Subject: Morningstar on Chubb
Morningstar analyst's opinion on Chubb:

https://www.morningstar.com/co... (subscription required for full report)

In January 2016, ACE acquired Chubb in a deal valued at about $28 billion and assumed its name. From
a long-term perspective, we were most enthusiastic about the fact that the combination created a
moaty international insurer with exposure across most insurance lines for the first time, marking Chubb
as potentially the most attractive long-term core holding in the space from a fundamental point of view.

Chubb is one of the few companies with global footprint large enough to service multinational
corporations. Its network has created a barrier to entry for potential competitors.

Chubb's international operations benefit from significant growth opportunities.

Like its peers, Chubb is posting strong results at the moment amid a hard pricing environment and
higher interest rates. Annualized core tangible return on equity was impressive at 22%, but not out of
line with what we've seen from peers. We think the near-term outlook is bright for Chubb and see the
narrow-moat company as one of the strongest names in the space. We will maintain our $236 fair value
estimate and see shares as about fairly valued.

Chubb is trading at PB of 1.7, higher than BRK's 1.57.