Best’s News & Research Service - July 29, 2024 05:23 PM (EDT)
AM Best Assigns Issue Credit Rating to Chubb INA Holdings LLC’s Senior Unsecured Notes
- July 29, 2024 05:23 PM (EDT)
//BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a+” (Excellent) to Chubb INA Holdings LLC’s (Chubb) (Delaware) recently announced USD 700 million issuance of 4.65% senior unsecured notes due 2029. The outlook assigned to this Credit Rating (rating) is stable. Additionally, AM Best has affirmed the Long-Term IR of “a+” (Excellent) on Chubb’s USD 1.0 billion, 5% senior unsecured notes issued March 5, 2024, due 2034, with an additional offering made today in the amount of USD 600 million. The notes are guaranteed by Chubb Limited (headquartered in Zurich, Switzerland) [NYSE: CB]. The outlook of this Credit Rating (rating) is stable.
Chubb intends to use the net proceeds from this offering for general corporate purposes, which may include the redemption, repurchase or repayment of outstanding indebtedness, including the repayment of EUR 700 million of its outstanding senior unsecured notes due December 2024.
Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Insurance Companies. At June 30, 2024, Chubb had total assets of USD 238.6 billion and shareholders’ equity (excluding noncontrolling interests) of USD 61.0 billion.
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