Chubb has named Scott Henck (pictured above) as senior vice president of Chubb Group and chief actuary, effective April 1, in a leadership transition that places the global insurer's actuarial function under new stewardship as it pursues double-digit earnings growth in 2026.

Henck, who currently serves as executive vice president and chief actuary for North America, will take over from Paul O'Connell, who is retiring after a 40-year career in the property and casualty insurance industry.

In this role, Henck will oversee all actuarial functions globally, including reserving, pricing, and capital performance measurement. He will report to chairman and CEO Evan G. Greenberg and to CFO Peter Enns.

Greenberg acknowledged O'Connell's tenure in a statement. "On behalf of all of us at Chubb and me personally, I want to thank Paul for his many contributions, outstanding judgment and deep professionalism over his distinguished career," Greenberg said.

On Henck's qualifications, Greenberg said: "He is an accomplished actuary and proven leader whose deep technical expertise and understanding of our businesses will ensure we continue to manage risk with the rigor and excellence that define our company."

Underwriting discipline in focus

The appointment comes as Chubb navigates an increasingly competitive underwriting environment. Management has acknowledged that commercial P&C conditions are in transition, with pricing pressure building in large account property and financial lines, even as casualty rates continue to firm in select areas.

Analysts have pointed to the actuarial function as central to Chubb's competitive edge. AM Best has noted that the group's very strong operating performance is anchored in consistently profitable underwriting, reflected in a combined ratio in the mid-to-high 80% range that notably outperforms industry averages.

In Q4 2025, that figure dropped to 81.2%, a record low.

KBW cited Chubb's "solid premium growth and persistently strong core underwriting margins" in raising its rating, while Raymond James lifted its price target to US$380 with a Strong Buy rating.

Growth outlook for 2026

Chubb reported record full-year operating income of US$10 billion in 2025, a 9% increase, with EPS rising 11% to US$24.79. For Q4, net income per share reached US$8.10, up 28.0% year-on-year, while P&C net premiums written hit US$11.31 billion, up 7.7%.

Greenberg has indicated the company expects double-digit growth in EPS and tangible book value in 2026. Wall Street consensus estimates put 2026 EPS at an average of US$25.30, with KBW more bullish at US$27.35.

Management has also flagged that digital transformation initiatives leveraging artificial intelligence and advanced analytics could drive 150 basis points of combined ratio improvement over the next three to four years – a trajectory that places added weight on the actuary function Scott Henck is set to lead.

Henck has spent close to three decades in the insurance industry. He joined Chubb in 2002 and has served as Chief Actuary of North America since 2019. He is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.

Separately, Chubb announced that Cynthia Bentley will succeed Henck as executive vice president and North America chief actuary. Bentley has more than three decades of actuarial experience and is a Fellow of the Casualty Actuarial Society.