<SEC-DOCUMENT>0001193125-19-162476.txt : 20190716
<SEC-HEADER>0001193125-19-162476.hdr.sgml : 20190716
<ACCEPTANCE-DATETIME>20190531125502
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-162476
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41 0 43 456 7600

	MAIL ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHUBB Ltd
		DATE OF NAME CHANGE:	20160115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE Ltd
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE LTD
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chubb Limited</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B&auml;rengasse 32</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">CH-8001</FONT> Zurich</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Switzerland</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">chubb.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">@Chubb</P></TD></TR>
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<TD VALIGN="top">May&nbsp;31, 2019</TD>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jim B. Rosenberg</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant
Chief Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Healthcare and Insurance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">USA</P></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>Re:&#8201;&#8201;Chubb Limited</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&#8195;&#8201;&#8201;Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended
December&nbsp;31, 2018</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&#8195;&#8201;&#8201;Filed February&nbsp;28, 2019</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&#8195;&#8201;&#8201;Form <FONT STYLE="white-space:nowrap">8-K</FONT> dated February&nbsp;5,
2019</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&#8195;&#8201;&#8201;Filed February&nbsp;5, 2019</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&#8195;&#8201;&#8201;File <FONT STYLE="white-space:nowrap">No.&nbsp;001-11778</FONT></B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Rosenberg,</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter is in further response to your letter dated April&nbsp;29, 2019, setting forth comments of the staff of the Division of Corporation Finance (the
&#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018 (the &#147;Form
<FONT STYLE="white-space:nowrap">10-K&#148;),</FONT> and the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on February&nbsp;5, 2019 (the &#147;Form <FONT STYLE="white-space:nowrap">8-K&#148;),</FONT> of Chubb Limited (the
&#147;Company&#148;, &#147;we&#148; or &#147;our&#148;).</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We thank you for the
opportunity to discuss with you, over the telephone on May&nbsp;23, 2019, the comment letter as well as the Company&#146;s response letter dated May&nbsp;10, 2019.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have considered your verbal comment with respect to Staff comments nos.&nbsp;2 and&nbsp;3 (set forth in <B>bold</B> type on Appendix&nbsp;1) in the context
of Question 100.01 and Question 100.04 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. In response to the verbal comment, we submit the following:</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the Staff&#146;s comments and on Questions 100.01 and 100.04 the Company
agrees that in future filings it will not disclose the following <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&#8195;&#8201;Core operating income excluding catastrophe losses</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&#8195;&#8201;Core operating income excluding
catastrophe losses and prior period development</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&#8195;&#8201;Core operating income with expected level of catastrophe losses</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed, we continue to believe identification and explanation of the components
and factors that contribute to net income and core operating income for a period can be important to convey to investors in order to provide transparency and clarity with respect to our financial performance. We expect to continue to provide
visibility in our disclosures as to the drivers that contribute to or materially impact net income, core operating income and earnings per share, which may include catastrophe losses and prior period development.&nbsp;We also may disclose what had
been our expected level of catastrophe losses for a particular period, as part of our explanation of net income and core operating income. We did not understand the Staff&#146;s comments to mean that such visibility and disclosure should not be
provided.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * *</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact the undersigned at <FONT STYLE="white-space:nowrap">(441)&nbsp;295-5200.</FONT></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Philip V. Bancroft</P></TD>
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<TD VALIGN="top">Philip V. Bancroft</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">cc:&#8194;&#8201;&#8202;Christine A. Torney</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&#8195;&#8201;&#8201;Christine B. Adams</P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>APPENDIX 1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> dated February&nbsp;5, 2019 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.2 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Regulation <FONT
STYLE="white-space:nowrap">G&#151;Non-GAAP</FONT> Financial Measures </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Core Operating Income measures, page 33 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We refer to your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Core operating income
excluding catastrophe losses&#148; and as further adjusted to exclude prior period development as well as your rationale discussed on page 31 for presenting these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures. While we note that you
generally define loss events as catastrophic if they cause damage of $25&nbsp;million or more and affect a certain number of insureds (consistent with the definition of the Property Claims Service), it appears that the nature of these losses are
integral to your operating results. Please tell us how you considered Question 100.01 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. Further, by excluding prior year development expenses recognized
in the current period, it appears that you may be substituting individually tailored recognition and measurement methods for those of GAAP. Please tell us how you considered Question 100.04 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT>
Compliance and Disclosure Interpretations. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We refer to your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Core operating income with
expected level of catastrophe losses&#148; which excludes catastrophe losses above or below management&#146;s view of typical catastrophe losses for that period. The adjustment is intended to present a performance measure with normalized catastrophe
activity. By excluding a portion of the losses incurred, it appears that you have substituted individually tailored recognition and measurement methods for those of GAAP. Please tell us how you considered Question 100.04 of the <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. </B></P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
