CB · 10-Q · 2026Q3 · Full report

Global Reinsurance Performance

Chubb Ltd · 2026-10-28 · Importance 35 · Surprise 40

Global Reinsurance net premiums written declined 8.1% to $1.004 billion for the first nine months of 2026, while net premiums earned fell 10.7%. The nine-month combined ratio improved 4.4 points to 77.5%, primarily because catastrophe losses were lower than in the prior year. In contrast, the third-quarter combined ratio increased 3.3 points to 80.7%, and the current-accident-year ratio excluding catastrophe losses increased 3.1 points to 78.7%. Premium declines reflected increased client risk retention, lower underlying rates, less favorable reinsurance terms, and the prior-year benefit of catastrophe reinstatement premiums.

Key facts

• Global Reinsurance net premiums written decreased $17 million in the third quarter and $88 million in the first nine months of 2026, notably in property due to increased client risk retention, lower underlying rates and less favorable reinsurance terms. source
• Global Reinsurance net premiums earned decreased $28 million in the third quarter and $109 million in the first nine months of 2026. source
• Global Reinsurance's nine-month 2026 net premiums written included a year-over-year unfavorable effect from higher catastrophe reinstatement premiums received in the prior year. source
• Global Reinsurance's nine-month 2026 net premiums earned were affected by prior-year catastrophe reinstatement premiums that were fully earned when written. source
• Global Reinsurance's third-quarter 2026 combined ratio increased primarily due to softer property reinsurance market conditions compared with the prior year. source
• Global Reinsurance's nine-month 2026 combined ratio decreased primarily due to lower catastrophe losses. source