During Chubb‘s 2nd Quarter 2012 Earnings Call CEO John Finnegan announced that the carrier is “culling” it’s professional liability book of business. Chubb writes $1.09B of professional liability and reported a combined ratio of 98.2% on the book.
Finnegan stated “We’d like the professional liability business long-term, but current market conditions being what they are, this is not the time to be aggressively growing the book. We are willing to accept the decline in retention and new business as we re-profile the book for improved profitability.”
Directors and Officers liability was specifically addressed by the company but they did not comment on whether the re-underwriting would affect Lawyers Professional Liability.
A transcript of the Chubb call is available at: http://bit.ly/M6xao6
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