Rising interest rates slashed the mark-to-market value of Chubb’s fixed-income portfolio during the first quarter.
The property and casualty insurer reported a total $1 billion in losses in the three months to March 31, though only $20 million of these were realised. The previous quarter saw $239 million in total losses, of which $28 million were realised.
Climbing interest rates were cited by the insurer’s executives as the cause of the losses. The yield on the 10-year US Treasury had