AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Chubb Perú S.A. Compañía de Seguros y Reaseguros (Chubb Perú) (Lima, Peru). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Chubb Perú’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The stable outlooks reflect AM Best’s expectation that Chubb Perú can continue to adjust its product offerings in a profitable manner, supported by its parent company, Chubb Limited.

Chubb Perú initiated operations in 1998 as Altas Cumbres; in 2007, it was acquired by ACE Group and named ACE Seguros S.A., until 2016, when ACE Limited acquired The Chubb Corporation and rebranded the company.

Chubb Perú has a diversified book of business, distributed through a mix of traditional and massive channels, such as large regional retailers and banks. As of December 2024, 66% of the company’s gross written premium was composed of property/casualty products, with accident and health comprising 28% of the portfolio and life insurance the remaining 6%. As of July 2025, Chubb Perú is the 12th-largest insurance operation in Peru.

AM Best assesses Chubb Perú’s balance sheet strength as strongest, as its risk-adjusted capitalization stands at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), has a defined risk appetite that limits exposures and protects its solid capital base through adequate investment, reinsurance and underwriting principles. Additionally, the company has a comprehensive reinsurance program with its affiliate, Chubb Tempest Reinsurance Ltd., and continuously has increased its total capital base reaching USD 42 million in 2024. Chubb Perú’s risk-adjusted capitalization has remained stable due to the growth of its total capital base from retained earnings, which has benefited from previous adjustments in its business offerings, despite dividend payments.

Chubb Perú’s year-end 2024 results reflect a slight increase in claims in contrast to 2023, rendering a combined ratio of 69.8%. The company maintains good profitability metrics, continuing with its strategy to focus on generating value to its business portfolio and limiting exposures to challenging and more competed segments, reflected in its historic net income of USD 9.9 million in 2024.

Chubb Perú benefits from its integration into the Chubb group, gaining operational advantage through the same systems, procedures and ERM practices. The group has demonstrated its support to Chubb Perú by providing a comprehensive reinsurance program with its affiliate and actively overseeing this strategy.

Negative rating actions could occur if AM Best determines that the strategic importance of Chubb Perú to its group has diminished. Negative rating actions also could occur if significant capital outflows or a deterioration in net results erodes Chubb Perú's balance sheet strength to a point where it is no longer supportive of the current ratings. Positive rating actions could occur if the company maintains its good operating performance results, while maintaining its strategic importance for its group.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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