AM Best Affirms Credit Ratings of Chubb Limited and Its Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of the subsidiaries of Chubb Limited (Zurich, Switzerland) [NYSE: CB], which includes the members of the Chubb US Group of Insurance Companies (Chubb US Group), as well as Chubb Bermuda Insurance Ltd. (Chubb Bermuda) (Bermuda) and Chubb Tempest Reinsurance Ltd. (Chubb Tempest Re) (Bermuda) and their members.

In addition, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Combined Insurance Company of America (Chicago, IL) and Combined Life Insurance Company of New York (Latham, NY) (together known as the Combined companies). AM Best also has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of ACE Life Insurance Company (ACE Life) (Stamford, CT).

Lastly, AM Best has affirmed the Long-Term ICRs of “a+” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of Chubb Limited (CB) and Chubb INA Holdings Inc. The outlook of these Credit Ratings (ratings) is stable. (Please see the link below for a detailed listing of the companies and ratings.)

The ratings of the Chubb US Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Chubb US Group’s very strong operating performance is reflected by return measures that have outperformed those of the commercial casualty composite materially over the past five years. The Chubb US Group has consistently generated strong underwriting performance, operating income and net income, despite the impact of unusually high catastrophe losses in 2021 and 2022, as well as the impact of pandemic-related losses in 2020. A robust pricing environment in the majority of its commercial business lines globally has been particularly supportive of especially strong underwriting performance through 2022, not just for Chubb US Group, but for nearly all of the group’s major operating units. However, sharply elevated inflationary trends affecting both property and casualty lines may constrain prospective underwriting performance.