In March 2012, a buy-side analyst with a midsize (more than $5 billion in managed assets) investment management firm was asked by one of its portfolio managers to help him evaluate the Chubb Corporation (Chubb) as a potential investment candidate to diversify his portfolio to include a property casualty insurer. Chubb's stock performance was inspiring, tripling in value since 2004. But an initial screening indicated weakness on some key financial statement metrics: low top-line premium growth, rising costs, low investment returns, and, most important of all, a flat to falling return on equity.