Chubb initiated with a Buy at HSBC

HSBC initiated coverage of Chubb with a Buy rating and $263 price target. The analyst started coverage on the U.S. non-life insurers, preferring the commercial segment, saying premium rates are still rising and “savvy risk management can further enhance the risk-reward equation.” Chubb offers “best-in-class” expense ratio, underlying combined ratio, and financial leverage, the analyst tells investors in a research note.