Insurer and reinsurer Chubb has made a $10 million equity investment in the African Trade Insurance Agency (ATI), making it the first global property and casualty (P&C) insurer to become a shareholder in the company.
ATI is a multilateral political risk and credit insurer headquartered in Nairobi, Kenya. Established in 2001, the firm supports trade and investment in African member states by offering comprehensive risk solutions.
The $10 million equity investment from Chubb highlights its commitment to the political risk and credit insurance markets. Chubb is currently active in these markets through its Bermuda-based specialty underwriter, Sovereign Risk, and its London market unit, Chubb Global Markets.
Evan Greenberg, Chairman and Chief Executive Officer (CEO) of Chubb, commented: “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.”
Price Lowenstein, President of Sovereign Risk Insurance Ltd, said: “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.”
Currently, ATI’s shareholders include 16 African nations and 10 institutional members.
“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,” added John Lentaigne, ATI’s Acting CEO.
