Switzerland-based property and casualty insurance company Chubb becomes the first global insurer to invest in the Africa-based Trade Insurance Agency (ATI), according to media reports.
Reportedly, Chubb has made a $10 million equity investment in the African Trade Insurance Agency.
The investment from Chubb will give the agency a new capital injection, and simultaneously, gives Chubb the chance to work in the insurance sector in Africa.
Established in 2001, the African Trade Insurance Agency provides political risk and credit insurance products to its African member states. Currently, the list of shareholders ATI includes 16 African nations and 10 institutional members.
Based in Nairobi, ATI is one of the leading multilateral political risk and credit insurers in the continent. On average, ATI supports trade and investments in its member states equivalent to between 1 and 2 percent of GDP annually.
Evan G. Greenberg, chairman, and chief executive officer at Chubb told the media, “Insurers play a crucial role in helping to drive growth and infrastructure improvements in the developing world. 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.”
John Lentaigne, ATI’s Acting chief executive said that Chubb’s global reach, financial strength, and expertise in this field positions them as a strategic shareholder for ATI as the latter look to build institutional resilience and broaden its global networks.
Chubb, which is the world’s largest publicly traded property and casualty insurance company, operates in 54 countries and territories.
Last week, the insurer announced several leadership appointments for its $5.8 billion retail commercial property-casualty insurance division in Latin America.