Chubb Ltd. And Subs Ratings Affirmed, Chubb Reinsurance (Switzerland) Ltd. Upgraded To #AA#; Outlook Stable

Stocks and Financial Services Press Releases Wednesday January 24, 2018 09:00
NEW YORK--24 Jan--S&P Global Ratings

NEW YORK (S&P Global Ratings) Jan. 23, 2018, S&P Global Ratings Services said it affirmed its 'A' long-term counterparty credit rating on Chubb Ltd. and its 'AA' financial strength ratings on Chubb's core operating subsidiaries. At the same time, we are raising our rating on Chubb Reinsurance (Switzerland) Ltd. (CRSL) to 'AA' from 'AA-'. The outlook is stable.

We are also withdrawing our 'AA' financial strength rating on Federal Insurance Co. Korea, because the company ceased operations effective Aug. 29, 2017. The stable outlook reflects our view that, over the next two years, Chubb will continue to produce peer-leading earnings, maintain its extremely strong capitalization, and will not experience outsized losses that could raise questions regarding enterprise risk management. We don't expect Chubb to boost its financial risk appetite, particularly with respect to managing potential catastrophe losses within earnings.

Our counterparty and financial strength rating on CSRL are the same as our ratings on Chubb's core operating subsidiaries. If we upgrade Chubb, we may take similar action regarding CRSL, provided our view of CRSL's status within the group remains unchanged. We may lower our ratings in the next 24 months if Chubb is unable to maintain its historic levels of superior underwriting profitability, capitalization erodes, Other risk-management practices do not successfully transfer to the larger merged organization, the group experiences significant turnover in its senior management and key personnel over the coming year, or other unforeseen challenges emerge as part of the acquisition of former Chubb and the senior management transition. We are unlikely to raise our ratings in the next 24 months because our view of Chubb's intermediate insurance industry and country risk limits our business profile assessment to very strong.

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