Fitch rates Chubb notes A

Fitch Ratings said it assigned an A rating to Chubb INA Holdings Inc.'s offering of senior unsecured notes. The notes are guaranteed by Chubb Ltd.

“The issuance ranks pari passu with Chubb's currently outstanding unsecured notes and are thus rated equivalently. Existing ratings assigned to Chubb are unaffected by today's rating action,” Fitch said in a press release.

Chubb will use $1.1 billion of the proceeds to fund the acquisition of Cigna Corp.'s personal accident, supplemental health and life insurance business in seven Asia-Pacific markets. The balance will be used for general corporate purposes which includes repayment of future maturities of outstanding indebtedness.

“Financial leverage is anticipated to modestly increase from this transaction but remain consistent with current rating sensitives,” the agency said.

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