⚡What does Chubb do, in 30 seconds?
Chubb is an insurer with operations in 54 countries and territories, selling property and casualty, accident and health, life insurance and reinsurance 9. It took in $59.4bn ✓ of revenue in FY2025. Insurance for North American businesses was the biggest part, with premiums of $20.4bn ✓, or 34% ✓ of revenue.
📱What does Chubb sell?
Chubb reports six insurance segments, from big-company cover to crop insurance. The segment figures below are premiums earned, which count the price of cover as the time it covers passes. North America commercial insurance is the biggest, at 34% ✓ of FY2025 revenue.
North America commercial P&C
Property and casualty cover for large, mid-sized and small businesses in the U.S., Canada and Bermuda 1. Its Major Accounts unit sells property, casualty, workers' compensation, cyber and other cover to large companies 1. Westchester handles hard-to-place risks, and Chubb Bermuda sells high excess cover, mainly to Fortune 1000 companies 1. Premiums earned were $20.4bn ✓ in FY2025.
👥 Businesses of every size, from small firms to large corporations and institutions 1 1.
Overseas General
Business and consumer insurance in Europe, the Middle East and Africa, Asia and Latin America, plus Chubb Global Markets in London, which includes a Lloyd's syndicate 1. That syndicate, number 2488, has underwriting capacity of £630 million for the 2026 account year 1. Premiums earned were $14.4bn ✓ in FY2025.
👥 Companies and families outside North America 1.
Life insurance
Term and whole life, critical illness, hospital cash, accident, savings and annuity products 1. Asia made up 95% of Chubb Life's net written premiums, deposits and earnings in 2025 1. The segment also includes Chubb Benefits, which sells extra accident, health and life cover in the U.S. and Canada 1. Premiums earned were $7.2bn ✓ in FY2025.
👥 People mainly in Asia 1, reached mostly through Chubb's own agents and telemarketing, plus brokers and some bank partners 1.
North America personal P&C
Homeowners, high-value and collector car, valuable articles and fine art, umbrella liability, travel, cyber and boat cover 1. Homeowners cover, including valuable articles, was 69% of this segment's 2025 net premiums earned 1. Premiums earned were $6.8bn ✓ in FY2025.
👥 Affluent and high-net-worth families 1, reached through independent agents, brokers and digital partners 1.
North America agriculture
Federally subsidized crop insurance, offered with the U.S. Department of Agriculture, and crop-hail cover through Rain and Hail, plus farm and ranch insurance 1. The crop cover protects against drought, too much rain, freeze, disease and other causes of loss 1. Premiums earned were $2.9bn ✓ in FY2025.
👥 Farmers, ranchers and farm businesses 1.
Global reinsurance
Reinsurance, or insurance for other insurers, sold under the Chubb Tempest Re name, mainly through reinsurance brokers 1. Its Bermuda unit focuses on property catastrophe reinsurance, which covers losses from big disasters 1. Premiums earned were $1.4bn ✓ in FY2025.
👥 Other property and casualty insurers 1.
Investment income and other
In FY2025, revenue outside the six segments' premiums was worth $6.4bn ✓. Chubb's pre-tax net investment income was a record $6.5 billion in 2025, up from $5.9 billion in 2024 4. The band is a little smaller than that because other items, netted in, came to less than zero. Money Chubb Life takes in for investment contracts counts as deposits, not premiums 1.
👥 The filing does not split this revenue by customer.
How the mix has shifted
💸How does Chubb make money?
Follow the money from left to rightfrom top to bottom: what comes in, what it costs to run, what is lost on insurance claims, and what is left as profit.
Chubb took in $59.4bn ✓ in FY2025. Claims and benefits for customers cost $26.7bn ✓. Other operating costs took $15.2bn ✓, and administrative costs $4.5bn ✓. That left a pretax profit of $13.0bn ✓.
Other items then came to -$0.3bn ✓. After tax of $2.4bn ✓, net income was $10.3bn ✓. Put simply, out of every hundred dollars of revenue, about $45 ✓ went on claims and benefits, $25 ✓ on other operating costs and $8 ✓ on administration. Another $1 ✓ went on other items and $4 ✓ on tax, so Chubb kept $17 ✓ as profit.
Out of every $100 of revenue in FY2025…
⏱️ Chubb by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: Chubb Ltd 10-K [3].
📈How is Chubb doing?
Chubb has grown every year for nine years, and its profit has more than doubled. From FY2016 to FY2025, revenue grew 7.3% ✓ a year on average, from $31.5bn ✓ to $59.4bn ✓. Revenue rose in 9 ✓ of those 9 ✓ years. The biggest jump was 15.4% ✓ in FY2023. Net income grew from $4.1bn ✓ in FY2016 to $10.3bn ✓ in FY2025.
Profit does dip in some years. Net income fell to $3.5bn ✓ in FY2020. Disasters are a big cost: net catastrophe losses were $2.92 billion in 2025, including $1.47 billion from the California wildfires 4. Even so, the pretax margin reached 22.0% ✓ in FY2025.
The latest four quarters, to 31 March 2026, look a little stronger: revenue reached $60.8bn ✓, up 8.2% ✓ on the four quarters before, and net income was $11.3bn ✓. For the first nine months of 2026, Chubb reported record net income of $8.02 billion, up 12.9% 23. Its P&C combined ratio was 84.1% in the third quarter of 2026 19. But that quarter's net catastrophe losses were $705 million, up from $285 million a year earlier 23.
📝 The report card
Chubb earns top marks for its balance sheet and good marks for growth, profit and steadiness. Cash generation is not graded ✓ for insurers. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Chubb (orange) and its 4 peers land; further right is better.
Growth
Chubb's revenue grew 11.3% ✓ a year over its last three fiscal years, which earns a B ✓ on the fixed scale. That is above the 9.7% ✓ median of its four insurance peers, and second of the five. Progressive grew fastest, at 20.9% ✓ a year, good for an A ✓.
Why this measure? (higher is better)
Growing revenue is the engine of a business. For a bank, revenue is what it earns after paying interest to savers and lenders; for an insurer, it is mostly premiums. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
For insurers, we grade profit against the owners' money rather than revenue. Over the last three years combined, Chubb earned 14.5% ✓ on its shareholders' equity, which earns a B ✓. That is a little under the 15% needed for an A, and below the 18.9% ✓ peer median. Progressive earned 31.1% ✓, an A ✓.
Why this measure? (higher is better)
Banks and insurers work with other people's money, so profit margins on revenue say little. Return on equity shows how much profit they make on the owners' money; above 15% is excellent for a big bank or insurer.
Cash generation
Not graded for banks and insurers: their cash flow mostly moves customers' money (deposits, loans, premiums), so it says little about the business.
Cash generation is not graded ✓ for Chubb or its peers. For insurers, cash flow mostly moves customers' money, such as premiums paid before claims, so it says little about the business ✓. Even so, Chubb brought in $12.8bn ✓ of operating cash flow in FY2025.
Balance sheet
For insurers, we grade the balance sheet on shareholders' equity as a share of everything the company owns. At the end of FY2025, Chubb's figure was 27.1% ✓, an A ✓. That is above the 25.1% ✓ peer median and second of the five. Berkshire Hathaway is far higher, at 58.7% ✓, also an A ✓.
Why this measure? (higher is better)
Owners' equity is the cushion that absorbs losses before customers' money is at risk. The thicker the cushion compared with everything the company owns, the safer it is.
Steadiness
Chubb's yearly revenue growth swings by 5.1% ✓ (a standard deviation), which earns a B ✓, just over the 5% line for an A. Travelers is steadier at 3.7% ✓, an A ✓. The peer median is 6.5% ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean revenue depends on interest rates, markets or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Banks and insurers are graded differently. They lend or invest customers' money, so profitability uses return on equity, the balance sheet uses the owners' share of total assets, and cash generation is not graded. They are compared only with other banks and insurers.
- Peers for context. The rank shows how Chubb compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
10 years at a glance
Where the cash goes
In FY2025, Chubb handed back 50.4% ✓ of its profit through buybacks and dividends. From FY2016 to FY2025 it returned $33.2bn ✓ to shareholders this way. In FY2025 it spent $3.7bn ✓ on buybacks and $1.5bn ✓ on dividends. In May 2026, shareholders approved a yearly dividend of up to $4.08 per share, up from $3.88 a year before 25. The board also approved buybacks of up to $7.5 billion from 1 July 2026, and $6.02 billion of that was left on 27 October 2026 25.
🧮Ratios 101: what are Chubb's key financial ratios?
Ratios shrink Chubb's big numbers into easy comparisons, and they show a company that keeps a lot of each dollar but holds a large cushion of capital. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Chubb's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each dollar of revenue is kept?
Net margin
The bottom line: profit after interest and taxes, per dollar of revenue.
👉 Chubb kept 17.4% ✓ of FY2025 revenue as final profit, above the 14.0% ✓ peer median and up from 12.0% ✓ in FY2017.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE was 14.0% ✓ in FY2025, up from 7.5% ✓ in FY2017 but well below the 26.4% ✓ peer median. The bottom of the sum, shareholders' equity, was $73.8bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA was 3.8% ✓, up from 2.3% ✓ in FY2017. It sits below the 7.0% ✓ peer median, on total assets of $272.3bn ✓.
📏 Rule of thumb: For big banks, about 1% on assets is usual and above 1.2% is strong; insurers are not judged on that scale.
💵 Cash and owners: where does the money end up?
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Chubb paid out 50.4% ✓ of FY2025 profit as buybacks and dividends, against a 23.7% ✓ peer median. In FY2017 the figure was 54.6% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Chubb's competitors?
We compare Chubb with four other big insurers that file in the U.S. Chubb's FY2025 revenue of $59.4bn ✓ sat between Travelers at $48.8bn ✓ and Allstate at $67.7bn ✓. Its pretax margin of 22.0% ✓ was close to Berkshire's 22.2% ✓. Travelers and Chubb both insure U.S. businesses, while Allstate and Progressive meet Chubb in home and car cover 131415 110 1617.
| Company | Where they compete | Revenue | Growth/yr (3y) | Pretax margin | Return on equity (3y) |
|---|---|---|---|---|---|
| Chubb (CB, FY2025) | Business, home, life and crop insurance and reinsurance, with operations in 54 countries and territories 9 | $59.4bn | 11.3% | 22.0% | 14.5% |
| Allstate (ALL, FY2025) | Home and car insurance for U.S. households; Chubb serves affluent and high-net-worth families 110 | $67.7bn | 9.6% | 19.4% | 21.1% |
| Berkshire Hathaway (BRK.B, FY2025) | Commercial and specialty insurance for businesses; Chubb also buys reinsurance from Berkshire 1112 | $371.4bn | 7.1% | 22.2% | 13.1% |
| Travelers (TRV, FY2025) | Insurance for small, mid-sized and large U.S. businesses through agents and brokers 131415 | $48.8bn | 9.8% | 16.0% | 16.7% |
| Progressive (PGR, FY2025) | U.S. home and car insurance for different customers; personal auto is about 90% of Progressive's Personal Lines premiums 1617 | $87.7bn | 20.9% | 16.2% | 31.1% |
In October 2026, Chubb's chief executive said the commercial P&C market keeps growing more competitive, particularly in the U.S. and London 19.
🧭Chubb SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Chubb's P&C combined ratio was 85.7% in 2025, 86.6% in 2024 and 86.5% in 2023, and under 100% means an underwriting profit 20.
- Chubb says its spread across products and countries sets it apart from most rivals and kept it stable when the industry was rocky 9.
- It belongs to one of the few insurance groups with a global network of licensed companies that can write local policies for multinational clients 1.
- At the end of FY2025, shareholders' equity was 27.1% ✓ of total assets, an A ✓.
🩹 Weaknesses
- Marsh & McLennan generated or placed about 11% of Chubb's gross premiums written in each of 2023, 2024 and 2025 18.
- Old claims still cost money: its corporate run-off portfolio had $306 million of adverse development in 2025, mainly from environmental and molestation-related claims 4.
- Those old exposures mainly come from businesses Chubb bought, such as CIGNA's P&C business in 1999 22.
- Its return on equity, 14.5% ✓ over the last three years combined, is below the 18.9% ✓ peer median.
🚀 Opportunities
- Chubb's international life premiums and deposits were $2.44 billion in the third quarter of 2026, up 15.7% 231.
- In 2025 it set up a small-business division with a digital, data-driven model, where agents and brokers can quote, bind and issue small-business policies on its Chubb Marketplace platform 1.
- Strategic Holdings, Chubb's partnership with KKR, agreed to sell its investment in USI Insurance Services to Aon, and Chubb expects a $460 million gain 23.
- North America personal premiums written rose 5.3% in the third quarter of 2026, and Overseas General rose 6.7% 23.
⚠️ Threats
- In July 2026, Chubb's chief executive said soft market conditions were spreading to parts of casualty insurance 24.
- Chubb's model at 30 September 2026 showed a 1% chance in any year that U.S. hurricane losses top $3.6 billion 25.
- Chubb warns it would fall behind if rivals use technology, data and AI more effectively than it does 26.
- In the third quarter of 2026, after-tax realized and unrealized investment losses of $4.48 billion cut its book value, partly offset by $551 million of currency gains 23.
🏰Does Chubb have a moat?
Why 4?
Chubb had operations in 54 countries and territories at the end of 2025 9. In its 2025 10-K, Chubb calls its claims service a significant asset that is unique in the industry, and says businesses like its strong balance sheet 9. Its personal lines insure affluent and high-net-worth families 1. Chubb says its life arm has market-leading positions in direct marketing in South Korea, Taiwan and Indonesia 1.
Why 3?
Chubb says most of its upper middle-market business clients in North America buy a package or several products 1. It says its Major Accounts unit gains an edge by selling several products to one client 1. But for most of its lines, customers buy through a broker or agent 9. One broker group placed about 11% of its gross premiums written in each of 2023, 2024 and 2025 18. In October 2026, Chubb's chief executive said commercial P&C keeps growing more competitive 19.
Why 2?
Chubb's global network of licensed companies helps it serve multinational clients 1. But most customers reach Chubb through brokers and agents, who are typically paid a commission 9. One broker group placed about 11% of its gross premiums written in each of 2023, 2024 and 2025 18. A new customer does not make the cover better for other customers, so there is little network effect.
Why 4?
At 31 December 2025, Chubb had total assets of $272 billion and shareholders' equity of $74 billion, excluding noncontrolling interests 9. Its net premiums earned were $53.0 billion in 2025, across six segments 1. Its P&C combined ratio was 85.7% in 2025, 86.6% in 2024 and 86.5% in 2023 20. In the third quarter of 2026 it was 84.1% 19. Chubb employed about 45,000 people at the end of 2025, 40% of them in Asia 21.
Why 3?
Chubb says it is part of one of the few insurance groups with licensed companies around the world that can write local policies 1. Its insurers do business in all 50 U.S. states, and their home regulators require them to hold minimum levels of capital, surplus and liquidity 21. Chubb owned about 87.2% of China's Huatai Insurance Group at 31 December 2025, and Huatai's P&C insurer has nearly 200 licensed selling locations in 28 provinces 91. But its crop insurer Rain and Hail works mainly in a federal program where all approved providers offer the same product forms and rates 1.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Chubb; grey dots are peers).
🔭What should you watch next?
Softer prices across the market
In July 2026, Chubb's chief executive said soft market conditions were spreading to parts of casualty insurance, while parts of property and financial lines stayed soft 24.
Quarterly dividend payments
The dividend approved in May 2026 is to be paid in quarterly installments of $1.02 per share until the 2027 annual general meeting, and the board may decide not to pay it 25.
A possible extra tax tied to Bermuda
Chubb warns that OECD guidance, if made law, could make it pay extra tax as a Bermuda deferred tax asset reverses after 2026 26.
📚Learn the words
❓Frequently asked questions about Chubb
How does Chubb make money?
Chubb says it makes money from underwriting profit, investment income and its life business 9. In FY2025, its biggest segment, North America commercial insurance, earned premiums of $20.4bn ✓. Investment income and other revenue added $6.4bn ✓.
Is Chubb a Swiss company?
Chubb Limited is a holding company incorporated in Switzerland and based in Zurich 9. It was incorporated in 1985, when it opened its first office in Bermuda 9. Its shares trade on the New York Stock Exchange under the symbol CB 27.
What is a combined ratio?
Chubb's combined ratio adds up its claims and costs as a share of premiums earned 4. Under 100% means an underwriting profit 20. Chubb's P&C combined ratio was 85.7% in 2025 20.
Who runs Chubb?
Evan G. Greenberg has been chief executive since May 2004 and chairman since May 2007 27. John W. Keogh has been president since December 2020 and chief operating officer since July 2011 27.
Does Chubb pay a dividend?
In May 2026, Chubb's shareholders approved a yearly dividend of up to $4.08 per share, paid in four quarterly installments of $1.02 25. In FY2025 it paid $1.5bn ✓ in dividends.
How much do disasters cost Chubb?
Disasters cost Chubb $2.92 billion in net catastrophe losses in 2025, including $1.47 billion from the California wildfires 4. Chubb generally counts an event as a catastrophe when it causes $25 million or more of insured losses and hits many customers 4.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [3] [5] [6] [7] [8].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. In which city is Chubb based?
2. Which Chubb segment earned the most premiums in FY2025?
3. What does a combined ratio under 100% mean?
4. Which pet insurance brand does Chubb underwrite?
5. In how many countries and territories did Chubb operate at the end of 2025?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1 segment information: products, distribution and competitive environment by segment (accessed 2026-10-29)
- Chubb (CB) Form 10-K for fiscal year 2025, filed 2026-02-27 — revenue by product, segment and geography (accessed 2026-10-28)
- SEC EDGAR companyfacts: Chubb (CB) — annual 10-K facts (accessed 2026-10-28)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 7 MD&A: catastrophe losses, prior period development, investment income, ratio definitions (accessed 2026-10-30)
- SEC EDGAR companyfacts: ALLSTATE CORP (ALL) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: BERKSHIRE HATHAWAY INC (BRK.B) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: TRAVELERS COMPANIES, INC. (TRV) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: PROGRESSIVE CORP/OH/ (PGR) — annual 10-K facts (accessed 2026-10-28)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1 general: countries, total assets and equity, claims service, broker distribution (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: products and distribution) — Personal lines products and distribution channels (accessed 2026-10-30)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 insurance and reinsurance: GEICO, BH Primary, BH Reinsurance Group, competition, float, statutory surplus, catastrophe limit (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 — Business overview (54 countries, commercial and specialty lines); list of largest reinsurers (accessed 2026-10-29)
- The Travelers Companies Form 10-K for fiscal year 2025 — Item 7 MD&A: 2025 consolidated results and combined ratio (accessed 2026-10-29)
- The Travelers Companies Form 10-K for fiscal year 2025 — Item 1 geographic premium mix; Item 7 catastrophe losses, net investment income and invested assets in 2025 (accessed 2026-10-30)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1 countries of operation and North America commercial segment; Item 7 P&C combined ratio 2025 (accessed 2026-10-30)
- The Progressive Corporation 2025 Annual Report to Shareholders (Form 10-K Exhibit 13, Management's Discussion and Analysis) — History, segments, 2025 net premiums written by segment and channel, underwriting profit, Florida policyholder credits, consumer segments (accessed 2026-10-30)
- Chubb Limited Form 10-K for fiscal year 2025 (North America Personal P&C Insurance segment) — Chubb personal lines customers and products (accessed 2026-10-30)
- Chubb Limited Form 10-K for fiscal year 2025 — Notes to the financial statements: broker concentration of gross premiums written (accessed 2026-10-29)
- Chubb Limited Form 8-K, Exhibit 99.1: third quarter 2026 results release (October 20, 2026) — Q3 2026 P&C combined ratio and chief executive commentary on competition (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 7 MD&A: P&C combined ratio 2023-2025 (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1 regulation and human capital management (workforce size and regions) (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1 business: acquisition history and climate-related underwriting (accessed 2026-10-30)
- Chubb Limited Form 8-K, Exhibit 99.1: third quarter 2026 results release (October 20, 2026) — Q3 and nine-month 2026 results: income, premiums by segment, catastrophe losses, investment income, life, outlook (accessed 2026-10-30)
- Chubb Limited Form 8-K, Exhibit 99.1: second quarter 2026 results release (July 21, 2026) — Q2 2026 combined ratio and chief executive commentary on market conditions (accessed 2026-10-30)
- Chubb Limited Form 10-Q for the quarter ended September 30, 2026 — Dividend approved in May 2026, repurchase authorization, modeled U.S. hurricane loss (accessed 2026-10-30)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1A risk factors: technology competition and Bermuda deferred tax asset (accessed 2026-10-30)
- Chubb Limited Form 10-K for fiscal year 2025 — Cover page and Item 1 executive officers: listing, fiscal year, chief executive and president (accessed 2026-10-30)
- SEC EDGAR companyfacts: Chubb (CB) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Chubb (CB) — balance sheet at 2026-03-31 (accessed 2026-10-28)
- Aon plc Form 8-K, Exhibit 99.1: agreement to acquire USI (August 31, 2026) — Expected closing of the USI acquisition (accessed 2026-10-30)