American property and casualty insurer Chubb has acquired certain stake in African Trade Insurance Agency (ATI) in a deal valued at approximately $10m.

ATI, which was found by pact in 2001, currently has 16 African nations and 10 institutional members as shareholders.

Supporting trade and investment in African member states, ATI operates as a leading multilateral political risk and credit insurer.

It offers complete risk solutions, including credit insurance and political risk products.

Commenting on the deal, Chubb chairman and CEO Evan Greenberg said: “Insurers play a crucial role in helping to drive growth and infrastructure improvements in the developing world.

“With Chubb’s longstanding expertise in political risk and credit underwriting, we see our investment in ATI further advancing their important mission to promote investment, trade and economic growth throughout Africa.”

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Sovereign Risk Insurance president Price Lowenstein said that the acquisition of minority stake in ATI underlines Chubb’s pledge to the political risk and credit insurance markets, where Sovereign Risk and Chubb Global Markets are reputable leaders.

ATI acting CEO John Lentaigne stated: “We are delighted to welcome Chubb as one of our shareholders. Chubb’s global reach, financial strength, and expertise in this field position them as a strategic shareholder for ATI as we look to build institutional resilience and broaden our global networks.

“We look forward to Chubb’s future involvement in further promoting ATI’s development mandate across the African continent.”

Last month, Chubb reached an agreement to purchase an additional 15.3% stake in China-based Huatai Insurance Group in a deal worth approximately CNY10.8bn ($1.53bn).