CONTACTS:
FOR IMMEDIATE RELEASE
LONDON - OCTOBER 31, 2018 11:40 AM (EDT)
A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” to QBE Europe nv/sa (QBE Europe) (Belgium), a key operating subsidiary of QBE Insurance Group Limited (QBE) (Australia), the non-operating holding company of the QBE group of companies. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect QBE’s balance sheet strength, which A.M Best categorises as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management. The ratings also reflect QBE Europe’s strategic importance to and integration within the QBE group.
QBE Europe, which is domiciled in Belgium, is of strategic importance to the QBE group as it enables the group to continue to service policyholders across the European Economic Area (EEA) regardless of the terms of the United Kingdom’s exit from the European Union. The company received regulatory approval from the National Bank of Belgium, the Belgian financial services regulator, during the second quarter of 2018.
The QBE group’s EEA business is currently underwritten by QBE Insurance (Europe) Limited (QIEL) (United Kingdom) and QBE Re (Europe) Limited (QBE Re) (United Kingdom). The group is in the process of undertaking a cross-border merger (including a Part VII transfer) of QBE Re into QBE Europe, as well as a Part VII transfer QIEL’s European branch portfolios into QBE Europe. The effective dates of both the Part VII transfers and the cross-border merger are expected to be 1 January 2019.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.