Insurance ratings actions: S&P affirms Chubb, subsidiaries

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

U.S. and Canada

A.M. Best assigned the A- financial strength rating and the "a-" long-term issuer credit rating to Kuvare UK Holdings Ltd. subsidiary Kuvare Life Re Ltd. The outlook assigned to the credit ratings is stable.

Kuvare Life's ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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Demotech assigned the A, Exceptional, financial stability rating to Victoria Corporate Ltd.

The rating is assigned to insurers that have exceptional financial stability related to maintaining positive surplus with regard to policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing.

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Demotech assigned the S, Substantial, financial stability rating to American Century Life Insurance Co. of Texas.

The rating is assigned to insurers that have substantial financial stability related to maintaining positive surplus with regard to policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing.

Europe

S&P Global Ratings affirmed the A issuer credit rating of Chubb Ltd. and the AA insurer financial strength and issuer credit ratings of its core subsidiaries.

The entities are ACE American Insurance Co., Westchester Surplus Lines Insurance Co., Westchester Fire Insurance Co. (PA), Vigilant Insurance Co., Pacific Indemnity Co., Pacific Employers Insurance Co., Insurance Co. of North America, Indemnity Insurance Co. of North America (PA), Illinois Union Insurance Co., Great Northern Insurance Co., Federal Insurance Co., Executive Risk Specialty Insurance Co., Executive Risk Indemnity Inc., Corporate Officers & Directors Assurance Ltd., Chubb Tempest Reinsurance Ltd., Chubb Tempest Life Reinsurance Ltd., Chubb Reinsurance (Switzerland) Ltd., Chubb National Insurance Co., Chubb Lloyds Insurance Co. of Texas, Chubb Insurance Co. of New Jersey, Chubb Insurance Co. of Canada, Chubb Indemnity Insurance Co., Chubb European Group SE, Chubb Custom Insurance Co., Chubb Bermuda Insurance Ltd., Bankers Standard Insurance Co., Atlantic Employers Insurance Co., ACE Property & Casualty Insurance Co., ACE Insurance Co. of the Midwest and ACE Fire Underwriters Insurance Co.

The rating agency also affirmed the AA- issuer credit and insurer financial strength ratings of ACE INA Overseas Insurance Co. Ltd. and Chubb Insurance Co. Ltd. (China). The AA- insurer financial strength rating of Chubb INA Overseas Insurance Co. Ltd. and the AA insurer financial strength rating of Chubb Insurance (Switzerland) Ltd. were also affirmed.

The ratings action takes into account changes in Chubb's capital management strategy, which are expected to result in capital adequacy calibrated at the AA level.

The ratings reflect the group's very strong competitive position, as well as S&P Global Ratings' expectation of very strong capitalization.

The outlook is stable, based on the rating agency's expectation that the group will maintain its underwriting profitability and capitalization over the next two years, and it will not experience outsize losses that could raise questions regarding risk management practices.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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