Oppenheimer Raises Estimates And Guidance On Chubb Corp.

Oppenheimer is updating its 2010 and 2011 estimates for Chubb CB to $5.84 and $5.90, respectively. Its 4Q10 estimate of $1.63 is $0.06/share higher than the previous estimate due to a better expected combined ratio, offset by marginally lower net earned premiums. Management guided to a range of $1.53-$1.63 and our revised estimate now sits at the top of that range. In 2011, Oppenheimer expects similar after-tax notional earnings as before, but the components of our estimates have been tweaked a bit. Oppenheimer's 2011 weighted average share count is higher due to a modeling change and a slight decrease in its repurchase estimates. Oppenheimer remains at Outperform with a $66 PT on CB CB is trading lower at $58.11