AM Best Assigns Issue Credit Rating to Chubb INA Holdings LLC’s Senior Unsecured Notes
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of "a+" (Excellent) to Chubb INA Holdings 's recently announced USD 700 million issuance of 4.65% senior unsecured notes due 2029. The outlook is stable. AM Best also affirmed the Long-Term IR of "a+" on Chubb's USD 1.0 billion, 5% senior unsecured notes due 2034, with an additional USD 600 million offering. The notes are guaranteed by Chubb [NYSE: CB].
Chubb plans to use the proceeds for general corporate purposes, including potential debt repayment. As of June 30, 2024, Chubb had total assets of USD 238.6 billion and shareholders' equity of USD 61.0 billion. This rating action reflects AM Best's assessment of Chubb's financial strength and creditworthiness.
AM Best ha assegnato un Rating di Credito a Lungo Termine (Long-Term IR) di 'a+' (Eccellente) a Chubb INA Holdings per il suo recente emissione di obbligazioni senior non garantite da 700 milioni di USD al 4,65% con scadenza nel 2029. L'outlook è stabile. AM Best ha anche confermato il Long-Term IR di 'a+' sulle obbligazioni senior non garantite di Chubb da 1,0 miliardo di USD, al 5%, con scadenza nel 2034, insieme a un ulteriore offerta di 600 milioni di USD. Le obbligazioni sono garantite da Chubb [NYSE: CB].
Chubb prevede di usare i proventi per scopi aziendali generali, inclusi eventuali rimborsi di debito. Al 30 giugno 2024, Chubb aveva attivi totali di 238,6 miliardi di USD e patrimonio netto degli azionisti di 61,0 miliardi di USD. Questa azione di rating riflette la valutazione di AM Best sulla solidità finanziaria e sull'affidabilità creditizia di Chubb.
AM Best ha asignado un Rating de Crédito a Largo Plazo (Long-Term IR) de 'a+' (Excelente) a Chubb INA Holdings por su reciente emisión de notas no garantizadas senior de 700 millones de USD al 4.65% con vencimiento en 2029. La perspectiva es estable. AM Best también reafirmó el Long-Term IR de 'a+' sobre las notas senior no garantizadas de Chubb de 1.0 mil millones de USD, al 5%, con vencimiento en 2034, con una oferta adicional de 600 millones de USD. Las notas están garantizadas por Chubb [NYSE: CB].
Chubb planea utilizar los ingresos para fines corporativos generales, incluyendo el posible reembolso de la deuda. A fecha del 30 de junio de 2024, Chubb tenía activos totales de 238.6 mil millones de USD y equidad de los accionistas de 61.0 mil millones de USD. Esta acción de calificación refleja la evaluación de AM Best sobre la fortaleza financiera y la solvencia crediticia de Chubb.
AM Best는 'a+' (우수)의 장기 발행 신용 등급 (Long-Term IR)을 Chubb INA Holdings의 최근 발표된 2029년 만기 4.65%의 7억 달러 규모의 비보장 선순위 채권 발행에 부여했습니다. 전망은 안정적입니다. AM Best는 또한 Chubb의 20234년 만기 10억 달러 규모, 5% 비보장 선순위 채권에 대해 'a+'의 장기 IR을 확정했습니다. 추가로 6억 달러의 채권 발행이 있습니다. 이러한 채권은 Chubb [NYSE: CB]이 보증합니다.
Chubb는 수익금을 일반 기업 용도로 사용하며, 이는 부채 상환 가능성을 포함합니다. 2024년 6월 30일 기준으로, Chubb는 2386억 달러의 총 자산과 610억 달러의 주주 자본을 보유하고 있었습니다. 이 신용 등급 조치는 Chubb의 재무 건전성과 신용도를 AM Best가 평가한 결과를 반영합니다.
AM Best a attribué un Rating de Crédit à Long Terme (Long-Term IR) de 'a+' (Excellent) à Chubb INA Holdings pour son émission récente d'obligations senior non garanties de 700 millions USD à 4,65 % due en 2029. La perspective est stable. AM Best a également confirmé le Long-Term IR de 'a+' sur les obligations senior non garanties de Chubb d'un milliard USD, à 5 %, dues en 2034, avec une offre supplémentaire de 600 millions USD. Les obligations sont garanties par Chubb [NYSE: CB].
Chubb prévoit d'utiliser les produits pour des besoins d'entreprise généraux, y compris le remboursement potentiel de la dette. Au 30 juin 2024, Chubb avait des actifs totaux de 238,6 milliards USD et des capitaux propres des actionnaires de 61,0 milliards USD. Cette action de notation reflète l'évaluation d'AM Best de la solidité financière et de la solvabilité de Chubb.
AM Best hat eine Langfristige Emissionskreditnote (Long-Term IR) von 'a+' (Ausgezeichnet) an Chubb INA Holdings für die kürzlich angekündigte Emission von unbesicherten Senioranleihen im Wert von 700 Millionen USD mit 4,65% und Fälligkeit 2029 vergeben. Der Ausblick ist stabil. AM Best hat außerdem die Langfristige IR von 'a+' auf die unbesicherten Senioranleihen von Chubb im Wert von 1,0 Milliarden USD, mit 5% und Fälligkeit 2034 bestätigt, einschließlich eines Zusatzangebots von 600 Millionen USD. Die Anleihen sind garantiert durch Chubb [NYSE: CB].
Chubb plant, die Erlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich potentieller Schuldenrückzahlungen. Zum 30. Juni 2024 verfügte Chubb über Gesamtvermögen von 238,6 Milliarden USD und Eigenkapital der Aktionäre von 61,0 Milliarden USD. Diese Ratingmaßnahme spiegelt die Einschätzung von AM Best zur Finanzstärke und Kreditwürdigkeit von Chubb wider.
- Assigned "a+" (Excellent) rating to USD 700 million senior unsecured notes
- Affirmed "a+" rating on USD 1.0 billion senior unsecured notes
- Additional USD 600 million offering for the 2034 notes
- Strong financial position with USD 238.6 billion in total assets
- Substantial shareholders' equity of USD 61.0 billion
- None.
Insights
Chubb's recent debt issuance and rating affirmation by AM Best demonstrate the company's strong financial position and ability to access capital markets efficiently. The USD 700 million issuance of 4.65% senior unsecured notes due 2029 and the additional USD 600 million offering of 5% senior unsecured notes due 2034 highlight Chubb's proactive approach to managing its debt profile and liquidity.
The "a+" (Excellent) rating assigned to these notes reflects AM Best's confidence in Chubb's financial strength and ability to meet its obligations. This rating is particularly significant given the current economic environment and underscores Chubb's robust balance sheet and market position.
Chubb's intention to use the proceeds for general corporate purposes, including potential debt refinancing, indicates a strategic approach to capital management. The potential redemption of
With total assets of
Overall, this debt issuance and rating affirmation reinforce Chubb's financial flexibility and market standing, which are positive indicators for investors considering the company's long-term prospects in the competitive insurance sector.
The AM Best rating action on Chubb's recent debt issuance provides valuable insights into the company's financial strength and market position within the insurance industry. The "a+" (Excellent) rating with a stable outlook is a strong endorsement of Chubb's creditworthiness and operational stability.
This rating is particularly noteworthy given the challenging environment faced by insurers, including:
- Increased frequency and severity of natural disasters
- Evolving regulatory landscapes
- Persistent low interest rates impacting investment returns
Chubb's ability to maintain such a high rating suggests effective risk management practices and a resilient business model. The company's diverse product portfolio and global presence likely contribute to its strong financial performance and stability.
The decision to issue new debt while potentially refinancing existing obligations indicates a proactive approach to capital management. This strategy could help Chubb optimize its cost of capital and maintain financial flexibility in a dynamic market environment.
For the insurance industry as a whole, Chubb's successful debt issuance and strong rating may signal continued investor confidence in well-managed, large-scale insurers. This could potentially lead to favorable conditions for other insurers seeking to access capital markets, benefiting the sector's overall financial health and stability.
As the industry continues to face challenges such as climate change-related risks and technological disruption, Chubb's strong financial position suggests it is well-equipped to invest in innovation and adapt to changing market conditions, potentially setting a benchmark for its peers.
Chubb intends to use the net proceeds from this offering for general corporate purposes, which may include the redemption, repurchase or repayment of outstanding indebtedness, including the repayment of
Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Insurance Companies. At June 30, 2024, Chubb had total assets of
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Alan Murray
Director
+1 908 882 2195
alan.murray@ambest.com
Michael Lagomarsino, CFA, FRM
Senior Director
+1 908 882 1993
michael.lagomarsino@ambest.com
Christopher Sharkey
Associate Director, Public Relations
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Al Slavin
Senior Public Relations Specialist
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Source: AM Best
FAQ
What credit rating did AM Best assign to Chubb's (CB) new USD 700 million senior unsecured notes?
How much additional offering did Chubb (CB) make for its 5% senior unsecured notes due 2034?
What were Chubb's (CB) total assets and shareholders' equity as of June 30, 2024?
How does Chubb (CB) plan to use the proceeds from its new note offerings?
