Chubb has rejoined the fight to eliminate tax advantages for foreign competitors, the insurer's vice chairman said last week, predicting that private discussions with lawmakers would soon become public through Congressional hearings.
“We're working with a coalition of U.S.-domiciled property-casualty companies to urge Congress to amend the U.S. tax code,” said John Degnan, vice chairman of Warren, N.J.-based Chubb, during an earnings conference call.
“Our goal is to…level [the] playing field” with carriers who avoid U.S. taxes by transacting insurance business on shore, and then cede all or most of the premiums to “affiliates in tax-haven jurisdictions,” he said, noting that Bermuda is just one such haven.
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