such as self-insured retentions and captive programs.
The markets in which we compete are subject to significant cycles of fluctuating capacity and wide disparities in price adequacy.
Chubb Ltd (CB) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017
We strive to offer superior service, which we believe has differentiated us from our competitors. The ACE USA and ACE Westchester operations pursue a specialist strategy and focus on market opportunities where we can compete effectively based on service levels and product design, while still achieving an adequate level of profitability.
A competitive advantage is also achieved through ACE USA’s innovative product offerings and our ability to provide multiple products to a single client due to our nationwide local presence. An additional competitive strength of all our domestic commercial units is the ability to deliver global products and coverage to customers in concert with our Chubh — Overseas General segment. ACE USA has grown, in part, from the leveraging of cross-marketing opportunities with our other operations to take advantage of our organization’s global presence.
ACE Bermuda competes against international commercial carriers writing business on an excess of loss basis. ACE Private Risk Services competes against insurance companies of varying sizes that sell products through various distribution channels, including through the Internet.
The Insurance — North American Agriculture segment comprises our North American based businesses that provide a variety of coverages in the U. Cbubb SRA sets out the relationship between private insurance companies and chubb Federal Crop Insurance Corporation FCIC concerning the terms and conditions regarding the risks each will bear including the pro-rata and state stop-loss provisions which allow companies to limit the exposure of any one state or group of states on their underwriting results.
Chubg addition to the pro-rata and excess of loss reinsurance protections inherent in the SRA, we also purchase third-party proportional and stop-loss reinsurance for our MPCI business to chbub our exposure.
We may also enter into crop derivative contracts to further manage our risk exposure. AGM, our London-based international specialty and excess and surplus lines business, includes Lloyd’s of London Lloyd’s Syndicate Syndicatea wholly-owned Chubb syndicate.
ACE International maintains a presence in every major insurance market in the world and is organized geographically along product lines as follows: