Counterparty Security Information
On 14 January 2016, Sovereign's parent company, ACE Limited, completed the acquisition of the Chubb Corporation creating a global insurance leader operating in 54 countries under the renowned Chubb name.
The new combined organization is the world's largest publicly traded property & casualty company and the leading professional lines insurer globally. The new Chubb also has the balance sheet strength and financial security of an AA rating from S&P and an A++ rating from A.M. Best.
The Sovereign Risk Insurance Ltd.’s name, personnel and all underwriting operations, limits and tenors remain the same.
Sovereign is authorized to underwrite risk, issue policies, accept premiums, and manage and settle claims on behalf of Chubb Bermuda Insurance Ltd. (“Chubb Bermuda”). All liabilities underwritten by Sovereign are subscribed 100% by Chubb Bermuda and all claims are paid by Chubb Bermuda. (please see the Chubb Authorization Letter)
With $187 billion in assets, $40 billion of gross written premiums and net loss reserves of $52 billion (2019 figures), Chubb offers its clients unparalleled financial strength and counterparty security . Chubb’s is rated AA by Standard & Poor’s.