CHUBB LIMITED
Fitch Ratings has assigned an 'A' rating to
The note is fully and unconditionally guaranteed by
Key Rating Drivers
The company plans on using the proceeds for general corporate purposes including the repayment of maturing debt in 2024. Financial leverage on a net basis will remain the same at approximately 18%.
Chubb's ratings reflect the company's very strong business profile, financial performance and capitalization. The ratings also reflect anticipated challenges in a competitive property/casualty market and investment markets.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Continued very strong operating performance with a combined ratio consistently approximately 90%;
Operating fixed-charge coverage approximating 15x;
Improvement in the assessment of overall capital to exceptionally strong.
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A material deterioration in operating performance such that the combined ratio is consistently less profitable at over 95%;
Increase in financial leverage ratio to a sustained level of over 27%.
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
RATING ACTIONS
Entity / Debt
Rating
senior unsecured
LT
A
New Rating
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Additional information is available on www.fitchratings.com
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