In the view of industry analysts, Chartis is moving in the right direction: giving its asbestos liabilities to a Berkshire Hathaway company; mostly sitting out of the workers' compensation game; reducing writings in the volatile excess-casualty market; and cutting back on catastrophe-exposed property lines.
The new leadership and a massive reorganization plan (see interview with Chartis CEO Peter Hancock on page 12) also are generally seen in a positive light.
But “there's still a lot of fixing to do,” says Cliff Gallant, an analyst with Keefe, Bruyette & Woods. “Chartis has not been as profitable as its competitors. There's work to do to close that gap. It has been a while since they've turned an underwriting profit.”
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