Highly strategic subsidiary of the Chubb group. The rating on Chubb Insurance Singapore Ltd. (Chubb Singapore) is based on our view of the insurer's highly strategic role to Chubb group (Chubb Ltd.; core operating subsidiaries rated AA/Stable/--). We rate highly strategic subsidiaries one notch lower than core operating subsidiaries. Following the completion of ACE Ltd.'s acquisition of Chubb Corp. in January 2016, Federal Insurance Co. (Singapore Branch) and ACE Insurance Ltd. (Singapore) merged to begin operating as Chubb Insurance Singapore Ltd. on May 1, 2016. In our opinion, Chubb Singapore remains integral to Chubb group's business strategy of developing its global presence. The company benefits from sharing the group's brand and strategy and cedes a portion of its premiums to
