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You are subscribed to Civil Penalties Information and/or Office of Foreign Assets Control (OFAC) Recent Actions updates for the U.S. Department of the Treasury.

Settlements between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Allianz Global Risks U.S. Insurance Company, and, separately, Chubb Limited

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $170,535 settlement with Allianz Global Risks U.S. Insurance Company (“AGR US”). AGR US is a Chicago-based property casualty insurer and a wholly owned subsidiary of Allianz SE, a German financial services provider organized under the laws of the European Union and Germany. AGR US operates AGR Canada as a Canadian branch office in Toronto, Canada. AGR US has agreed to remit $170,535 to settle its potential civil liability for 6,474 apparent violations of the Cuban Assets Control Regulations (“CACR”), 31 C.F.R. Part 515. OFAC has determined that AGR US voluntarily self-disclosed the apparent violations, and that these apparent violations constitute a non-egregious case.

For more information, please visit the following web notice.

Separately, OFAC today also announced a $66,212 settlement with Chubb Limited, as successor legal entity of the former ACE Limited (“ACE”). ACE was a Swiss company that provided insurance and reinsurance services for commercial and individual customers worldwide. In January 2016, ACE merged with Chubb Corporation to create Chubb Limited (“Chubb”), which is a Swiss holding company headquartered in Switzerland. Prior to the merger, ACE Group Holdings, Inc. was a subsidiary of ACE, and an insurance holding company incorporated in the United States. Through a series of intermediate corporate entities, ACE Europe was a subsidiary of ACE Group Holdings, Inc. ACE Europe was domiciled in the United Kingdom and conducted business in Europe. As a subsidiary of a U.S. company, ACE Europe was subject to the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR). Chubb has agreed to remit $66,212 to settle its potential civil liability for 20,291 apparent violations of the CACR. OFAC has determined that ACE made a voluntary self-disclosure of the apparent violations, and that these apparent violations constitute a non-egregious case.

For more information, please visit the following web notice​.​