Chubb takes strategic position in African political risk and credit
Chubb has made a $10 million equity investment in the African Trade Insurance Agency (ATI), becoming the first global P&C insurance company with a stake in the African multilateral political risk and credit insurer.
ATI provides political risk and credit insurance products to promote trade and investment in African member states. It was established by treaty in 2001 and counts 16 African nations and 10 institutional members among its stakeholders.
Chubb is already a leading underwriter of political risk re/insurance through its subsidiaries Sovereign Risk, a Bermuda-based specialty underwriter, and Chubb Global Markets in London. Price Lowenstein, president of Sovereign Risk Insurance, said the investment underscores Chubb's commitment to this market.
Evan Greenberg, chairman and CEO of Chubb, noted the role re/insurers play in driving growth and infrastructure investment in developing markets. "With Chubb's long-standing expertise in political risk and credit underwriting, we see our investment in ATI further advancing their important mission to promote investment, trade and economic growth throughout Africa,” he said.
John Lentaigne, ATI's acting CEO, said Chubb's global reach, financial strength and expertise in this field made it a strategic shareholder for ATI as it looks to build institutional resilience and broaden its global networks.