Ratings Recaps-Chubb Notes; Intrepid; CSI; Mercer; Longpoint Re

Standard & Poor’s Ratings Services has assigned its “A” rating to Chubb Corp.’s $800 million, 30-year senior debt drawdown from its universal shelf filing dated March 26, 2007. A.M. Best Co. has assigned a debt rating of “aa-” to the notes. Fitch Ratings assigned them an “A+” rating. The notes bear 6 percent interest, and are due in 2037. The proceeds will be used primarily to refinance $675 million of debt maturing later this year.

A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) and assigned an issuer credit rating of “a-“to Intrepid Insurance Company with a stable outlook. The Company, a subsidiary of DaimlerChrysler Insurance, is strongly capitalized, has favorable loss ratios and niche market expertise.

A.M. Best Co. has affirmed the financial strength rating of “A+” (Superior) and the issuer credit rating (ICR) of “aa-” of Central States Indemnity Co. of Omaha (CSI) with a stable outlook. CSI is part of Berkshire Hathaway, and is strongly capitalized with favorable liquidity and low underwriting leverage.

A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit ratings of “a” of Mercer Insurance Group and the following four inter-company reinsurance pool members: Mercer Insurance Company, Mercer Insurance Company of New Jersey, Inc., Franklin Insurance Company and Financial Pacific Insurance Company. The outlook for all the ratings is stable

Standard & Poor’s Ratings Services has assigned its ‘BB+’ senior secured debt rating to Longpoint Re Ltd.‘s $500 million Class A Series 2007-I variable-rate note issuance, its initial offering. Longpoint is a Cayman Islands exempted company established by to facilitate debt issues for The Travelers Indemnity Company, a wholly owned subsidiary of The Travelers Companies, Inc.

Topics AM Best Chubb