Mr. Small wrote that the firm's analysis suggests that while the litigation environment has improved, “historically, major tort changes have not been the driver for professional liability claims.”

In addition, Chubb's reputation for stricter underwriting should lead to greater stability through the soft cycle, according to his analysis. “Brokers we have spoken with have suggested that Chubb, more than others, has been the last to move on price terms, he added.

Other second-quarter highlights:

o Total net written premiums for the second quarter declined 1 percent to $3.1 billion. Net written premiums for the insurance business increased 2 percent overall, minus 1 percent in the U.S. and up 7 percent outside the U.S. (3 percent in local currencies).

o Net written premiums for the reinsurance assumed business declined 75 percent since the Chubb Re-Harbor Point transaction completed in December 2005. In that deal, Bermuda-based Harbor Point essentially purchased Chubb's reinsurance unit for about $200 million, which represented 16 percent of the new company.

o The combined loss and expense ratio was 82.7, compared with 85.2 in 2006.