Chubb Limited (CB - Free Report) recently came up with a new workers' compensation system for small businesses. This online system will enable agents to provide a comprehensive workers' compensation policy for small businesses.
This new policy includes coverage for small businesses with revenues of $10 million. Notably, even companies with only one employee can avail this coverage. The policy will also offer small business protection for medical expenses and lost wages to employees.
Chubb remains focused on introducing strategic initiatives to ensure long-term growth. The company first introduced small commercial business owners’ package policy (BOP) in the last year. The package provides broad coverage for property and liability exposures and is complemented by workers’ compensation, commercial auto, and financial lines products. The policy has been rolled out methodically to several hundred agents and the company has received approval to write business in 43 states.
Given its depth of expertise, the company is set to execute a disciplined plan and presently has capabilities to write about 500 industry classes of business. On Oct 31, 2016, the company expanded the BOP to the technology industry by developing specialized insurance features and benefits. This should help the company cater to the specific risks faced by small businesses in the technology sector.
Shares of Chubb gained 3.79% year to date, underperforming the Zacks categorized Property and Casualty Insurance industry’s increase of 5.47%. We believe the company’s strategic endeavors to better serve its clients and ramp up growth profile will drive shares higher.
Zacks Rank and Other Insurers
Chubb has a Zacks Rank #3 (Hold). Some better-ranked property and casualty (P&C) insurer are American Financial Group, Inc. (AFG - Free Report) , Selective Insurance Group, Inc. (SIGI - Free Report) and White Mountains Insurance Group, Ltd. . Each of these stocks flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
American Financial Group engages primarily in P&C insurance with focus on specialized commercial products for businesses. Shares of the company gained 8.4% year to date.
Selective Insurance provides insurance products and services in the United States. Its shares rallied 11.5% year to date.
White Mountains engages in insurance, reinsurance, and insurance services businesses. Its shares appreciated 8.0% year to date.
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