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Rating Action:

Moody's upgrades ACE Argentina and affirms Chubb Argentina's IFS ratings

 The document has been translated in other languages

20 Jan 2016

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

Buenos Aires City, January 20, 2016 -- Moody's Latin America Agente de Calificación de Riesgo S.A. ("Moody's") has upgraded the insurance financial strength (IFS) ratings of ACE Seguros S.A. (ACE Seguros; global to B1 from B2, national scale to Aaa.ar from Aa2.ar) and has affirmed the IFS ratings of Chubb Argentina de Seguros (Chubb Argentina, at B1/Aaa.ar). The outlooks for both companies' ratings is stable. 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), and concludes the review for upgrade initiated on 30 November 2015 for ACE Seguros' ratings.

Moody's Investors Service also took action 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 Investors Service and/or its subsidiaries will comment separately on the ratings on Chubb's subsidiaries in Mexico, Brazil, Colombia, and Chile.

RATINGS RATIONALE

According to Moody's, the affirmation of Chubb Argentina's IFS ratings primarily reflects Moody's view that its fundamental business and financial profile, as well as parental support, will remain intact for both subsidiaries under the newly combined Chubb organization.

Regarding ACE Seguros, Moody's said that the upgrades of the company's IFS ratings primarily reflect Moody's view that the combined business and financial profile of the two Argentina subsidiaries has resulted in a stronger credit profile for the newly combined Chubb in Argentina, as well as increased benefit of parental support for ACE Seguros, in line with Chubb Argentina's current ratings.

Furthermore, Moody's expects that any potential future changes to the group's organizational structure (e.g. potential mergers of the Argentina subsidiaries, in order to achieve enhanced operational efficiencies) would largely preserve existing parental support characteristics and not meaningfully change the 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 these two subsidiaries in Argentina receive uplift from their stand-alone credit profiles due to the ownership and support of Chubb.

Moody's emphasized that the credit profiles of Chubb Limited's subsidiaries throughout the region, including the two in Argentina, are meaningfully influenced by the country's sovereign credit profile and insurance operating environment, which remain a key rating consideration following the combination of the groups.

Among factors that could result in an upgrade of Chubb Argentina's and ACE Seguros' ratings, Moody's noted an upgrade of Argentina's sovereign bond rating or a substantial improvement of Argentina's operating environment, and/or an upgrade of Chubb (via ACE INA Holdings, Inc.) or its principal US/Bermuda insurance subsidiaries. Conversely, a downgrade of Argentina's government bond rating, a deterioration in its operating environment, a downgrade or Chubb (via ACE INA Holdings, Inc.) or its principal US/Bermuda insurance subsidiaries, a reduction of implicit/explicit parental support or a sale of the companies, and/or deterioration in the companies' business diversification and financial metrics towards Chubb Argentina and ACE Seguros could result in a downgrade for the companies' ratings.

Headquartered in Buenos Aires, Argentina, Chubb Argentina reported gross premiums written of ARS188 million and net income of ARS26 million for the first three months of the 2015/16 Argentine fiscal year, incepting July 1. As of September 30, 2015 Chubb Argentina's total assets amounted to ARS918 million and its shareholders' equity was ARS369 million.

Headquartered in Buenos Aires, Argentina, ACE Seguros reported gross premiums written of ARS 344 million and net income of only ARS 4 million for the first three months of 2015/16 Argentine fiscal year, incepting July 1. As of September 30, 2015, ACE Seguros' total assets amounted to ARS 570 million and its shareholders' equity was ARS 115 million.

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.ar.

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.

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

For issuers domiciled in Argentina, the regulatory report related to this rating action is available on www.moodys.com.ar.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com.ar 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.ar for additional regulatory disclosures for each credit rating.

Diego Nemirovsky
VP - Senior Credit Officer
Financial Institutions Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

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

Releasing Office:
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

Moody's upgrades ACE Argentina and affirms Chubb Argentina's IFS ratings
No Related Data.
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