{"schemaVersion":1,"research":true,"symbol":"cb","name":"Chubb","topic":"moat","path":"/stock/cb/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:49:28.147Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Chubb has a narrow moat from specialized underwriting expertise, institutional risk controls and a licensed international platform. Multi-year underwriting results and disclosed peer-relative performance corroborate these capabilities beyond management assertions. Positive rates and consumer retention support some pricing power, but customer dependence and sustained pricing premiums are unproven. Commercial underwriting deterioration in 2026 limits confidence in durability, although disclosed underwriting withdrawals explain part of the contraction.","advantages":[{"mechanism":"intangible_assets","claim":"Specialized underwriting knowledge, embedded risk controls and locally licensed international operations support differentiated coverage and risk selection. Profitable underwriting across several years and strong disclosed peer-relative underwriting performance corroborate a current advantage; scale alone does not establish a cost advantage.","durability":"Expertise, operating controls and licensing infrastructure take time to develop. Evidence supports a narrow advantage, but does not establish exceptional durability across future insurance cycles.","risks":"Competition, talent mobility, casualty inflation, catastrophe losses and reserve uncertainty can erode the advantage. North America Commercial underwriting results weakened in 2026. Annual renewals permit repricing but also allow customers to reconsider carriers.","invalidation":"The thesis would be undermined by persistent deterioration in catastrophe-excluded current-year underwriting results across successive renewals, repeated material adverse reserve development, sustained loss of peer-relative underwriting strength, or loss of licenses or financial standing that impairs placement of business. Premium contraction alone would not invalidate it when accompanied by demonstrably better risk-adjusted underwriting.","competitors":[],"evidenceIds":["q30","q32","q156","q157","q158","q167","q73","q628"],"counterEvidenceIds":["q391","q393","q489","q206","q223","q228","q633","q791","q792"]}],"evidence":[{"id":"q30","sourceId":"filing-1","location":"Business / underwriting authorities, standards and audit controls","excerpt":"Clearly defined underwriting authorities, standards, and guidelines coupled with a strong underwriting audit function are in place in each of our local operations and global profit centers."},{"id":"q32","sourceId":"filing-1","location":"Business / underwriting staff experience and expertise","excerpt":"Our priority is to help ensure adherence to criteria for risk selection by maintaining high levels of experience and expertise in our underwriting staff."},{"id":"q156","sourceId":"filing-1","location":"Business / geographic and product footprint","excerpt":"With operations in 54 countries and territories, Chubb provides commercial and consumer P&C insurance, A&H, reinsurance, and life insurance to a diverse group of clients."},{"id":"q157","sourceId":"filing-1","location":"Business / risk management, engineering and claims services","excerpt":"We provide commercial insurance products and service offerings such as risk management programs, loss control, and engineering and complex claims management."},{"id":"q158","sourceId":"filing-1","location":"Business / specialized insurance products","excerpt":"We provide specialized insurance products ranging from Directors & Officers (D&O) and financial lines to various specialty-casualty and umbrella and excess casualty lines to niche areas such as aviation and energy."},{"id":"q167","sourceId":"filing-1","location":"Business / international locally admitted licensing capabilities","excerpt":"Our international operations have the distinct advantage of being part of one of the few international insurance groups with a global network of licensed companies able to write policies on a locally admitted basis."},{"id":"q73","sourceId":"filing-1","location":"MD&A / North America Commercial P&C / 2025–2023 operating results","excerpt":"2023 Net premiums written $ 21,280 $ 20,589 $ 19,237 3.4 % 7.0 % Net premiums earned 20,381 20,008 18,416 1.9 % 8.6 % Losses and loss expenses 12,313 12,737 11,256 (3.3) % 13.2 % Policy acquisition costs 2,891 2,718 2,515 6.4 % 8.1 % Administrative expenses 1,394 1,337 1,250 4.3 % 7.0 % Underwriting income 3,783 3,216 3,395 17.6 % (5.3) % Net investment income 3,840 3,556 3,017 8.0 % 17.9 % Other (income) expense 59 32 22 86.2 % 46.6 % Amortization of purchased intangibles 5 3 — 71.4 % NM Segment income $ 7,559 $ 6,737 $ 6,390 12.2 % 5.4 % Combined ratio: Loss and loss expense ratio 60.4 % 63.7 % 61.1 % (3.3) pts 2.6 pts Policy acquisition cost ratio 14.2 % 13.6 % 13.7 % 0.6 pts (0.1) pts Administrative expense ratio 6.8 % 6.6 % 6.8 % 0.2 pts (0.2) pts Combined ratio 81.4 % 83.9 % 81.6 % (2.5) pts 2.3 pts Catastrophe losses (2.8) % (5.5) % (3.8) % 2.7 pts (1.7) pts Prior period development 2.2 % 2.2 % 2.7 % — pts (0.5) pts CAY combined ratio excluding catastrophe losses 80.8 % 80.6 % 80.5 % 0.2 pts 0.1 pts NM – not meaningful The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts."},{"id":"q81","sourceId":"filing-1","location":"MD&A / North America Commercial P&C / new business and rate increases","excerpt":"The increase in premiums was across a number of lines, most notably in primary and excess casualty and in small and mid-market commercial retail and E&S lines, reflecting new business and rate increases."},{"id":"q206","sourceId":"filing-1","location":"Business / climate risk / annual insurance renewals","excerpt":"Our insurance contracts are typically renewed on an annual basis."},{"id":"q207","sourceId":"filing-1","location":"Business / climate risk / adjustment of pricing and exposure","excerpt":"Consequently, we can quickly respond to changes as needed by adjusting our pricing or by restricting our exposure."},{"id":"q223","sourceId":"filing-1","location":"Risk factors / consequences of reserve inadequacy","excerpt":"If our loss reserves are determined to be inadequate, we may be required to increase loss reserves at the time of the determination and our net income and capital may be reduced."},{"id":"q228","sourceId":"filing-1","location":"Risk factors / long-tail claims uncertainty","excerpt":"As a result, the full extent of liability under our insurance or reinsurance contracts may not be known for many years after issuance."},{"id":"q135","sourceId":"filing-1","location":"Schedule II / parent-only cash flows / distributions and capital redemptions","excerpt":"dollars) 2025 2024 2023 Net cash flows from operating activities (1) $ 1,210 $ 1,755 $ 3,273 Cash flows from investing activities Capital redemption 4,500 2,000 — Net cash flows from investing activities 4,500 2,000 — Cash flows from financing activities Dividends paid on Common Shares (1,505) (1,436) (1,394) Common Shares repurchased (3,694) (1,801) (2,411) Repayment (issuance) of intercompany loans (299) 99 231 Net proceeds from (contributions to) affiliated notional cash pooling programs (2) (277) (317) 342 Net cash flows used for financing activities (5,775) (3,455) (3,232) Effect of foreign currency rate changes on cash (5) 6 (4) Net increase (decrease) in cash (70) 306 37 Cash – beginning of year 383 77 40 Cash – end of year $ 313 $ 383 $ 77 (1) Includes cash dividends received from subsidiaries of $1.5 billion, $1.8 billion, and $3.3 billion in 2025, 2024, and 2023, respectively."},{"id":"q142","sourceId":"filing-1","location":"Schedule VI / P&C reserves, premiums and prior-year incurred losses","excerpt":"dollars) Deferred Policy Acquisition Costs Net Reserves for Unpaid Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Net Losses and Loss Expenses Incurred Related to Amortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss Expenses Net Premiums Written Current Year Prior Year 2025 $ 4,208 $ 69,672 $ 26,279 $ 45,790 $ 5,338 $ 27,808 $ (1,108) $ 8,649 $ 24,293 $ 47,563 2024 $ 3,687 $ 66,270 $ 23,504 $ 43,573 $ 4,927 $ 26,997 $ (975) $ 8,053 $ 21,503 $ 45,142 2023 $ 3,346 $ 62,238 $ 22,051 $ 40,314 $ 4,181 $ 24,956 $ (856) $ 7,391 $ 21,011 $ 41,896 F-116"},{"id":"q191","sourceId":"filing-1","location":"Regulation / U.S. adjusted policyholder surplus to minimum capital requirement","excerpt":"The ratio of a company's adjusted policyholder surplus to its minimum capital requirement will determine whether state regulatory action is required."},{"id":"q198","sourceId":"filing-1","location":"Regulation / Bermuda Enhanced Capital Requirement methodology","excerpt":"The BMA established risk-based regulatory capital adequacy and solvency margin requirements for Bermuda insurers that mandate that a Bermuda domiciled subsidiary’s Enhanced Capital Requirement (ECR) be calculated by either (a) BSCR, or (b) an internal capital model which the BMA has approved for use for this purpose."},{"id":"q199","sourceId":"filing-1","location":"Regulation / Bermuda subsidiaries' use of BSCR","excerpt":"The Bermuda domiciled subsidiaries use the BSCR in calculating their solvency requirements."},{"id":"q307","sourceId":"filing-1","location":"Financial statement notes / 2026 subsidiary dividend capacity without prior approval","excerpt":"The amount of dividends available to be paid in 2026 without prior approval totals $9.6 billion."},{"id":"q308","sourceId":"filing-1","location":"Financial statement notes / statutory capital regulatory compliance","excerpt":"The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2025, 2024, and 2023."},{"id":"q310","sourceId":"filing-1","location":"Financial statement notes / regulatory versus rating-agency capital requirements","excerpt":"These minimum regulatory capital requirements were significantly lower than the corresponding amounts required by the rating agencies which review Chubb’s insurance and reinsurance subsidiaries."},{"id":"q347","sourceId":"filing-2","location":"Financial statement notes / uncollectible reinsurance allowance","excerpt":"dollars) 2026 2025 Valuation allowance for uncollectible reinsurance - beginning of period $ 320 $ 310 Provision for uncollectible reinsurance 17 17 Write-offs charged against the valuation allowance (14) (6) Foreign exchange revaluation 1 2 Valuation allowance for uncollectible reinsurance - end of period $ 324 $ 323 For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2025 Form 10-K."},{"id":"q364","sourceId":"filing-2","location":"Note 13 / actual dividend distributions","excerpt":"dollars (USD): Three Months Ended Six Months Ended June 30 June 30 2026 2025 2026 2025 CHF USD CHF USD CHF USD CHF USD Total dividend distributions per common share 0.80 $ 1.02 0.81 $ 0.97 1.55 $ 1.99 1.62 $ 1.88 Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock."},{"id":"q368","sourceId":"filing-2","location":"Note 14 / March 2026 option grants and grant-date fair value","excerpt":"On March 2, 2026, Chubb granted 1,070,510 stock options with a weighted-average grant date fair value of $87.84 each."},{"id":"q373","sourceId":"filing-2","location":"Note 14 / granted performance awards and three-year performance conditions","excerpt":"Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies."},{"id":"q387","sourceId":"filing-2","location":"Note 17 / second-quarter 2026 segment results and consolidated pretax income reconciliation","excerpt":"dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Total Net premiums written $ 5,594 $ 2,054 $ 776 $ 3,990 $ 354 $ 1,937 $ 14,705 Net premiums earned 5,214 1,817 641 3,984 299 1,934 13,889 Losses and loss expenses 3,372 791 526 1,709 121 22 Policy benefits — — — 106 — 1,374 Policy acquisition costs 730 347 45 1,060 98 352 Administrative expenses 351 86 4 399 8 213 Underwriting income 761 593 66 710 72 NM Net investment income 982 140 21 313 110 323 Other (income) expense 15 3 2 6 — (45) Amortization of purchased intangibles 1 2 6 22 — 9 Segment income $ 1,727 $ 728 $ 79 $ 995 $ 182 $ 332 $ 4,043 Net realized gains (losses) 162 Market risk benefits gains (losses) 5 Interest expense 200 Integration expenses and severance 8 Corporate underwriting loss (265) Corporate net investment loss (10) Corporate other (income) expense 5 Corporate amortization of purchased intangibles 34 Other reclassification (64) Income before income tax $ 3,624 NM – not meaningful."},{"id":"q390","sourceId":"filing-2","location":"Note 17 / second-quarter 2025 comparative results","excerpt":"dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Total Net premiums written $ 5,723 $ 1,938 $ 733 $ 3,620 $ 380 $ 1,802 $ 14,196 Net premiums earned 5,177 1,681 598 3,542 338 1,789 13,125 Losses and loss expenses 3,258 822 483 1,789 132 20 Policy benefits — — — 129 — 1,249 Policy acquisition costs 705 332 48 913 98 319 Administrative expenses 357 82 2 369 10 199 Underwriting income 857 445 65 342 98 NM Net investment income 938 118 19 278 85 274 Other (income) expense 8 — — 5 — (37) Amortization of purchased intangibles 2 2 6 19 — 8 Segment income $ 1,785 $ 561 $ 78 $ 596 $ 183 $ 305 $ 3,508 Net realized gains (losses) 160 Market risk benefits gains (losses) (17) Interest expense 181 Integration expenses and severance 2 Corporate underwriting loss (176) Corporate net investment loss (29) Corporate other (income) expense (528) Corporate amortization of purchased intangibles 37 Other reclassification (38) Income before income tax $ 3,716 NM – not meaningful."},{"id":"q391","sourceId":"filing-2","location":"MD&A / North America Commercial P&C / quarterly and first-half underwriting results","excerpt":"YTD-25 Net premiums written $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) % Net premiums earned 5,214 5,177 0.7 % 10,362 10,165 1.9 % Losses and loss expenses 3,372 3,258 3.5 % 6,592 6,289 4.8 % Policy acquisition costs 730 705 3.5 % 1,482 1,424 4.0 % Administrative expenses 351 357 (1.7) % 705 701 0.7 % Underwriting income 761 857 (11.2) % 1,583 1,751 (9.6) % Net investment income 982 938 4.8 % 1,953 1,867 4.6 % Other (income) expense 15 8 87.6 % 29 16 81.7 % Amortization of purchased intangibles 1 2 NM 2 3 NM Segment income $ 1,727 $ 1,785 (3.2) % $ 3,505 $ 3,599 (2.6) % Combined ratio: Loss and loss expense ratio 64.7 % 62.9 % 1.8 pts 63.6 % 61.9 % 1.7 pts Policy acquisition cost ratio 14.0 % 13.7 % 0.3 pts 14.3 % 14.0 % 0.3 pts Administrative expense ratio 6.7 % 6.9 % (0.2) pts 6.8 % 6.9 % (0.1) pts Combined ratio 85.4 % 83.5 % 1.9 pts 84.7 % 82.8 % 1.9 pts Catastrophe losses (5.8) % (4.5) % (1.3) pts (4.9) % (3.8) % (1.1) pts Prior period development 2.2 % 2.1 % 0.1 pts 2.0 % 2.2 % (0.2) pts CAY combined ratio excluding catastrophe losses 81.8 % 81.1 % 0.7 pts 81.8 % 81.2 % 0.6 pts NM - Not meaningful 57 Table of Contents Production by Size - Net premiums written Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S."},{"id":"q393","sourceId":"filing-2","location":"MD&A / North America Commercial P&C / production by account size","excerpt":"Q-25 2026 2025 YTD-26 vs. YTD-25 Major Accounts & Specialty (large corporate accounts and wholesale business) $ 3,257 $ 3,578 (9.0) % $ 6,029 $ 6,309 (4.4) % Commercial (middle market and small commercial accounts) 2,337 2,145 8.9 % 4,460 4,201 6.2 % Total $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) % Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S."},{"id":"q402","sourceId":"filing-2","location":"MD&A / Life Insurance segment income growth","excerpt":"Life Insurance segment income Life Insurance segment income increased $27 million and $52 million, or 9.0 percent and 8.8 percent, for the three and six months ended June 30, 2026, respectively, reflecting underwriting profitability in our international life operations, which includes net investment income, and other income from asset management fees."},{"id":"q408","sourceId":"filing-2","location":"MD&A / catastrophe reinsurance layers and retained losses","excerpt":"Loss Location Layer of Loss Comments Notes United States (excluding Alaska and Hawaii) $0 million – $1.75 billion Losses retained by Chubb (a) United States (excluding Alaska and Hawaii) $1.75 billion – $2.85 billion All natural perils and terrorism (b) United States (excluding Alaska and Hawaii) $2.85 billion – $4.0 billion All natural perils and terrorism (c) United States (excluding Alaska and Hawaii) $4.0 billion – $5.7 billion All natural perils and terrorism International (including Alaska and Hawaii) $0 million – $225 million Losses retained by Chubb (a) International (including Alaska and Hawaii) $225 million – $1.325 billion All natural perils and terrorism (b) Alaska, Hawaii, and Canada $1.325 billion – $2.475 billion All natural perils and terrorism (c) (a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units."},{"id":"q409","sourceId":"filing-2","location":"MD&A / June 2026 senior unsecured debt issuance","excerpt":"•June 2026: Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively."},{"id":"q411","sourceId":"filing-2","location":"MD&A / actual first-half 2026 share repurchases","excerpt":"For the six months ended June 30, 2026, we repurchased $2.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization."},{"id":"q488","sourceId":"filing-2","location":"MD&A / consumer insurance growth, retention and positive rates","excerpt":"Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases."},{"id":"q489","sourceId":"filing-2","location":"MD&A / commercial growth impact of underwriting actions","excerpt":"Commercial lines growth was unfavorably impacted by underwriting actions in large account and E&S property, which reduced growth by 4.5 percentage points."},{"id":"q494","sourceId":"filing-2","location":"MD&A / operating highlights / operating cash flow","excerpt":"•Operating cash flow was $3.7 billion."},{"id":"q509","sourceId":"filing-2","location":"MD&A / liquidity / credit and revolving facility capacity","excerpt":"Our total credit facility capacity is $4.3 billion, $3.0 billion of which can be used for revolving credit."},{"id":"q510","sourceId":"filing-2","location":"MD&A / liquidity / outstanding letters of credit","excerpt":"At June 30, 2026, our letter of credit borrowings outstanding under these facilities were $991 million."},{"id":"q512","sourceId":"filing-2","location":"MD&A / liquidity / covenant compliance","excerpt":"The facilities require that we maintain certain financial covenants, all of which we met at June 30, 2026."},{"id":"q534","sourceId":"filing-3","location":"Proxy / existing board independence and committee composition","excerpt":"​ Board Composition and Independence ​ ​ • 93% independent directors (all except CEO) ​ • Independent Lead Director with significant and substantive powers and responsibilities ​ • All independent directors on Audit, Compensation, Nominating & Governance and Risk & Finance Committees ​ • Regular executive sessions of independent directors without the Chairman or other management present ​ ​ ​ ​ • Board composition and skills matrix discussed and reviewed at each Nominating & Governance Committee meeting."},{"id":"q543","sourceId":"filing-3","location":"Proxy / existing executive compensation practices and ownership requirements","excerpt":"​ ​ ​ ​ ​ ​ • Substantial equity component to align pay with performance ​ • 100% of each NEO’s annual equity award is subject to performance-based vesting ​ • Performance-based equity awards (PSUs/PSAs) have three-year cliff vesting and two operating metrics (tangible book value per share growth and P&C combined ratio) that drive long-term shareholder value, with TSR used only as a modifier for premium awards ​ • Significant amount of at-risk pay (95% for CEO, 88% for other NEOs) ​ • Significant mandatory share ownership requirements (CEO — 7X base salary; other NEOs — 4X base salary) ​ • Independent compensation consultant at every Compensation Committee meeting ​ • Double trigger change in control for equity awards ​ • Detailed Company and individual performance criteria covering both financial and operational/strategic performance ​ • Robust insider trading and clawback policies, including recovery of cash bonus and both time-based and performance-based equity, vested and unvested, in certain circumstances ​ • Peer groups reevaluated at least annually ​ • Annual compensation risk assessment ​ • Employment agreements with non-competition and non-solicitation terms for Executive Management ​ • Compensation Committee considers shareholder feedback in evaluating compensation program and disclosure ​ ​ ​ ​ • No hedging of Chubb securities ​ • No new pledging of Chubb shares owned by executive officers or directors ​ • No excessive perquisites for executives ​ • No special tax gross-ups for NEOs ​ • No repricing or exchange of underwater stock options ​ • No options backdating ​ • No multi-year guaranteed bonuses ​ • No disproportionate supplemental pensions ​ • No annual pro-rata vesting of performance-based equity awards or second chance “look back” vesting ​ ​ ​ ​ ​ 2026 Proxy Statement | 8 ​ TABLE OF CONTENTS​ Agenda Item 1 ​ ​ Approval of the Management Report, Standalone Financial Statements and Consolidated Financial Statements of Chubb Limited for the Year Ended December 31, 2025 ​ ​ Agenda Item ​ Our Board of Directors is asking shareholders to approve Chubb Limited’s management report, standalone financial statements and consolidated financial statements for the year ended December 31, 2025."},{"id":"q589","sourceId":"filing-3","location":"Proxy / lead director and independent executive sessions","excerpt":"Our Lead Director ensures an appropriate level of Board independence in deliberations and overall governance, and chairs and sets the agenda for executive sessions of the independent directors, which take place at least at every regular Board meeting, to discuss certain matters without the Chairman or other management present."},{"id":"q622","sourceId":"filing-3","location":"Compensation discussion / 2025 peer-relative core operating income growth","excerpt":"Core operating income growth was at the 6th percentile of the Financial Performance Peer Group."},{"id":"q626","sourceId":"filing-3","location":"Compensation discussion / one-, three- and five-year core operating income growth","excerpt":"Chubb’s core operating income growth over the prior year, three-year and five-year periods was 8.9%, 54.8% and 200.6%, respectively."},{"id":"q628","sourceId":"filing-3","location":"Compensation discussion / 2025 P&C combined-ratio peer percentile","excerpt":"Absolute performance beat both plan and prior year, and relative performance was at the 97th percentile of the Financial Performance Peer Group."},{"id":"q629","sourceId":"filing-3","location":"Compensation discussion / core operating ROE comparison","excerpt":"​ ​ Core operating return on equity (ROE) ​ ​ ​ ​ Core operating ROE exceeded plan and was 0.1 percentage point below prior year."},{"id":"q633","sourceId":"filing-3","location":"Compensation discussion / executive and employee retention challenges","excerpt":"This has made retention of our executives and other employees even more challenging and continues to be a critical priority."},{"id":"q705","sourceId":"filing-3","location":"Compensation discussion / management assessment of acquired life businesses","excerpt":"Continued momentum in international life as business becomes a meaningful contributor to revenue and earnings, particularly as a result of successful integration of acquired Cigna businesses in the Asia-Pacific region and our controlling ownership interest of Huatai Group."},{"id":"q791","sourceId":"filing-4","location":"Business / substantial insurance and reinsurance competition","excerpt":"Competition in the insurance and reinsurance marketplace is substantial."},{"id":"q792","sourceId":"filing-4","location":"Business / competitors with potentially greater resources","excerpt":"We compete on an international and regional basis with major U.S., Bermuda, European, and other international insurers and reinsurers and with underwriting syndicates, some of which have greater financial, technological, marketing, distribution and management resources than we do."},{"id":"q1320","sourceId":"filing-6","location":"Shareholders' equity / completed March 2026 share cancellation","excerpt":"On March 10, 2026, Chubb completed a share capital reduction by means of cancellation of 11,986,574 Common Shares purchased under our share repurchase program during 2025."},{"id":"q1370","sourceId":"filing-6","location":"MD&A / North America Personal P&C / growth, retention and positive rates","excerpt":"Net premiums written increased $129 million, or 8.3 percent, for the three months ended March 31, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners."},{"id":"q1387","sourceId":"filing-6","location":"MD&A / investment portfolio composition and average investment credit quality","excerpt":"Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at March 31, 2026."},{"id":"q1407","sourceId":"filing-6","location":"MD&A / first-quarter obligations and dividends met from net cash flows","excerpt":"During the three months ended March 31, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows."}],"changes":["Retain the previous narrow-moat verdict; the supplied evidence supports underwriting capabilities but does not establish a wide moat.","Recognize disclosed consumer retention and repeated positive-rate outcomes, while retaining limits on measured retention and pricing premiums.","Qualify the previous interpretation of large-account contraction: disclosed underwriting actions reduced commercial growth, so contraction does not by itself demonstrate customer losses or competitive defeat.","Add evidence-based management and insurer financial assessments; current solvency ratios, absolute ROE and complete compensation-cost evidence remain missing."],"limitations":["Only supplied passages were used. Source dates are filing dates: filing-1 February 27, 2026; filing-2 July 28, 2026; filing-3 April 3, 2026; filing-4 February 27, 2025; filing-5 February 23, 2024; filing-6 April 28, 2026.","Competitive passages identify generic categories rather than specific competing companies. Named acquisition counterparties and service providers do not establish competitor coverage; competitor arrays are therefore empty.","Licensing differentiation, service quality, retention commentary and peer percentiles are issuer disclosures. Operating results corroborate underwriting capabilities, but do not independently prove service superiority or persistent pricing premiums.","No quantified renewal rates, switching costs, price-versus-loss-cost comparison or customer-level pricing premium is supplied.","Current capital compliance is disclosed, but numerical U.S. RBC and Bermuda solvency coverage ratios and their actual denominators are absent. No ratio, regulatory headroom or insurer credit rating is inferred.","Financial grades use only filings within 550 days of October 18, 2026. Older filings support competitive context only. Investment portfolio credit quality is not an insurer financial-strength rating.","Actual executive ownership, total share-based compensation expense, a current diluted-share reconciliation, absolute ROE and acquisition returns against purchase consideration are absent.","Proxy proposals are not treated as adopted awards or completed payments. Alignment relies on disclosed existing practices and granted award conditions."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Specialized products, underwriting controls and locally admitted international capabilities are corroborated by multi-year underwriting results and strong disclosed peer-relative underwriting performance. This supports a narrow intangible advantage rather than a demonstrated cost or network advantage.","evidenceIds":["q30","q157","q158","q167","q73","q628"]},{"criterion":"durability","grade":2,"rationale":"Institutional capabilities and several years of profitable underwriting support persistence, but talent retention challenges and 2026 commercial deterioration limit confidence across future cycles.","evidenceIds":["q30","q73","q391","q633"]},{"criterion":"customer_dependency","grade":1,"rationale":"Annual renewal contracts and substantial competition indicate fragile customer dependence. Reported consumer retention supports repeat demand, but does not establish material switching friction or indispensable coverage unique to Chubb.","evidenceIds":["q206","q488","q791"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Product breadth, geographic reach and exposure adjustments provide defenses. Commercial underwriting nevertheless weakened, including the catastrophe-excluded current-year ratio, while competitors and talent mobility remain relevant erosion channels.","evidenceIds":["q156","q207","q391","q489","q633","q792"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Commercial rate increases in 2025 and positive consumer rates in both disclosed 2026 quarters demonstrate realized pricing. Rate magnitudes, premiums relative to competitors and increases relative to claims inflation are not supplied.","evidenceIds":["q81","q1370","q488"]},{"criterion":"retention","grade":2,"rationale":"The issuer attributes consumer growth to strong retention alongside new business and positive rates in successive quarters. This is qualitative evidence of repeat demand, without a retention rate or proof that it extends across commercial lines.","evidenceIds":["q1370","q488","q393"]},{"criterion":"margin_resilience","grade":2,"rationale":"Commercial underwriting remained profitable after several strong years, but first-half 2026 underwriting income fell 9.6% and the catastrophe-excluded current-year combined ratio worsened from 81.2% to 81.8%. Results support resilience with visible pressure, not unconstrained pricing.","evidenceIds":["q73","q391"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Typically annual renewals permit changes to pricing and exposure, and disclosed underwriting actions demonstrate actual use of portfolio discretion. This supports meaningful renewal flexibility without implying unrestricted pricing in every jurisdiction.","evidenceIds":["q206","q207","q489"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases, funded obligations and deliberate underwriting withdrawals support discipline. Parent distributions also relied on capital redemptions, while acquisition returns and current numerical solvency buffers are unavailable.","evidenceIds":["q135","q411","q489","q1407","q308"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing executive practices include performance-based equity, ownership requirements and clawbacks. Granted performance awards use three-year tangible-book-value growth and peer-relative underwriting conditions. Actual executive holdings and eventual realized vesting outcomes are not supplied.","evidenceIds":["q543","q373"]},{"criterion":"execution","grade":3,"rationale":"Multi-year commercial underwriting profits, disclosed multi-year operating income growth and 2026 life income growth demonstrate execution through operating outcomes. The assessment is tempered by weak 2025 peer-relative income growth and 2026 commercial deterioration.","evidenceIds":["q73","q626","q402","q622","q391"]},{"criterion":"governance","grade":3,"rationale":"The proxy discloses a predominantly independent board, fully independent key committees and substantive lead-director executive-session powers. These are concrete governance arrangements, although disclosure alone cannot establish exceptional oversight effectiveness.","evidenceIds":["q534","q589"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":2,"rationale":"Subsidiaries met statutory capital requirements through 2025. The disclosed U.S. framework compares adjusted policyholder surplus with minimum capital requirements; Bermuda subsidiaries calculate ECR using BSCR. Actual coverage ratios are absent, and rating-agency requirements exceed regulatory minimums, preventing a strong headroom assessment.","evidenceIds":["q308","q191","q198","q199","q310"]},{"criterion":"liquidity_funding","grade":3,"rationale":"Reported operating cash flow, demonstrated payment of obligations, $4.3 billion of credit capacity including $3.0 billion usable for revolving credit, covenant compliance and actual debt issuance support funding access. Facility capacity is not treated as wholly undrawn cash; letters of credit and subsidiary transfer restrictions matter.","evidenceIds":["q494","q1407","q509","q510","q512","q409","q307"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Net favorable prior-year P&C development, a predominantly investment-grade portfolio and disclosed catastrophe reinsurance support risk control. The reinsurance allowance remained broadly stable, but retained catastrophe layers are material and long-tail claims remain uncertain. Full duration matching and recoverable concentration are absent.","evidenceIds":["q142","q1387","q347","q408","q228"]},{"criterion":"earnings_resilience","grade":2,"rationale":"Profitable underwriting across several years and higher second-quarter total segment income demonstrate resilience. However, consolidated quarterly pretax income fell from $3.716 billion to $3.624 billion, and North America Commercial underwriting weakened. Segment income is not substituted for consolidated earnings.","evidenceIds":["q73","q387","q390","q391","q402"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":null,"rationale":"The passages compare core operating ROE with plan and the prior year but supply no absolute return or sufficient matching earnings and average-capital data. Underwriting profitability alone cannot establish returns on insurer capital.","evidenceIds":["q629"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual dividends and repurchases coexist with profitable operations, statutory compliance and disclosed subsidiary dividend capacity. Parent cash flows show substantial reliance on capital redemptions; numerical post-distribution solvency buffers are missing. Repurchase authorization is not treated as completed spending.","evidenceIds":["q364","q411","q387","q308","q307","q135"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"The completed cancellation of nearly 12 million shares and actual repurchases demonstrate share reduction activity. Actual option grants carry compensation value and potential dilution, while new debt adds financing costs. Missing aggregate compensation expense and diluted-share reconciliation prevent a stronger net-cost conclusion.","evidenceIds":["q1320","q411","q368","q409"]},{"criterion":"investment_discipline","grade":2,"rationale":"A predominantly investment-grade portfolio and growing life segment income support disciplined deployment. Management reports successful integration of acquired life businesses, but purchase-price returns and attribution of earnings to acquisitions are absent. Broader segment growth does not prove acquisition value creation.","evidenceIds":["q1387","q402","q705"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"ffb5e6a0ab85920c6e94e8c5bffa1c2a8eabd15f33e9823b489f8c980bc5c668","updatedAt":"2026-10-18T12:49:28.147Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm","publishedAt":"2026-02-27","sha256":"f668cb1fea1fe50d99041d87530387c41af8871963b169838c376319630638a6","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000017/cb-20260630.htm","publishedAt":"2026-07-28","sha256":"069226e93dc8188731d6d2fd97cecec53f7ded7d3210f6d57492910170df3efc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/896159/000110465926039513/tm2527783-7_def14a.htm","publishedAt":"2026-04-03","sha256":"7477b7c7d5ba32552a48153cfe1eac89d69208d67f01acb389ec8b69b86683f4","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-20241231.htm","publishedAt":"2025-02-27","sha256":"4deaf6ece00a4e5b5cabb199c5b71093ff83789770e752281bada5541cb372e4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615924000003/cb-20231231.htm","publishedAt":"2024-02-23","sha256":"203783b6a99ce12e51dab469c31e774c5b2ae68d1fffc969afdf7c4f55cfdd84","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000011/cb-20260331.htm","publishedAt":"2026-04-28","sha256":"78cf065d92297a64202f4643553c344386729624ff6887ab35ee3c203540e6bc","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a5336004f4a3c228f1a52a6be5cff2aab529cd3ecc29f99802bbb1c0be9ba483","usage":{"input_tokens":90353,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":5646,"reasoning_output_tokens":228},"basisSupplement":{"previousHash":"f728a9c7c6f7ca505eb6e7a74fbdfcc9099fa13d92173238c24b9eb44b374209","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm","publishedAt":"2026-02-27","sha256":"f668cb1fea1fe50d99041d87530387c41af8871963b169838c376319630638a6","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000017/cb-20260630.htm","publishedAt":"2026-07-28","sha256":"069226e93dc8188731d6d2fd97cecec53f7ded7d3210f6d57492910170df3efc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/896159/000110465926039513/tm2527783-7_def14a.htm","publishedAt":"2026-04-03","sha256":"7477b7c7d5ba32552a48153cfe1eac89d69208d67f01acb389ec8b69b86683f4","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-20241231.htm","publishedAt":"2025-02-27","sha256":"4deaf6ece00a4e5b5cabb199c5b71093ff83789770e752281bada5541cb372e4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615924000003/cb-20231231.htm","publishedAt":"2024-02-23","sha256":"203783b6a99ce12e51dab469c31e774c5b2ae68d1fffc969afdf7c4f55cfdd84","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000011/cb-20260331.htm","publishedAt":"2026-04-28","sha256":"78cf065d92297a64202f4643553c344386729624ff6887ab35ee3c203540e6bc","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}