Oct. 20 (Bloomberg) — Chubb Corp., the insurer of commercial property and high-end homes, said quarterly profit fell 48 percent on costs from catastrophes including Hurricane Irene. The insurer trimmed its forecast for full-year earnings.
Third-quarter net income declined to $298 million, or $1.04 a share, from $572 million, or $1.80, a year earlier, the Warren, New Jersey-based company said today in a statement. Operating profit, which excludes some investment results, was 88 cents a share, compared with 77 cents, the average estimate of 21 analysts surveyed by Bloomberg.
Catastrophe costs rose to $420 million pretax from $58 million a year earlier, Chubb said. Irene pounded the U.S. East Coast in August with flooding rains and high winds.
As always, fresh links in the Earnings Link-o-rama.