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New Chubb Canada offers greater advantage for brokers: COO
Acquisition by Ace Ltd. provides brokers with “combined resources, new product offerings.
Gloria Cilliers on November 30, 2016
The new Chubb Canada is in a stronger position to offer greater opportunities for brokers following the acquisition of Chubb Corp. by Ace Ltd., according to its chief operating officer Andy Hollenberg.
Speaking at the Insurance Institute’s “At the Forefront” breakfast event, held in downtown Toronto on Tuesday, Hollenberg said the greatest benefits for brokers to come from the newly formed Chubb, are the company’s “combined resources, new product offerings, commitment to service and expanded appetite and capabilities.”
“We are open to working with brokers on whichever new growth segments they identify,” Hollenberg said.
Feedback from brokers about the new Chubb Canada has been overwhelmingly positive, Hollenberg said, since the company first announced last year that Ace Ltd. purchased Chubb Corp. for US$28.3 billion, making Chubb Canada the largest publicly traded P&C insurance company globally.
“We were two complementary entities getting together to create a new force in insurance,” Hollenberg said.
A year into the merger, Hollenberg said, Chubb’s new business and cross-selling are “ahead of plan,” profitability is solid and they have a lot of new opportunities.
But the massive undertaking of the merger has not been without its challenges, he added. “The biggest challenge has been the merging of the two companies’ technologies. And we’ll likely only merge the legacy systems thoroughly by 2018.”
Another challenge of integration is people issues, and the uncertainty of staff around job security. Although the integration was “planned extremely well from day one”, Hollenberg said they “could have moved even quicker on some issues concerning staff.” He found that, in Canada, the integration of the two cultures was easier than in some other countries.
However, “employee retention has been excellent” throughout the process, he added, thanks to a series of key communications, both internally and externally.
Hollenberg outlined the “growth story” behind the acquisition, saying Chubb Canada sees insurance not as merely coverage, but as craftsmanship. “We are different, bigger, better, and meaningful, offering superior craftsmanship defined by excellence, constant improvement, global reach with local expertise, and a can-do attitude.”
Chubb Canada is focused on:
• Cross-selling across the portfolio: cross-sell K&R and A&H products, as well as professional lines and P&C products
• Expanded product offerings: Cyber/E&O to package and forefront buyers; leverage product recall and environmental; expanded auto, umbrella, first party/cyber/E&O; capitalize on fronting capabilities;
• Leveraging complimentary expertise: utilize ACE expertise with current segments; management liability for healthcare/eldercare; collaborate with personal lines (group personal excess)
• Enhanced capabilities: construction-related, cyber, healthcare, multinational, private equity, transactional risk
Read more about Chubb Canada’s plans for 2017 in the December issue of Canadian Insurance Top Broker.
New Chubb Canada offers greater advantage for brokers: COO
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