Shares of Chubb Ltd. climbed 2.6% in midday trading Tuesday, after the insurer disclosed that it had no exposure to any of Credit Suisse AG’s contingent...
Shares of Chubb Ltd. CB climbed 2.6% in midday trading Tuesday, after the insurer disclosed that it had no exposure to any of Credit Suisse AG’s CS CH:CSGN contingent convertible bonds, known as CoCos. As part of the deal in which troubled Credit Suisse gets sold to UBS AG UBS CH:UBSG, regulators wrote down the value of Credit Suisse’s U.S. dollar-denominated CoCo debt to zero. Chubb said its disclosure was in response to recently published reports that were incorrect.
Shares of Chubb Ltd. CB climbed 2.6% in midday trading Tuesday, after the insurer disclosed that it had no exposure to any of Credit Suisse AG’s CS CSGN contingent convertible bonds, known as CoCos. As part of the deal in which troubled Credit Suisse gets sold to UBS AG UBS UBSG , regulators wrote down the value of Credit Suisse’s U.S. dollar-denominated CoCo debt to zero. Chubb said its disclosure was in response to recently published reports that were incorrect.
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