Warren, N.J.-based insurer Chubb Corp. reported net income dropped 34 percent in the first quarter primarily on storm losses resulting in a close to six-point rise in its combined ratio for the second quarter.
“In an otherwise excellent quarter, our results were adversely impacted by unusually high catastrophe losses and by one large surety loss,” John D. Finnegan, chairman, president and chief executive officer of the carrier, said in a statement, noting that these losses were primarily from storms in the Midwest.
For the quarter, the company reported net income of $469 million, down $240 million from last year's $709 million. That translated into a 48 cent loss per share to $1.27. The losses came on a slight downtick in net premiums written for the quarter of $3 billion down $11 million.
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