Moody’s Turns Positive on Chubb in Colombia

Moody’s has changed the outlook on Chubb de Colombia’s Baa3 ratings to positive from stable. The move comes after Moody’s revised the outlook of Colombia’s long-term foreign currency ceiling to positive, from stable. Moody’s says the company maintains a moderate position in the general insurance sector, with just over 2% share, albeit a leading position in certain specialty insurance lines. Chubb de Colombia also benefits from the integration with its ultimate parent company, The Chubb Corporation, whose senior unsecured debt is rated A2, and the reinsurance protection from its direct parent company, Federal Insurance, which has an Aa2 insurance financial strength rating.