A.M. Best affirms Chubb’s rating

A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) and issuer credit ratings (ICR) of “aa+” of the Chubb Group of Insurance Companies (Chubb Group) and its property/casualty members. The outlook for all ratings is stable, A.M. Best reports. “The ratings reflect Chubb Group’s superior risk-adjusted capitalization, excellent underwriting and overall operating performance and the sustainable competitive advantages within its specialty and upscale personal insurance business,” an A.M. Best release says.“These rating factors are partially offset by Chubb Group’s historical adverse loss reserve development associated with its asbestos and environmental liabilities.”But, “A.M. Best considers the group favourably positioned and sufficiently capitalized to absorb these challenges and those posed by the continued competitive market.”