NEW YORK (Bloomberg) — Evan Greenberg, who built one of the world’s largest insurers by combining Ace Ltd and Chubb this year, sought to portray the merged company as a more stable alternative than hobbled rivals who are seeking to rebound.

“When there’s a wounded animal loose, be careful, stay out of the way,” Greenberg said yesterday on a conference call discussing first-quarter results, when asked by Barclays Plc analyst Jay Gelb about the competition for market share among commercial insurers.

Zurich Insurance Group and New York-based American International Group are among insurers that have reshaped underwriting leadership in recent quarters after being burnt by higher-than-expected claims costs. Shares of Zurich and AIG have each dropped about 12 per cent since December 31, compared with the 4.3 per cent year-to-date gain at Greenberg’s Chubb in New York.

Greenberg, a former executive at AIG, didn’t name the rivals he was thinking about. He has said he’s prepared to sacrifice premium revenue to competitors who are willing to settle for lower margins to win business. Still, disruption in the market could favour his Zurich-based company in the long run, he said.

“It’s a double-edged sword, and you’ve got to be careful,” Greenberg said. “We’re in a market where it’s competitive, and some things are being sold at prices that are below costs we think are reasonable. On the other hand, there is this pull and desire for stability and certainty, and familiarity, and that is drawing more towards us.”

Chubb on Wednesday posted first-quarter net income of $439 million. That compares with a $183 million loss at AIG, which was hurt by the poor performance of hedge fund investments. Zurich is scheduled to report results next week.

“We represent a very attractive market, and alternative, for large accounts seeking a deep balance sheet, great underwriting expertise,” Greenberg said.

Greenberg expects to cut $750 million in annual expenses by 2018 due to the takeover, which is $100 million more than the original plan, according to a statement on Wednesday. Chubb also expects to boost investment income by as much as $120 million annually.