Summary: Chubb Insurance Singapore Ltd.

The issuer credit 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 become 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 a reinsurance subsidiary under the group. Therefore,

...The issuer credit 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 ##/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 become 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 a reinsurance subsidiary under the group. Therefore, we believe the group is unlikely to divest its stake in Chubb Singapore. The combined company's contribution to the group's capital and earnings is not significant--less than 5%--and limits the insurer's...

Summary