A.M. Best Assigns Credit Ratings to Chubb Perú S.A. Compañía de Seguros y Reaseguros
The ratings reflect Chubb Perú’s balance sheet strength, which
Chubb Perú initiated operations in 1998 as Altas Cumbres; in 2007, it was acquired by
The company has a diversified book of business, distributed through a mix of traditional and massive channels, such as large regional retailers and banks. Currently, its business portfolio is composed of 59% property/casualty, 27% life, and 14% accident and health. As of
Balance sheet strength is considered very strong, as the company has a defined risk appetite that limits its exposures and protects its solid capital base through adequate investment, reinsurance and underwriting principles. Additionally, the company has in place a comprehensive reinsurance program with its affiliate,
The company’s upward trend in premium growth has not materialized in an upward trend in results, despite underwriting performance being very good, with a combined ratio maintained at below 60%. Claims, mostly related to one-time events, have been addressed adequately through catastrophe reserves and the use of reinsurance contracts to protect net income.
The company benefits from being integrated into the group, gaining operational leverage through the same systems, procedures and ERM practices. The group has demonstrated its support to Chubb Perú by providing a comprehensive reinsurance program with its affiliate and actively overlooking its strategy.
Positive rating actions could take place in the medium term if the company is able to reflect its organic upward premium growth with an upward trend in profitability while maintaining very strong risk-adjusted capitalization. A sharp deterioration in operating performance or a significant weakening of its risk-adjusted capitalization could lead to negative rating actions. The ratings also could be downgraded if
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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Elí Sánchez
Senior Financial Analyst
+52 55 1102 2720, ext. 108
eli.sanchez@ambest.com
or
Senior Director, Analytics
+52 55 1102 2720, ext. 107
alfonso.novelo@ambest.com
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Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
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Director, Public Relations
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james.peavy@ambest.com
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