Chubb recently announced the creation of a new division within its North America Middle Market organization, according to a press release. 

The new division will combine Chubb’s Lower Middle Market and Digital Small Business division into a single unit that will operate as North America Small and Lower Midmarket. 

Ben Rockwell, division president for middle market, said leadership will build on their success by leveraging investments in a modern, automated, and data-centric digital operating model. 

“This division will offer more seamless coverage through a comprehensive suite of products and services, including P&C, Financial Lines, Cyber, Multinational, and Accident & Health, while offering agents the options of either a fully digital/automated experience or a digitally augmented service model,” Rockwell says in the release. 

Juan Luis Ortega, Chubb Group executive vice president, said the small and lower middle market segments present significant growth and expansion opportunities for Chubb. 

“As the distribution landscape continues to evolve, agents and brokers increasingly demand simplicity, efficient and fast underwriting, and seamless digital experiences,” Ortega said in the release. “This combination integrates our decades-long underwriting experience in the Lower Middle Market with the agility and speed of our Digital Small Business division, allowing us to apply the full power and deep expertise of our team to service clients in this segment and drive growth.”

A recent report from S&P Global shows that Chubb’s CEO was the highest paid among the top 10 property and casualty or multi-line insurers last year.

Evan Greenberg’s total adjusted compensation was $27.7 million including $12 million in cash and $15.7 million in stock, according to the report. S&P said that made for a 10% increase over the $25.2 million Greenberg received in 2022.

“His compensation was approximately 452 times the median Chubb employee salary of $61,188, the highest ratio among the top 10 insurers in this analysis,” S&P wrote. “The ratio was an increase from 346 times in 2022 and 322 times in 2021.”

Greenberg has been Chubb’s CEO since May 2004.

IMAGES

Photo courtesy of mohd izzuan/iStock