Moody's has placed the long-term debt and insurance financial strength ratings of Chubb on review for possible downgrade.

The ratings agency said the move was spurred by concerns over the company's exposure to asbestos and catastrophe losses.

Chubb's higher than expected asbestos-related liabilities were the major factor in the decision, it said. In its 3rd quarter earnings, Chubb announced a charge of £401m to strengthen reserves for asbestos claims.

However Moody's said the insurer was not alone, citing several other cases where insurers' estimates for asbestos-related claim have recently increased.

Moody's added that the pending retirement of Chubb's Chairman was fuelling concerns over its financial strength.

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