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Announcement:

Moody's affirms Chubb do Brasil's rating; changes outlook to positive

29 Oct 2012

Sao Paulo, October 29, 2012 -- Moody's Investors Service has affirmed the Baa1 global local currency (GLC) insurance financial strength (IFS) rating of Chubb do Brasil Companhia de Seguros (Chubb do Brasil) and changed the outlook on the rating to positive from stable. At the same time, Moody's has affirmed the Aaa.br national scale IFS rating with a stable outlook.

RATINGS RATIONALE:

According to Moody's, the rating affirmation is based on the company´s broad product offering and solid capitalization levels -- with lower operating leverage than most local peers. The rating agency added that the continued support and oversight of the insurer's ultimate parent company, The Chubb Corporation (rated A2 for senior unsecured debt), further strengthens the company's overall credit profile. Counterbalancing these strengths are Chubb do Brasil's relatively modest penetration in the local general insurance market, and Brazil's relatively weak operating environment.

In revising the outlook for Chubb do Brasil's rating to positive from stable, Moody's explained that the action is based primarily on recent improvement in the firm's underwriting results and the expectation for stronger profitability going forward. Moody's expects that profitability will remain at adequate levels (4-8% returns on capital in real terms), supported by the company's disciplined underwriting policies, despite the declining trend in interest rates that will pressure net investment income. The positive outlook also reflects the rating agency's view that the company's asset quality and financial flexibility will improve to an extent to justify a higher rating for Chubb do Brasil in the event that Brazil's sovereign credit rating (Baa2, positive outlook) is ultimately upgraded. Moody's noted that Chubb do Brasil's investment portfolio has been highly concentrated in Brazilian government bonds.

Chubb do Brasil's ability to generate internal capital, along with support from parent company, The Chubb Corporation -- both in terms of past capital injection and capacity from the group's reinsurer, Federal Insurance Company (IFS rating of Aa2) -- have enabled the company to sustain solid capitalization levels and increase penetration in the strategic segments of the local market. These positive credit considerations are offset by the concentration of Chubb do Brasil's investment portfolio in Brazilian government bonds, its modest penetration in the local general insurance market in Brazil, with about 1.5% market share, as well as Brazil's operating environment, which exerts a mildly negative influence on Chubb do Brasil's credit rating.

Among factors that could lead to an upgrade of Chubb do Brasil's ratings, Moody's noted the following: 1) improvement in Brazil's government bond rating or in the country's operating environment, 2) additional improvement in the company's profitability, with return on capital above 12% and combined ratio consistently below 100%; and 3) stronger explicit support from The Chubb Corporation or one of its affiliates. Conversely, the company's ratings could be downgraded should one of the following take place: 1) profitability deteriorates, consistently reporting returns on capital below 10%; 2) gross underwriting leverage deteriorates to above 5x shareholders' equity; 3) support from the parent company and affiliates decline, or the company is sold; 4) parent company's rating is downgraded; and/or 5) downgrade of Brazil's government bond rating or deterioration in the country's operating enviornment.

Chubb do Brasil, based in São Paulo, Brazil, is the largest operation of The Chubb Corporation in Latin America. On June 30, 2012, the company reported total assets of BRL1,086.7 million and shareholders' equity of BRL382.1 million. As of the first half of the year, Chubb do Brasil's gross premium amounted to BRL408.8 million and net income totaled BRL20.5 million.

The principal methodology used in this rating was "Moody's Global Rating Methodology for Property and Casualty Insurers", published in May 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations.

NOTE: Moody's National Scale 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 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 ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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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.

Diego Kashiwakura
Asst Vice President - Analyst
Financial Institutions Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Robert Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Moody's affirms Chubb do Brasil's rating; changes outlook to positive
No Related Data.
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