American insurer Chubb has announced plans to raise $525m (£332m) through the sale of debts and stocks.

The company said in a statement that it will offer 21 million equity units at $25 (£15.80) per unit.

The move follows Moody's downgrade last week, over concerns about its recent operating performances.

Chubb did not give any further details about the timing of the offering.

Investment banks Goldman Sachs and Salomon Smith Barney are acting as joint managers for the offering.

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