Chubb takes stake in ATI to boost African trade
Chubb is the first global property and casualty insurance company to become a shareholder in ATI with a $10 million equity investment.
Chubb is the world's largest publicly traded property and casualty insurance company, with operations in 54 countries and territories. The company, which is AA rated by Standard & Poor's, is a leading underwriter of political risk insurance and reinsurance through two of its businesses, Sovereign Risk, a specialty underwriter based in Bermuda, and Chubb Global Markets, its London market division.
ATI supports trade and investment in African member states by providing comprehensive risk solutions, such as political risk and credit insurance products. Established by treaty in 2001, ATI's shareholders currently include 16 African nations and 10 institutional members.
"Insurers play a crucial role in helping to drive growth and infrastructure improvements in the developing world," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "With Chubb's longstanding expertise in political risk and credit underwriting, we see our investment in ATI further advancing their important mission to promote investment, trade and economic growth throughout Africa."
"This investment also underscores Chubb's commitment to the political risk and credit insurance markets, where Sovereign Risk and Chubb Global Markets are established leaders," added Price Lowenstein, President of Sovereign Risk Insurance Ltd.
John Lentaigne, ATI's Acting Chief Executive Officer, added, "We are delighted to welcome Chubb as one of our shareholders. Chubb's global reach, financial strength, and expertise in this field positions them as a strategic shareholder for ATI as we look to build institutional resilience and broaden our global networks. We look forward to Chubb's future involvement in further promoting ATI's development mandate across the African continent."