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(Bloomberg) — Chubb Corp., the insurer of corporate boards and mega-yachts, said second-quarter profit fell 14% and lowered its 2014 forecast after margins worsened on claims costs tied to fires.

Net income was $499 million, or $2.03 a share, compared with $579 million, or $2.21, a year earlier, the Warren, New Jersey-based company said today in a statement. Profit excluding some investment results was $1.70 a share, missing the $1.90 average estimate of 20 analysts surveyed by Bloomberg.

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