Chubb Corp. reports third-quarter net income of $541 million, a 1.5 percent increase from the same time a year ago, as the company says higher rates and better underwriting overcame $92 million in catastrophe losses.
Overall, net premiums during the third quarter increased to # billion—4 percent better than the same time in 2012.
During a conference call to discuss earnings, Paul J. Krump, president of commercial and specialty lines, said Chubb Commercial Insurance saw renewal rate increases in each line of business in the third quarter—led by general liability and workers compensation. U.S. renewal rates increased 7 percent, on top of 8 percent increases during the 2013 second quarter, he added. Retention was up 2 percent to 85 percent.
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