Clean bill of health for Chubb Bermuda subsidiaries
AM Best has affirmed the affirmed its financial strength rating (FSR) of A++ (Superior) and the long-term issuer credit ratings (ICR) of “aa+” (Superior) of the subsidiaries of Chubb, which include Bermuda domiciled Chubb Bermuda Insurance and Chubb Re.
The ratings of both reflect their balance sheet strength, assessed by AM Best as strongest on its Best Capital Adequacy Ratio (BCAR) measure.
Chubb Tempest Re, which provides property catastrophe reinsurance for commercial and personal property, also demonstrated very strong operating performance, a favourable business profile and appropriate enterprise risk management (ERM), it added.
“Property catastrophe reinsurance is on an occurrence or aggregate basis and protects a ceding company against an accumulation of losses covered by its issued insurance policies, arising from a common event or occurrence. In addition to its external client business, 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 analysts write.
Chubb Bermuda, which writes commercial insurance on an excess basis, including excess liability, directors and officers, professional liability, property and political risk, was also found to have a very strong operating performance, appropriate ERM and a neutral business profile.
“The ratings also reflect the implicit support that they receive from Chubb Limited, the ultimate parent,” Best added.
