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BOGOTÁ - Insurance company Chubb Limited (NYSE:CB), currently trading near $287 with a market capitalization of $115 billion, announced plans to establish a new engineering center in Bogotá, Colombia, set to open in October 2025, according to a press release statement.
The Bogotá facility will become Chubb’s fourth global engineering center, joining existing locations in India, Mexico, and Greece. The center will focus on software development, data analytics, artificial intelligence, and infrastructure operations. InvestingPro analysis shows Chubb maintains a "GREAT" financial health score of 3.09, indicating strong operational performance.
"Bogotá offers a rich pool of engineering talent, supported by strong academic institutions and a vibrant tech ecosystem," said Gordon Mackechnie, Vice President, Chubb Group, Global Head of Technology.
The company plans to hire for positions in software engineering, network and data center infrastructure, and network security, with emphasis on cloud computing and agile methodologies skills.
Chubb indicated the new center aims to enhance its technological capabilities and customer experience while developing products for Latin American and North American clients.
Chubb Limited, listed on the New York Stock Exchange, operates in 54 countries and territories, providing commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. The company employs approximately 43,000 people worldwide and generates annual revenue of $56.3 billion. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculation, with the next earnings report scheduled for July 29, 2025. Discover more insights and 12+ additional ProTips with an InvestingPro subscription.
In other recent news, Chubb Limited announced a 6.6% increase in its annual dividend, raising it to $3.88 per share, marking the 32nd consecutive year of dividend growth. The company also unveiled a new $5 billion share repurchase program set to commence on July 1, 2025. During its Annual General Meeting, Chubb’s shareholders approved the renewal of the company’s capital band, allowing adjustments to share capital by up to 20% until May 2026. Additionally, Deutsche Bank downgraded Chubb’s stock rating from Buy to Hold, setting a new price target of $303, citing concerns over the insurance pricing cycle and potential challenges in Chubb’s North American Commercial business. Keefe, Bruyette & Woods also revised Chubb’s price target to $314 while maintaining an Outperform rating, noting potential impacts on earnings due to slower investment income growth and increased expense ratios. In executive news, Chubb appointed Tim Boroughs as Vice Chairman and Chris Hogan as Chief Investment Officer, highlighting the company’s ongoing leadership transitions.
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