Highly strategic subsidiary of Chubb Group, resulting in likely group support. Our ratings on Chubb Insurance Singapore Ltd. (Chubb Singapore) reflect the highly strategic role that the insurer plays in supporting the regional growth of Chubb group (core operating subsidiaries rated AA/Stable/--). We typically rate highly strategic subsidiaries one notch lower than the core entities of the group. In our view, Chubb Group is highly unlikely to divest the Singapore subsidiary. Chubb Singapore performs an important role in supporting multinational clients in Southeast Asia, while maintaining a modest market position and profitability in Singapore. Chubb Group's continued investments reinforce its commitment to expand its presence in Asia. This includes an ongoing DBS bancassurance partnership, acquisition of renewal rights on DUAL
