(Bloomberg) -- Chubb Corp., the insurer of high-end homes and mega-yachts, said a lack of growth in the global economy and a stronger dollar could limit policy sales and investment income this year.
Further strengthening of the dollar against currencies of countries where the insurer has operations would pressure the business, Chief Executive Officer John Finnegan wrote in Warren, N.J.-based Chubb’s annual report posted on its website. The company writes about a quarter of its premiums outside of the U.S.
Underwriting results would be bolstered “if the U.S. economic recovery spread to the rest of the developed world, which as of this writing has shown no signs of emerging from its stagnation,” Finnegan said in the letter.
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