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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 29, 2019 10:38 AM (EDT)
AM Best has revised the implications of the under review status to developing from negative for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” for QBE Seguros (San Juan, PR).
These rating actions follow QBE Insurance Group Limited’s (QBE) recently finalized sale of its wholly owned subsidiary, QBE Seguros, to Grupo Óptima, Inc., a private investor group. Worth noting is the company’s pending name change to Optima Seguros, which is awaiting regulatory approval.
The under review status reflects the change in ownership and a pending meeting with new management to discuss, in detail, the future business plans for the company and any legacy business/liabilities that remain post-transaction. Prior to the announced divesture by QBE, QBE Seguros received explicit and implicit support from QBE and its affiliates, including Equator Reinsurances Limited, which was clearly demonstrated by QBE in the aftermath of Hurricane Maria. Going forward, the ratings of QBE Seguros will be solely based on the company’s stand-alone attributes.
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