Chubb is first global property and casualty insurer to invest in Africa’s leading multilateral political risk and credit insurance agency
NEW YORK and NAIROBI, Kenya, Dec. 10, 2019 /PRNewswire/ — Chubb and the African Trade Insurance Agency (ATI) today announced that Chubb has made a $10 million equity investment in ATI. Chubb is the first global property and casualty insurance company to become a shareholder in Africa’s leading multilateral political risk and credit insurer.
Chubb is the world’s largest publicly traded property and casualty insurance company, with operations in 54 countries and territories. The company, which is AA rated by Standard & Poor’s, is a leading underwriter of political risk insurance and reinsurance through two of its businesses, Sovereign Risk, a specialty underwriter based in Bermuda, and Chubb Global Markets, its London market division.
ATI supports trade and investment in African member states by providing comprehensive risk solutions, such as political risk and credit insurance products. Established by treaty in 2001, ATI’s shareholders currently include 16 African nations and 10 institutional members.
“Insurers play a crucial role in helping to drive growth and infrastructure improvements in the developing world,” said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. “With Chubb’s longstanding expertise in political risk and credit underwriting, we see our investment in ATI further advancing their important mission to promote investment, trade and economic growth throughout Africa.”
“This investment also underscores Chubb’s commitment to the political risk and credit insurance markets, where Sovereign Risk and Chubb Global Markets are established leaders,” added Price Lowenstein, President of Sovereign Risk Insurance Ltd.
John Lengtaine, ATI’s Acting Chief Executive Officer, added, “We are delighted to welcome Chubb as one of our shareholders. Chubb’s global reach, financial strength, and expertise in this field positions them as a strategic shareholder for ATI as we look to build institutional resilience and broaden our global networks. We look forward to Chubb’s future involvement in further promoting ATI’s development mandate across the African continent.”
About the African Trade Insurance Agency (ATI)
Headquartered in Nairobi, ATI is Africa’s leading multilateral political risk and credit insurer (rated A/Stable S&P and A3/Stable Moody’s). ATI currently counts 16 African nations and 10 institutional members as shareholders. Established by treaty in 2001, ATI supports trade and investment in African member state nations by providing comprehensive risk solutions such as political risk and credit insurance products. On average, ATI currently supports trade and investments in its member states equivalent to between 1 and 2% of GDP annually. Additional information can be found at: www.ati-aca.org.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.