Chubb Corp. says 2012's first quarter saw renewal-rate increases across the board in U.S. commercial and specialty lines, while Q1 net income fell slightly to $506 million from $509 million in 2011.
The 8-percent renewal-rate increase (compared to flat renewals during Q1 of last year) reflects increases in each line of commercial business. The rate increase builds upon a 6-percent renewal-rate increase seen during 2011's fourth quarter, says Paul J. Krump, president of commercial and specialty lines for the Warren, N.J.-based carrier.
"Further evidence of continued rate momentum can be found in the growing proportion of our accounts that are renewing with rate increases," Krump says.
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