Chubb Bermuda reflects balance sheet strength
Ratings agency AM Best has affirmed the financial strength rating of A++ (Superior) and the long-term issuer credit ratings of “aa+” (Superior) of the subsidiaries of Swiss-domiciled Chubb Limited, including the members of Bermudian-based Chubb Bermuda Insurance Ltd and Chubb Tempest Reinsurance Ltd.
The outlook of these ratings is stable.
The ratings of Chubb Tempest Re and its member reflect their balance sheet strength, which AM Best assesses as strongest, as well as their very strong operating performance, favourable business profile and appropriate enterprise risk management.
Chubb Tempest Re principally provides property catastrophe reinsurance to insurers of commercial and personal property.
In addition to its external client business, AM Best said, Chubb Tempest Re acts as the internal global reinsurance hub for Chubb’s global operations, providing it with capital and risk-management efficiencies deriving 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.
AM Best said the ratings also reflect the implicit support that they receive 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.
The agency said Chubb Bermuda focuses on Fortune 1000 companies and targets risks that are generally low in frequency and high in severity.