Market Pulse
Chubb's stock gains after clarifying that it had no exposure to Credit Suisse CoCo debt
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 (CSGN.EB) contingent convertible bonds, known as CoCos. As part of the deal in which troubled Credit Suisse gets sold to UBS AG(UBS), 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. Prior to Tuesday's bounce, Chubb's stock had dropped 8.9% over the previous two weeks, while the SPDR S&P Insurance exchange-traded fund (KIE) had shed 10.4% and the S&P 500 had lost 2.4%.
-Tomi Kilgore
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March 21, 2023 11:52 ET (15:52 GMT)
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