AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) to QBE Capital (Global) Ltd. (QBE Capital Global) (Bermuda) and its immediate parent, QBE Capital Ltd. (QBE Capital) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. QBE Capital Global and QBE Capital are subsidiaries of QBE Insurance Group Limited (QBE) (Australia), the non-operating holding company of the QBE group of companies.
The ratings of these subsidiaries reflect QBE's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.
The ratings consider QBE Capital Global and QBE Capital's role and strategic importance to the QBE group, being the key entities providing reinsurance protection to its operating companies. QBE's groupwide external reinsurance programme is centralised in the companies. Both companies benefit from implicit and explicit support from the QBE group, including contingent capital and letter of credit facilities.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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