Catastrophes Put Small Dent in Chubb's $1B Quarterly Profit

Chubb Ltd. has reported first quarter net income of $1.08 billion, a slight decrease from $1.09 billion in the first quarter of 2017. Catastrophe losses were up $175 million pre-tax compared to the prior-year quarter and were concentrated in Montecito, California, and the Northeast U.S., the company said in a news release. Net premiums written for North America commercial property and casualty increased 3% in the first quarter, to $2.81 billion. The commercial property-casualty combined ratio was 86.2%, up from 84.8% in the prior-year quarter. Workers’ comp net premiums written grew 6...