Chubb 1st Quarter Earnings Up 23 Percent; CEO Announces Retirement By Michelle Logsdon - May 1, 2002
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Chubb 1st Quarter Earnings Up 23 Percent; CEO Announces Retirement Runtime 1:22 Real Media 56k | Broadband Windows Media Player 56k | Broadband Quicktime 56k | Broadband
The Chubb Corporation announced, April 30, significant gains in earnings and a significant loss from its workforce. The company reported operating earnings per share for the first quarter of 2002 up 23 percent from the same time one year ago. The increase from $0.96 per share to $1.18 was attributed to successful results in its commercial insurance and homeowners insurance sectors.
Yet the positive financial picture was accompanied by the announcement of CEO Dean O’Hare’s intention to retire within a year. “I’m turning 60 in June, and I’d like to retire while I’m still healthy and young enough to enjoy it,” said O’Hare. A 39-year veteran of the Chubb family, O’Hare has been at the helm as CEO the past 14 years.
Chubb Commercial Insurance (CCI) accounted for 41 percent of the company’s net written premiums with a growth of 35 percent in the first quarter. Increased growth was seen in all areas of CCI including multiple peril, casualty, workers’ compensation and property. CCI retained 80 percent of the premiums up for renewal last quarter. That’s a 74 percent increase from first quarter 2001.
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