Best’s News & Research Service - March 05, 2024 04:52 PM (EST)
AM Best Assigns Issue Credit Rating to Chubb INA Holdings, Inc.’s Senior Unsecured Notes
- March 05, 2024 04:52 PM (EST)
//BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to Chubb INA Holdings Inc. (Chubb) (Delaware) recently announced $1.0 billion issuance of 5.00% senior unsecured notes due 2034. The notes are guaranteed by Chubb Limited. The outlook assigned to the Credit Rating (rating) is stable.
Chubb INA intends to use the net proceeds from this offering for general corporate purposes, including the repayment at maturity of the $700 million of its outstanding 3.35% senior unsecured notes, due May 15, 2024. Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Insurance Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At December 31, 2023, Chubb had total assets of $231 billion and shareholders’ equity (excluding noncontrolling interests) of $60 billion. With operations in 54 countries and territories, Chubb provides commercial and consumer property/casualty insurance, accident and health, reinsurance and life insurance to a diverse group of clients.
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.