As previously reported, Morgan Stanley analyst Michael Phillips downgraded Chubb to Equal Weight from Overweight as he sees a thinner reserve cushion following his year end 2018 actuarial study. Long-tailed liability lines, such as Directors and Officers Liability, Errors and Omission Liability and traditional third party liability claims, have deteriorating trends and Chubb has a number one market share position in this business, said Phillips, whose excess reserve estimate for Chubb fell to $201M from $654M at year end 2017. He lowered his price target on Chubb shares to $146 from $152.