Chubb Limited

Chubb’s pricing power is solid but cyclical by line. Management notes property pricing for large account retail and E&S grew more competitive in 2025, though terms remained stable; casualty continues to firm where rate is needed. The company’s diversified mix lets it redeploy capacity to lines with superior economics, keeping margins strong.

High-net-worth personal lines and A&H/Life carry additional pricing resilience given affluent clientele and product attachment. Record underwriting income and improved current accident year ratios ex‑cat suggest margin headroom despite normalizing property rates.

Score reflects proven but cyclical pricing strength, with upside from casualty and international consumer franchises, balanced by regulator sensitivity in certain markets.