Chubb Perú ratings affirmed with stable outlook by AM Best

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Chubb Perú ratings affirmed

Highlights

AM Best affirms Chubb Perú ratings with stable outlook, citing strongest-level balance sheet strength, adequate performance, and neutral business profile as of August 2026.
Chubb Perú reported historic net income of USD 10.4 million for year-end 2025 and holds total capital of USD 46 million, supporting market position and profitability.
As of August 2026, property and casualty represent 47%, accident and health 40%, and life insurance 13% of gross written premiums, with ongoing benefits from Chubb Limited's support.

Ratings rationale and operating profile

As reported by AM Best, the affirmed ratings reflect Chubb Perú's balance sheet strength at the strongest level, along with adequate operating performance, a neutral business profile and appropriate enterprise risk management.

The agency says the stable outlook reflects its expectation that the insurer will keep adjusting its product mix profitably while benefiting from brand recognition and support from Chubb Limited. Chubb Perú began operations in 1998 as Altas Cumbres, was acquired by ACE Group in 2007 and renamed ACE Seguros S.A., then adopted the Chubb brand after ACE Limited acquired The Chubb Corporation in 2016.

The company writes a diversified book of business through traditional and mass-market channels, including large regional retailers and banks. As of December 2025, property and casualty products account for 47% of gross written premiums, accident and health represent 40%, and life insurance makes up the remaining 13%. As of August 2026, Chubb Perú ranks as Peru's ninth-largest insurance operation.

Capital strength and implications for Peru's insurance sector

AM Best says Chubb Perú's risk-adjusted capitalisation remains at the strongest level under Best's Capital Adequacy Ratio, supported by a defined risk appetite, underwriting discipline, investment controls and reinsurance protection. The insurer also maintains a comprehensive reinsurance programme with affiliate Chubb Tempest Reinsurance Ltd., while total capital reaches USD 46 million in 2025.

The agency says year-end 2025 results show good profitability metrics, including historic net income of USD 10.4 million, as the company focuses on value generation and limits exposure to more challenging and competitive segments. Profitable performance also continues as of August 2026, reinforcing the group's position in Peru's insurance market.

AM Best indicates that positive rating action could follow if Chubb Perú sustains good operating performance and preserves its strategic importance within the Chubb organisation. Negative action could occur if significant capital outflows or weaker net results erode balance sheet strength, or if the company's strategic importance to the wider Chubb group diminishes.

Our earlier article on AM Best’s affirmation of Sigurd Rück AG’s ratings covered how the captive reinsurer retained an A- Financial Strength Rating and a- Long-Term Issuer Credit Rating with a stable outlook. We noted that the decision was underpinned by very strong risk-adjusted capitalisation and strong operating performance, while also flagging concentration and credit risk tied to Sigurd’s cash-pooling arrangement with parent Saipem.

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