Moody's assigns A3 rating to Chubb Arabia

Moody's Investors Service has assigned an A3 insurance financial strength rating (IFSR) and a stable outlook to Chubb Arabia Cooperative Insurance Company (Chubb Arabia), it said in a statement on Tuesday.

The A3 IFSR of Chubb Arabia reflects the "good stand-alone financial fundamentals" of its operations as well as one-notch support stemming from its affiliation to Chubb Limited, the ratings agency said.

"The stable rating outlook reflects our expectation that, with the support  of Chubb, Chubb Arabia will maintain its strong profitability and capital  adequacy," it added.

Chubb Arabia reported a 2.6 percent growth in its premiums to SAR 220.5 million for 2017 from SAR 214.8 million in 2016. The insurer reported a 0.8 percent growth in net income to SAR 41.8 million last year from SAR41.5 million in 2016. 

Chubb Arabia is the Saudi P&C affiliate of Chubb INA International Holdings Ltd. which in itself is part of Chubb Limited.