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...Mr Greenberg created the Chubb of today when in 2015 he struck the biggest deal in property and casualty insurance history. He was CEO of Ace, the Zurich-based insurer he joined in 2001....
...Chubb will give Ace a bigger footprint in the US, where it is a leading middle-market underwriter for commercial property and casualty insurance....
...The move by Ace also comes as some analysts have advised investors to move out of property and casualty insurers, which historically have underperformed when the Federal Reserve starts raising interest rates...
...The deal will create America’s second-largest listed property and casualty insurer by market capitalisation....
...The deal will create America's second-largest listed property and casualty insurer by market capitalisation....
...In property casualty insurance, periods of rising and falling premium rates, and therefore ups and downs in earnings and stock prices, come and go. In recent years, rates have been increasing....
...Hard times in property casualty insurance are a good thing....
...At $35, AIG’s shares still trade at about half the company’s book value while more profitable rivals in the insurance industry, such as Chubb, Travelers and ACE Limited, trade in line with or above book...
...But it will not be big enough to reverse the cyclical downturn in overall property and casualty pricing, analysts said....
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