AM Best has affirmed the Financial Strength Rating (FSR)
of A++ (Superior) and the Long-Term Issuer Credit Ratings
(Long-Term ICR) of “aa+” (Superior) of the subsidiaries of Chubb
Limited (Zurich, Switzerland) [NYSE: CB], which includes the
members of the Chubb US Group of Insurance Companies (Chubb US
Group), as well as Chubb Bermuda Insurance Ltd. (Chubb Bermuda)
(Bermuda) and Chubb Tempest Reinsurance Ltd. (Chubb Tempest Re)
(Bermuda) and their members. In addition, AM Best has affirmed the
FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of
Combined Insurance Company of America (Chicago, IL) and Combined
Life Insurance Company of New York (Latham, NY) (together known as
the Combined companies). AM Best also has affirmed the FSR of A-
(Excellent) and the Long-Term ICR of “a-” (Excellent) of ACE Life
Insurance Company (ACE Life) (Stamford, CT). Concurrently AM Best
has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+”
(Excellent) of Chubb Life Insurance New Zealand Limited (Chubb Life
NZ) (New Zealand). Lastly, AM Best has affirmed the Long-Term ICRs
of “a+” (Excellent) and the Long-Term Issue Credit Ratings
(Long-Term IR) of Chubb Limited and Chubb INA Holdings Inc. The
outlook of these Credit Ratings (ratings) is stable. (Please see
the link below for a detailed listing of the companies and
ratings.)
The ratings of the Chubb US Group reflect its balance sheet
strength, which AM Best assesses as strongest, as well as its very
strong operating performance, favorable business profile and
appropriate enterprise risk management (ERM). Chubb US Group’s very
strong operating performance is reflected by return measures that
have outperformed those of the AM Best commercial casualty
composite materially over the past five years. The Chubb US Group
has consistently generated strong underwriting performance,
operating income and net income, despite the impact of unusually
high catastrophe losses since 2021, as well as the impact of
pandemic-related losses in 2020. A robust pricing environment in
recent years for the majority of its commercial business lines
globally has been particularly supportive of especially strong
underwriting performance through 2023, not just for Chubb US Group,
but for nearly all of its major operating units. However, sharply
elevated inflationary trends affecting both property and casualty
lines may constrain prospective underwriting performance.
Chubb US Group is a market leader in several of its principal
product and customer segments, including high-net-worth personal
lines, commercial and specialty insurance, including management
liability and casualty lines, excess and surplus lines and
multiperil crop/agricultural insurance. AM Best notes that Chubb US
Group’s risk-adjusted capitalization strength, as measured by
Best’s Capital Adequacy Ratio (BCAR) as of 3Q 2023, is still
consistent with a strongest level capital adequacy assessment but
has– declined somewhat over the past 24 months. This was in large
part a result of dividends paid to the parent company to fund share
repurchases and the completion in July 2022 of the $5.4 billion
acquisition of Cigna’s Asia-Pacific life and accident & health
(A&H) businesses, as well as additional Huatai shares acquired.
However, AM Best expects that capital retention by Chubb US Group
will increase through the end of 2023 and into 2024, in part
through a reduced level of share repurchases at the parent,
enabling the group’s risk-adjusted capitalization levels to
continue to return to historically higher levels.
Each of Chubb’s component groups benefit from the financial
flexibility provided by Chubb Limited, the publicly traded ultimate
parent, which maintains financial leverage that is in line with its
current ratings, as well as additional liquidity sources given its
access to capital markets and lines of credit. AM Best expects that
earnings and cash flows from Chubb Limited’s operating subsidiaries
will continue to allow it to support risk-adjusted capitalization
should the need arise. At the same time, surplus growth at each
group has been limited at times over the past five years due to
payments of dividends. AM Best expects that following capital
deployed in connection with the July 2022 acquisition of Cigna’s
Asia-Pacific life and A&H businesses and taking into
consideration recent market volatility and stiffer headwinds in
several key commercial and personal property/casualty (P/C)
segments, Chubb’s prospective internal capital generation will
continue a favorable trend evident through the first three quarters
of 2023.
The ratings of Chubb Tempest Re and its member reflect their
balance sheet strength, which AM Best assesses as strongest, as
well as its very strong operating performance, favorable business
profile and appropriate ERM.
Chubb Tempest Re principally provides property catastrophe
reinsurance to commercial and personal property insurers. Property
catastrophe reinsurance is written on an occurrence or aggregate
basis and protects a ceding company against an accumulation of
losses covered by its issued insurance policies, arising from a
common event or occurrence. In addition to its external client
business, Chubb Tempest Re acts as the internal global reinsurance
hub for Chubb’s global operations, providing it with capital and
risk management efficiencies resulting from the group’s global
spread of risk.
The ratings of Chubb Bermuda and its member reflect their
balance sheet strength, which AM Best assesses as strongest, as
well as their very strong operating performance, neutral business
profile and appropriate ERM. The ratings of Chubb Bermuda also
reflect the implicit support received from Chubb Limited, the
ultimate parent. Chubb Bermuda provides commercial insurance
products on an excess basis including excess liability, directors
and officers, professional liability, property and political risk,
with the latter being written by Sovereign Risk Insurance Ltd., a
wholly owned managing agent. Chubb Bermuda focuses on Fortune 1000
companies and targets risks that are generally low in frequency and
high in severity.
The ratings of the Combined companies reflect their balance
sheet strength, which AM Best assesses as very strong, as well as
their strong operating performance, neutral business profile and
appropriate ERM. The ratings also reflect the companies’ strategic
role in supporting the organization’s global A&H segment. The
Combined companies distribute specialty supplemental A&H and
life insurance products targeted to middle income consumers and
businesses in the United States and Canada; most of these products
are primarily fixed-indemnity benefit obligations and are not
directly subject to escalating medical cost inflation.
The ratings of ACE Life reflect its balance sheet strength,
which AM Best assesses as very strong, as well as its marginal
operating performance, very limited business profile and
appropriate ERM. The ratings also reflect the continued financial
support received from its parent. ACE Life’s very limited business
profile reflects the decision in 2010 by its then-ultimate parent,
ACE Limited, to discontinue writing life reinsurance business in
order to focus on its P/C segments.
The ratings of Chubb Life NZ reflect its balance sheet strength,
which AM Best assesses as very strong, as well as its adequate
operating performance, neutral business profile and appropriate
ERM. The ratings also factor in rating enhancement from the
company’s parent and support from Chubb Limited. Chubb Life NZ
ranks among the largest life insurance companies in New Zealand in
terms of gross earned premiums, and its product range includes term
life, disability income, trauma and funeral insurance. Chubb Life
NZ’s competitive advantage arises from its multi-channel
distribution approach, particularly benefiting from a bancassurance
distribution agreement with ANZ Bank New Zealand Limited and its
adviser channel.
A complete listing of Chubb Limited’s FSRs, Long-Term ICRs and
Long-Term IRs also is available.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Alan Murray Associate Director +1 908 882
2195 alan.murray@ambest.com Michael Lagomarsino, CFA,
FRM Senior Director +1 908 882 1993
michael.lagomarsino@ambest.com Christopher Sharkey
Associate Director, Public Relations +1 908 882 2310
christopher.sharkey@ambest.com Al Slavin Senior Public
Relations Specialist +1 908 882 2318
al.slavin@ambest.com
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