Chubb has made a $10 million equity investment in the African Trade Insurance Agency ("ATI").
Chubb is the first global property and casualty insurance company to become a shareholder of ATI.
ATI supports trade and investment in African member states by providing 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, chairperson 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 Lengtaine, 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."
Learn more: www.ati-aca.org.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].