NEW YORK (Reuters) - US insurer Chubb Corp's quarterly profit more than doubled as a dearth of major catastrophes left the company with much higher underwriting gains.

On an operating basis, earnings beat Wall Street expectations and the company raised its outlook for full year earnings.

The Warren, New Jersey-based insurer said net income surged to $596 million, or $1.69 a share, from $264 million, or 73 cents a share, in the year-ago period.

In 2008, Chubb and other insurers that provide property-catastrophe protection had high losses from a series of hurricanes that pummeled the US Gulf Coast.

Travelers Cos Inc also reported yesterday that it profited in the latest quarter from better underwriting results, which received a boost from mild hurricane activity in the quarter.

Travelers' stock, which gained 7.6 percent and led the Dow Jones Industrial Average higher yesterday, helped boost other financial stocks, including Chubb. Both insurers ended the day's session at new 52-week highs.

"The company is doing pretty damn well considering all we've been through," said Hexagon analyst David Havens, in an e-mail after Chubb's results.

"It has maintained strong results, good liquidity and solid capitalisation without taking much asset risk."

Chubb, in business since 1882, provides property insurance to high-end homeowners, commercial customers, and for company boards and management in the event they are targeted by lawsuits.

The company's operating earnings — which analysts use to measure performance because it excludes investments — rose 63 percent to $552 million, or $1.56 a share, compared with $338 million, or 93 cents, in the year-ago quarter.

Analysts on average had forecast earnings of $1.27 a share, according to Thomson Reuters I/B/E/S.

Chief executive John Finnegan said in light of the company's stronger results, Chubb was raising its 2009 outlook for operating earnings to between $5.90 and $6 a share from an earlier forecast of $5.20 to $5.50. Analysts on average expected Chubb to report 2009 operating earnings of about $5.51 a share.

The revised operating profit forecast anticipates earnings of between $1.41 and $1.51 a share in the fourth quarter, said Finnegan.

The insurer's stock closed $2.64 higher at $53.79 in the regular session.