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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
December 31December 31
(in millions of U.S. dollars)20222021Early Redemption Option
Repurchase agreements (weighted average interest rate of 3.9% in 2022 and 0.2% in 2021)
$1,419$1,406None
Short-term debt
Chubb INA:
$1,000 million 2.875% senior notes due November 2022
$—$999
Make-whole premium plus 20 bps
$475 million 2.7% senior notes due March 2023
475—
Make-whole premium plus 10 bps
Total short-term debt
$475$999
Long-term debt
Chubb INA:
$475 million 2.7% senior notes due March 2023
$—$474
Make-whole premium plus 10 bps
$700 million 3.35% senior notes due May 2024
699698
Make-whole premium plus 15 bps
€700 million 0.3% senior notes due December 2024
742787
Make-whole premium plus 15 bps
$800 million 3.15% senior notes due March 2025
798798
Make-whole premium plus 15 bps
$1,500 million 3.35% senior notes due May 2026
1,4961,494
Make-whole premium plus 20 bps
€575 million 0.875% senior notes due June 2027
609645
Make-whole premium plus 20 bps
€900 million 1.55% senior notes due March 2028
9521,009
Make-whole premium plus 15 bps
$100 million 8.875% debentures due August 2029
100100None
€700 million 0.875% senior notes due December 2029
740785
Make-whole premium plus 20 bps
$1,000 million 1.375% senior notes due September 2030
993992
Make-whole premium plus 15 bps
€575 million 1.4% senior notes due June 2031
606642
Make-whole premium plus 25 bps
$200 million 6.8% debentures due November 2031
234238
Make-whole premium plus 25 bps
$300 million 6.7% senior notes due May 2036
298298
Make-whole premium plus 20 bps
$800 million 6.0% senior notes due May 2037
927936
Make-whole premium plus 20 bps
€900 million 2.5% senior notes due March 2038
9491,007
Make-whole premium plus 25 bps
$600 million 6.5% senior notes due May 2038
726735
Make-whole premium plus 30 bps
$475 million 4.15% senior notes due March 2043
471470
Make-whole premium plus 15 bps
$1,500 million 4.35% senior notes due November 2045
1,4851,485
Make-whole premium plus 25 bps
$600 million 2.85% senior notes due December 2051
593593
Make-whole premium plus 15 bps
$1,000 million 3.05% senior notes due December 2061
984983
Make-whole premium plus 20 bps
Total long-term debt$14,402$15,169
Trust preferred securities
Chubb INA capital securities due April 2030$308$308
Redemption prices(1)
(1)Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030.

a) Repurchase agreements
Chubb has executed repurchase agreements with certain counterparties under which Chubb agreed to sell securities and repurchase them at a future date for a predetermined price.
b) Short-term debt
Short-term debt comprises the current maturities of our long-term debt instruments described below. These short-term debt instruments were reclassified from long-term debt and are reflected in the table above.

c) Long-term debt
With the exception of the $100 million of 8.875 percent debentures due August 2029, which do not have an early redemption option, the senior notes in the table above are redeemable at any time at Chubb INA's option subject to a “make-whole” premium plus additional basis points as defined in the table above. A "make-whole" premium is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. These debt securities are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.

The senior notes and debentures do not have the benefit of any sinking fund and are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

d) Trust preferred securities
In March 2000, ACE Capital Trust II, a Delaware statutory business trust, publicly issued $300 million of 9.7 percent Capital Securities (the Capital Securities) due to mature in April 2030. At the same time, Chubb INA purchased $9.2 million of common securities of ACE Capital Trust II. The sole assets of ACE Capital Trust II consist of $309 million principal amount of 9.7 percent Junior Subordinated Deferrable Interest Debentures (the Subordinated Debentures) issued by Chubb INA due to mature in April 2030.

Distributions on the Capital Securities are payable semi-annually and may be deferred for up to ten consecutive semi-annual periods (but no later than April 1, 2030). Any deferred payments would accrue interest compounded semi-annually if Chubb INA defers interest on the Subordinated Debentures. Interest on the Subordinated Debentures is payable semi-annually. Chubb INA may defer such interest payments (but no later than April 1, 2030), with such deferred payments accruing interest compounded semi-annually. The Capital Securities and the ACE Capital Trust II Common Securities will be redeemed upon repayment of the Subordinated Debentures.

Chubb Limited has guaranteed, on a subordinated basis, Chubb INA's obligations under the Subordinated Debentures, and distributions and other payments due on the Capital Securities. These guarantees, when taken together with Chubb's obligations under expense agreements entered into with ACE Capital Trust II, provide a full and unconditional guarantee of amounts due on the Capital Securities.