US insurer Chubb Corporation has revealed that its profit rose by 13.3% during the first three months of 2003.
Chubb, one of the leading insurers of businesses and individuals in the US, reported a first-quarter profit of $224.6m (£140m), up by 13.3% from 2002.
The combined ratio for the first quarter was 95.3%, compared with 95.9% during the same period in 2002.
Outlining its first quarter 2003 results, the US insurer said it has benefited from the continuing hard market.
President and chief executive John Finnegan said: "We had an excellent first quarter, with record earnings and continued rate increases across all lines.
"We are continuing to maintain underwriting discipline, and we expect that results will continue to benefit from higher earned premiums, better risk selection and favourable terms and conditions."
