Chubb

Ledger is on a hiring spree after a $75mn Series B round.

The investor will manage a portion of the Bermudian’s assets.

The carrier has extended the limit to $1.275bn for the year to 31 March 2023.

Reserve releases more than doubled compared with Q3 2020.

The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.

Covid-19 losses remained stable as the insurer said rate rises should endure.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The (re)insurance services company recently hired a COO for its ILS operations.

The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.

The $296mn of reported cat losses were down 31% year on year.

The company’s overall operating income was down 24% to $907mn.

The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises.