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Rating Action:

Moody's affirms Chubb and ACE insurance ratings in Colombia and Chile; continues reviews in Brazil

20 Jan 2016

Actions follow completion of ACE/Chubb combination on January 14.

New York, January 20, 2016 -- Moody's Investors Service has affirmed the insurance financial strengths (IFS) ratings of Chubb de Chile Compañía de Seguros Generales S.A. (Chubb de Chile: Baa1 global) and Chubb de Colombia Compañía de Seguros S.A. (Chubb de Colombia: A3 global, Aaa.co national scale). At the same time, Moody's is continuing the IFS rating reviews for downgrade of ACE Seguradora (Baa2 global, Aaa.br national scale) and of Chubb do Brasil Companhia de Seguros (Chubb do Brasil: Baa2 global, Aaa.br national scale). These rating actions follow the completion of the ACE and Chubb combination, as announced on 14 January 2016 by Switzerland-based Chubb Limited (NYSE: CB, formerly named ACE Limited). See complete list of the four companies and their ratings below.

Moody's also took actions on 15 January on various other entities of the combined group. The details are available on Moody's website at the following address:

https://www.moodys.com/research/Moodys-aligns-ratings-following-ACEChubb-combination-senior-at-A3-stable--PR_342383

Moody's will comment separately about the ratings on Chubb's subsidiaries in Argentina and Mexico.

RATINGS RATIONALE

According to Moody's, the IFS rating affirmations for Chubb de Chile and Chubb de Colombia reflect Moody's view that these operations' fundamental business and financial underpinnings, as well as parental support, will remain intact under the newly combined Chubb Limited. The continuing reviews for downgrade of Chubb do Brasil and ACE Seguradora reflect the ongoing review for downgrade of the Brazilian sovereign debt rating (Baa3).

Moody's expects that any potential future changes to the group's organizational structure (e.g. potential mergers among subsidiaries within a given country, in order to achieve enhanced operational efficiencies) will largely preserve existing parental support characteristics and will not meaningfully change the aggregate credit profiles of the subsidiaries. However, in case of any material modification of the combined group's strategy towards its Latin American subsidiaries in the future (e.g. exiting a specific country), Moody's will assess its impact on the specific subsidiaries' credit profiles. Currently, the ratings of all four of these Chubb subsidiaries in Latin America receive some uplift from their stand-alone credit profiles due to the ownership and support of Chubb.

Moody's emphasized that the credit profiles of Chubb's subsidiaries throughout the region are meaningfully influenced by the country-specific sovereign credit profiles and insurance operating environments, which remain key considerations and reasons for the different IFS ratings among the newly-combined Chubb Group entities.

Among factors that could result in an upgrade of Chubb's subsidiaries in Chile and Colombia, Moody's noted an upgrade of the countries' sovereign bond ratings and/or an improvement in the countries' insurance operating environments, as well as an upgrade of, or stronger explicit support from, Chubb (via ACE INA Holdings, Inc.) or its principal US/Bermuda subsidiaries, and/or improvement in the companies' business profile and financial metrics. The ratings of the two Brazilian subsidiaries could be confirmed in the event of a confirmation of Brazil's sovereign ratings.

Conversely, a downgrade of the countries' government bond ratings, deterioration in their operating environments, reduction of implicit/explicit parental support or a sale of the companies, or downgrade of Chubb (via ACE INA Holdings, Inc.) or its principal US/Bermuda operating subsidiaries, and/or deterioration in the companies' business diversification and financial metrics towards the entities could result in a downgrade for the companies' ratings.

The IFS ratings of the following insurers have been affirmed, with stable outlooks:

- Chubb de Chile: Baa1 global;

- Chubb de Colombia: A3 global, Aaa.co national scale.

The ratings of the following insurers remain on review for downgrade:

- ACE Seguradora: Baa2 global, Aaa.br national scale;

- Chubb do Brasil: Baa2 global, Aaa.br national scale.

The principal methodology used in these ratings was Global Property and Casualty Insurers published in December 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Diego Kashiwakura
Vice President - Senior Analyst
Financial Institutions Group
Moody's America Latina Ltda.
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16th Floor, Room 1601
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JOURNALISTS: 800-891-2518
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Robert Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms Chubb and ACE insurance ratings in Colombia and Chile; continues reviews in Brazil
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​

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