) to underperform from outperform.
Analyst Ronald Frank says CFO Weston Hicks is leaving the company to assume the senior post at Alleghany.
Frank says, even assuming that Hicks's move is simply a career change, his departure leaves Chubb without a permanent CFO while a successor to the company's retiring CEO has yet to be identified. He believes this raises the near-term uncertainty at Chubb to a point where its stock is likely to underperform its peers.
Therefore, Frank downgraded and cut his $90 target to $55. He notes he continues to rate the property/casualty insurance sector as overweight.