Chubb is first global property and casualty insurer to invest in Africa’s leading multilateral political risk and credit insurance agency.
Chubb, the world’s largest publicly traded property and casualty insurance company has made a $10 million equity investment in the Kenyan based African Trade Insurance Agency (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 has 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. 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 on average currently supports trade and investments in its member states equivalent to between 1 and 2% of GDP annually.
“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 Lentaigne, 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 position 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.”
Source: The Exchange