0000896159 false --12-31 Chubb Ltd 0000896159 2021-05-20 2021-05-20 0000896159 us-gaap:CommonStockMember 2021-05-20 2021-05-20 0000896159 CB:INASeniorNotesDueDecember2024Member 2021-05-20 2021-05-20 0000896159 CB:INASeniorNotesDueJune2027Member 2021-05-20 2021-05-20 0000896159 CB:INASeniorNotesDueMarch2028Member 2021-05-20 2021-05-20 0000896159 CB:INASeniorNotesDueDecember2029Member 2021-05-20 2021-05-20 0000896159 CB:INASeniorNotesDueJune2031Member 2021-05-20 2021-05-20 0000896159 CB:INASeniorNotesDueMarch2038Member 2021-05-20 2021-05-20 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report

 

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 20, 2021

 

Chubb Limited

 

(Exact name of registrant as specified in its charter)

 

Switzerland   1-11778   98-0091805

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

Baerengasse 32

CH-8001 Zurich, Switzerland

(Address of principal executive offices)

 

Registrant's telephone number, including area code: +41(0)43 456 76 00

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)  

Name of each exchange on which

registered 

Common Shares, par value CHF 24.15 per share   CB   New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024   CB/24A   New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027   CB/27   New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028   CB/28   New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029   CB/29A   New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031   CB/31   New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038   CB/38A   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

 

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

(e) At the Chubb Limited (“Company”) Annual General Meeting of Shareholders (“annual general meeting”) held on May 20, 2021, the Company’s shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (“LTIP”). A more complete description of the LTIP is contained in the Company’s proxy statement, dated April 5, 2021, as filed with the Securities and Exchange Commission (“Proxy Statement”), under the heading “Agenda Item 9: Approval of the Chubb Limited 2016 Long-Term Incentive Plan, as Amended and Restated,” which is incorporated herein by reference. The description of the LTIP set forth in the Proxy Statement is qualified in its entirety by reference to the complete text of the LTIP, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

 

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

 

At the Company’s 2021 annual general meeting, the Company’s shareholders prospectively approved an amendment to Article 3(a) of the Company’s Articles of Association in conjunction with their approval of a share capital reduction, all as further described in the Company’s 2021 Proxy Statement under the heading “Agenda Item 10: Reduction of Share Capital,” which is incorporated herein by reference. Subject to publication of three notices to creditors and a subsequent two-month waiting period in accordance with Swiss law, and registration with the Swiss Commercial Register, the share capital reduction and amended Article 3(a) of the Articles of Association will become effective. The amended Articles of Association of the Company reflecting the share capital reduction will be filed with the SEC upon effectiveness.

 

Item 5.07 Submission of Matters to a Vote of Security Holders  

 

The Company convened its annual general meeting on May 20, 2021 pursuant to notice duly given. The agenda items submitted at the annual general meeting were passed. The matters voted upon at the meeting and the results of such voting are set forth below.

 

The vote required to approve each agenda item noted below is described in the Company’s 2021 Proxy Statement under the headings “What vote is required to approve each agenda item?” and “What is the effect of broker non-votes and abstentions?”.

 

1.Approval of the management report, standalone financial statements and consolidated financial statements of Chubb Limited for the year ended December 31, 2020

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 399,259,328    119,972    781,278    0 

 

2.1Allocation of disposable profit

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 399,283,225    676,410    200,943    0 

 

2.2Distribution of a dividend out of legal reserves (by way of release and allocation to a dividend reserve)

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 399,361,108    657,830    141,640    0 

 

3.Discharge of the Board of Directors

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 372,347,020    2,142,211    1,201,588    24,000,188 

 

2 

 

 

The voting results for Agenda Item 3 exclude shares held by the Company’s directors, nominees and executive officers, who are not permitted by Swiss law to vote their shares on the discharge of the Board of Directors.

  

4.1Election of PricewaterhouseCoopers AG (Zurich) as the Company’s statutory auditor for the year ending December 31, 2021

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 387,103,580    12,943,489    113,509    0 

 

4.2Ratification of appointment of PricewaterhouseCoopers LLP (United States) as independent registered public accounting firm for purposes of U.S. securities law reporting for the year ending December 31, 2021

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 381,633,319    18,427,941    99,318    0 

 

4.3Election of BDO AG (Zurich) as special audit firm until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 399,602,142    405,268    153,168    0 

 

5.1Election of Evan G. Greenberg as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 360,020,190    15,264,411    875,789    24,000,188 

 

5.2Election of Michael P. Connors as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 360,229,225    15,786,131    145,034    24,000,188 

 

5.3Election of Michael G. Atieh as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 365,388,643    10,631,664    140,083    24,000,188 

 

5.4Election of Sheila P. Burke as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 374,025,421    2,009,803    125,166    24,000,188 

 

3 

 

 

5.5Election of Mary Cirillo as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 353,063,405    22,973,430    123,555    24,000,188 

 

5.6Election of Robert J. Hugin as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 373,792,646    2,223,442    144,302    24,000,188 

 

5.7Election of Robert W. Scully as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 371,925,273    4,087,080    148,037    24,000,188 

 

5.8Election of Eugene B. Shanks, Jr. as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 372,674,406    3,337,813    148,171    24,000,188 

 

5.9Election of Theodore E. Shasta as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 368,012,563    8,003,076    144,751    24,000,188 

 

5.10Election of David H. Sidwell as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 372,825,914    3,200,019    134,457    24,000,188 

 

5.11Election of Olivier Steimer as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 372,328,765    3,678,256    153,369    24,000,188 

 

5.12Election of Luis Téllez as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 372,699,620    3,319,228    141,542    24,000,188 

 

5.13Election of Frances F. Townsend as director until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 369,453,081    6,548,196    159,113    24,000,188 

 

4 

 

 

6.Election of Evan G. Greenberg as Chairman of the Board of Directors until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 279,281,884    95,979,498    899,008    24,000,188 

 

7.1Election of Michael P. Connors as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 362,590,263    13,406,098    164,029    24,000,188 

 

7.2Election of Mary Cirillo as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 357,133,009    18,880,829    146,552    24,000,188 

 

7.3Election of Frances F. Townsend as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 369,016,650    6,978,810    164,930    24,000,188 

 

8.Election of Homburger AG as independent proxy until the conclusion of the Company’s next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 399,747,580    184,848    228,150    0 

 

9.Approval of the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 357,364,721    18,613,115    182,554    24,000,188 

  

10.Reduction of share capital

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 399,446,706    398,117    315,755    0 

 

11.1Compensation of the Board of Directors until the next annual general meeting

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 374,290,646    707,110    1,162,634    24,000,188 

 

5 

 

 

11.2Compensation of Executive Management for the next calendar year

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 364,829,110    10,142,941    1,188,339    24,000,188 

 

12.Advisory vote to approve executive compensation under U.S. securities law requirements

 

Shares Voted For   Shares Voted Against   Shares Abstained   Broker Non-Votes 
 348,481,501    27,363,485    315,404    24,000,188 

 

Item 9.01.Financial Statements and Exhibits

 

(d)Exhibits

 

Exhibit
Number
  Description
10.1   Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated
104   Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

 

6 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CHUBB LIMITED
 
  By: /s/ Joseph F. Wayland
    Joseph F. Wayland
    General Counsel

 

DATE: May 20, 2021