AM Best has removed from “under review with negative implications” the financial strength ratings of most Chubb subsidiaries, affirming them at a++ (superior).

It follows the completion of Ace’s merger with Chubb, under the Chubb brand.

The ratings agency has also removed from “under review with negative implications” the issuer credit ratings (ICR) of former property and casualty subsidiaries of the Chubb Corporation, downgrading them to aa+ from aaa.

It has affirmed the aa+ ICR of most remaining Chubb subsidiaries, including Ace European Group Ltd.

The a+ ICRs of Chubb Ltd and Chubb INA Holdings have also been removed from “under review with negative implications”, and affirmed.

The ratings were placed under review in July last year following the announcement of the merger.

“The new Chubb organisation’s ratings recognise the group’s comprehensive and proactive enterprise risk management, disciplined underwriting, global franchise recognition, strong risk-adjusted capitalisation, profitable underwriting history, ingrained underwriting culture and capability, and experienced management team,” AM Best says.

“The combined organisation is expected to maintain the successful operating strategies of the legacy companies.”