Chubb (CB) at 12x: Quality the Market Forgot to Overpay For

This post presents a compelling value investing thesis for Chubb (CB), arguing it's a high-quality insurer at an attractive valuation (12x P/E, 1.5x P/B). The thesis rests on Chubb's focus on high-net-worth clients, leading to superior underwriting margins (sub-90% combined ratio). The author highlights the company's investment float, experienced management, and aggressive buybacks as strengths. The author concludes that Chubb is positioned to deliver mid-teens annual returns through book value growth.