Johannesburg (30 August, 2016) Chubb today announced that Global Credit Rating (GCR) has upgraded the company’s South African credit rating from AA- to AA (ZA) with a “stable” outlook.
The rating refers to Chubb South Africa’s claims paying ability. According to GCR, the rating upgrade “reflects the insurer’s strengthened business profile,” as well as “solid progress [that] has been made in diversifying the earnings stream into strategic niche products, in which the insurer is viewed to benefit materially from technical infrastructure and input available from” parent company Chubb Limited and its core operating companies.
Further, GCR noted that it “positively views [Chubb South Africa’s] strength in active portfolio management, having demonstrated the capacity to enhance earnings in core lines, while actively remedying and shedding non-performing portfolios.” GCR also concluded that the company’s “strong risk adjusted capitalisation remained very strong.”
Gary Jack, Country President for Chubb’s South Africa subsidiary said:
“I am delighted with Global Credit Rating’s decision to upgrade Chubb South Africa to AA, which further strengthens our offering in the South African market. The rating recognises the execution of our core strategies of diversification and underwriting discipline. We are also gratified that GCR noted that the underwriting discipline and expertise that Chubb is known for globally has been applied well within the South African market.”