Barclays Maintains an 'Equalweight' on Chubb Corporation (CB); 2Q11 Catastrophe Losses Lower Than Peers

Barclays maintains an 'Equalweight' on Chubb Corporation (NYSE: CB), PT $63.

Barclays analyst says, "CB announced it expects $250mn-$310mn of catastrophe losses ($0.55-$0.68/share) in April and May 2011 from U.S. storms, which appears in line with expectations. As a result, we are lowering our 2011 EPS estimate for Chubb to $5.45 from $5.75. There is no change to our 2012 EPS estimate of $5.75."

"CB has a solid franchise as evidenced by strong underwriting results and robust share buybacks. However, CB's valuation of 1.17x book value (1.26x BV ex AOCI) is above peers, and we prefer other high quality P&C insurers that trade at more attractive valuations such as Travelers (NYSE: TRV), ACE (NYSE: ACE), and Arch Capital (Nasdaq: ACGL)."

For more ratings news on Chubb Corporation click here and for the rating history of Chubb Corporation click here.

Shares of Chubb Corporation closed at $62.30 yesterday.

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