Insurance ratings agency AM Best has affirmed the A-minus (Excellent) rating of QBE Re to reflect its "excellent capitalisation, good prospective operating performance and improving business position."
Insurance ratings agency AM Best has affirmed the A-minus (Excellent) financial strength rating of QBE Reinsurance Europe (QBE Re) to reflect its "excellent capitalisation, good prospective operating performance and improving business position."
The rating was also removed from its "under review" status, where it was placed on 21 September 2001 over concerns about the potential WTC loss exposure of QBE Re's ultimate parent company, QBE Insurance Group (Australia).
AM Best said the A-minus (Excellent) rating also reflected the support and commitment of QBE, and AM Best's belief that QBE Re played an important role in the group's European strategy.
The main offsetting factor was an expected increase in retrocession costs in the near-term, AM Best said.
