AM Best Assigns Issue Credit Rating to Chubb INA Holdings, Inc.'s Senior Unsecured Notes Offering.

ENPNewswire-November 17, 2021--AM Best Assigns Issue Credit Rating to Chubb INA Holdings, Inc.'s Senior Unsecured Notes Offering

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Release date- 16112021 - AM Best has assigned a Long-Term Issue Credit Rating of 'a+' (Excellent) to Chubb INA Holdings Inc.'s (Chubb) (Delaware) recently announced $1.6 billion senior unsecured notes offering in two tranches: $600 million, 2.85% 30-year senior unsecured notes, due 2051, and $1 billion, 3.05% 40-year senior unsecured notes, due 2061.

The notes will be guaranteed by Chubb Limited [NYSE: CB]. The outlook assigned to the Credit Rating (rating) is stable.

Chubb announced a definitive agreement on Oct. 7, 2021, to acquire the Cigna Corporation's (Cigna) life and non-life insurance companies that operate personal accident, supplemental health and life insurance business in seven Asia-Pacific markets for $5.75 billion dollars in cash. The operations to be acquired include Cigna's accident & health and life businesses in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, along with its interest in a joint venture in Turkey. The transaction is expected to be completed in 2022 and is subject to required regulatory approvals and customary closing conditions.

Net proceeds from this offering will be used to fund a portion of the acquisition purchase price and related expenses; the remainder of the net proceeds from this offering is for general corporate purposes, which includes repayment of future maturities of outstanding indebtedness.

Immediately following the senior unsecured notes...

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