SINGAPORE, Oct 12 (Bernama-BUSINESS WIRE) — AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Cigna Life Insurance New Zealand Limited (CLINZ) (New Zealand).
These Credit Rating (rating) actions follow the announcement on 7 October 2021, that Cigna Corporation [NYSE:CI], CLINZ’s ultimate parent, has entered into a definitive agreement to sell its life, accident and supplemental benefits businesses in seven countries, including CLINZ, to Chubb Limited (Chubb group) [NYSE:CB] for USD 5.75 billion. The transaction, which is subject to required regulatory approvals and customary closing conditions, is expected to be completed in 2022.