Highly strategic subsidiary of Chubb Group, resulting in likely group support. The rating on Chubb Insurance Singapore Ltd. (Chubb Singapore) reflects the important role the property and casualty (P/C) insurer plays in supporting the wider Chubb Ltd. group's strategy in Asia. We view Chubb Singapore as a highly strategic subsidiary of Chubb Group (core operating subsidiaries rated AA/Stable/--) and typically rate highly strategic subsidiaries one notch lower than the core operating subsidiaries of the group. Chubb Singapore will continue to benefit from the long-term support from the group and regional office. Such support extends to areas including underwriting, reinsurance, product development, investment, and technology. The insurer is likely to maintain satisfactory underwriting margins backed by the group's prudent risk control
